Chapter 1

Question 1

Define marketing

Answer 1

the activity, set of institutions and processes for creating, capturing, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large

Question 2

Core aspect of marketing 1: Marketing affects____

Answer 2

various stakeholders

Question 3

core aspect of marketing 2: marketing is about ____

Answer 3

satisfying customer needs and wants

Question 4

core aspect of marketing 3: marketing entails an ____

Answer 4

exchange

Question 5

Exchange?

Answer 5

trade of things of value between buyer and seller so each are better off

Question 6

core aspect of marketing 4: marketing creates value through ____

Answer 6

product, price, place and promotion (marketing mix)

Question 7

core aspect of marketing 5: marketing can be performed by ____

Answer 7

individuals and organizations

Question 8

partners in supply chain?

Answer 8

wholesalers, retailers, other intermediaries (warehousing/transportation)

Question 9

product ___ value

Answer 9

creates

Question 10

product ___ value

Answer 10

captures

Question 11

value?

Answer 11

what buyer gives up in exchange for the product (bang for buck)

Question 12

place ___ value

Answer 12

delivers

Question 13

place?

Answer 13

get the right product to the right customer at the right time

Question 14

promotion ___ value

Answer 14

communicates

Question 15

promotion?

Answer 15

informs, persuades and reminds potential buyers about a product or service to influence their opinion and elicit a response

Question 16

components of a market?

Answer 16

customers w problems to solve and needs to satisfy who have money to spend and the authority to spend that money

Question 17

supply chain management?

Answer 17

produces and distributes in the right quantities, to the right locations, and at the right time as well as minimize systemwide costs and satisfying customers with service levels

Question 18

value cocreation?

Answer 18

customers collaborate with supply chain to create of products that appeal mostly to customers (offers optimal value)

Question 19

ideas during production oriented era:

Answer 19

believed a good product will sell itself, not concerned with satisfying customer needs

Question 20

sales oriented era ideas

Answer 20

relied heavily on advertising since manufacturers consumed more than people bought

Question 21

ideas during market oriented era:

Answer 21

manufacturers focused on consumers whats

Question 22

ideas during value based marketing era:

Answer 22

needs met and offered at good value (focus on providing greater than competitors)

Question 23

technology-augmented era:

Answer 23

ease in purchasing, marketers can engage more with customers

Question 24

4 features of value driven companies?

Answer 24

adding value, use of marketing analytics, social and mobile marketing, addressing ethical and societal dilemmas

Question 25

customer relationship management?

Answer 25

set of strategies that focus on identifying and building loyalty among most valued customers