Chapter 1

Question 1

A societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging goods and services of value with others

Answer 1

Marketing according to Philip Kotler

Question 2

Set of activities, set of institutions and processes for
creating, communicating, delivering and exchanging
offerings that have value for customers, clients, partners
and society at large.

Answer 2

Marketing according to Philip Kotler

Question 3

An organizational function and a set of processes for
creating, communicating, delivering value for customers
and for managing customer relationships in ways that
benefit the organizations and its stakeholders.

Answer 3

Marketing according to Philip Kotler

Question 4

The performance of business activities that directs the flow of goods and services from producer to consumer or user.

Answer 4

Marketing according to Philip Kotler

Question 5

the study, planning,
implementation and control of programs intended to form,
make and preserve equally beneficial exchanges and
relationships with the target markets for the reason of
reaching organizational objectives.

Answer 5

Marketing Management

Question 6

the process of planning, executing, and tracking the marketing strategy of an organization. This includes the marketing plan, campaigns, strategies and tactics used to create and meet the demand of target customers to drive profitability
(Dickerson, 2022).

Answer 6

Marketing Management

Question 7

The group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by the law to acquire the
product.

Answer 7

Market

Question 8

The physical market where goods and services are
traditionally bought and sold.

Answer 8

Marketplace

Question 9

The virtual market where transactions are conducted
online

Answer 9

Market Space

Question 10

THREE TYPES OF MARKET
(COBI)

Answer 10

● CONSUMER MARKET ●BUSINESS MARKET ●INSTITUTIONAL MARKET

Question 11

consumer market is also known as?

Answer 11

B2C market (business to consumer market)

Question 12

It is the end consumers of various merchandise like
products that are purchased by the consumer for their
own or household usage that constitutes the consumer
market.

Answer 12

consumer market

Question 13

business market is also known as?

Answer 13

B2B (business to business)

Question 14

A market where output of one form goes either as raw material, or as processed goods, or as consumable goods into another industry.

Answer 14

business market

Question 15

Buyers buy goods to resell at some point of time for profit

Answer 15

business market

Question 16

The purchase is done by institutions, organizations.

Answer 16

Institutional Market

Question 17

it is not for profit making. It is not for reselling to any third party.

Answer 17

institutional market

Question 18

TEN TYPES OF ENTITIES THAT CAN BE MARKETED (GSEEPPPOII)

Answer 18

1.GOODS
2.SERVICES
3.EXPERIENCES
4.EVENTS
5.PERSONS
6.PLACES
7.PROPERTIES
8.ORGANIZATIONS
9.INFORMATIONS
10.IDEAS

Question 19

Physical goods constitute the bulk of most countries’ production and marketing effort.

Answer 19

Goods

Question 20

Particularly food, commodities, clothing, and housing

Answer 20

Goods

Question 21

Include airlines, hotels, and maintenance and repair people, as well as professionals such as accountants, lawyers, engineers, and doctors.

Answer 21

services

Question 22

By orchestrating several services and goods, one can create, stage, and market experiences.

Answer 22

experience

Question 23

Marketers promote time-based events, such as the Olympics, trade shows, sports events, and artistic performances.

Answer 23

events

Question 24

Celebrity marketing has become a major business.

Answer 24

persons

Question 25

Artists, musicians, CEOs, physicians, high-profile lawyers and financiers, and other professionals draw help from celebrity marketers.

Answer 25

persons

Question 26

Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.

Answer 26

places

Question 27

are bought and sold, and this occasions a marketing effort by real estate agents (for real estate) and investment companies and banks (for securities).

Answer 27

properties

Question 28

Universities, museums, and performing arts organizations boost their public images to compete more successfully for audiences and funds.

Answer 28

organizations

Question 29

actively work to build a strong, favorable image in the mind of their publics.

Answer 29

organizations

Question 30

Among the marketers of information are schools and universities; publishers of encyclopedias, nonfiction books, and specialized magazines; makers of CDs; and Internet Websites.

Answer 30

informations

Question 31

Every market offering has a basic idea at its core

Answer 31

ideas

Question 32

In essence, products and services are platforms for delivering some idea or benefit to satisfy a core need.

Answer 32

ideas

Question 33

FUNCTIONS OF MARKETING (CUFIHPROCDIE)

Answer 33

1.CUSTOMER 2.FINANCE 3.HUMAN RESOURCES 4.PRODUCTION 5.COMPETITION 6.DECISION 7.IDEA 8.ECONOMY

Question 34

Companies need to get the attention of customers through marketing its goods or services.

Answer 34

customer

Question 35

Manufacturing goods and providing services to customers entails cost.

Answer 35

finance

Question 36

Are the ones who produce the products or render the service.

Answer 36

human resource

Question 37

Must have marketing knowledge to attract customers.

Answer 37

human resource

Question 38

Without marketing items produced would not sell and inventories may turn out yield less.

Answer 38

production

Question 39

With marketing, company would be more noticeable and customers would choose to the company than the rest of its competitors.

Answer 39

competition

Question 40

Manufacturers find it easier and dependable to make use of marketing to their advantage particularly on what to manufacture or trade.

Answer 40

decision

Question 41

The changes in marketing go along with the fast transformation in tastes and preferences of consumers

Answer 41

idea

Question 42

“Nothing happens in our country until somebody sells something”. If the marketing function would not be pressured, the economy would become weak.

Answer 42

economy

Question 43

SCOPE OF MARKETING

Answer 43

1.A consumer wants and needs 2.Consumer Behavior 3.Product Planning and Development 4.Branding 5.Packaging 6.Channels of Distribution 7.Pricing Policies 8.Sales Management 9.Promotion 10.Finance 11.After-sales service

Question 44

states of felt deprivation.

Answer 44

human needs/needs

Question 45

Three types of Needs (ELI)

Answer 45

EXISTING NEED/ LATENT NEED/ INCIPIENT NEED

Question 46

Any need of customers which is short-term and is readily obtainable is known as existing need.

Answer 46

existing need

Question 47

A need of a customer which is there but has not manifested itself because such a product has not been launched.

Answer 47

latent need

Question 48

A type of need which people want but there is no product to satisfy the need.

Answer 48

incipient need

Question 49

form of human needs influenced by culture and individual personality

Answer 49

wants

Question 50

the choices to gratify a particular need. Every need can be satisfied by using different options.

Answer 50

wants

Question 51

want for particular products that are supported by the ability andwillingness or readiness to buy them

Answer 51

demand

Question 52

type of demand

Answer 52

1.Negative Demand 2.No Demand 3.Latent Demand 4.Declining Demand 5.Irregular Demand 6.Full Demand 7.Overfull Demand 8.Unwholesome Demand

Question 53

the product may be helpful but the customer does not like it.

Answer 53

negative demend

Question 54

customers are unaware or uninterested in the product.

Answer 54

no demand

Question 55

demand which the customer realizes later.

Answer 55

latent demand

Question 56

there is still a demand for the product but decreases over a period of time.

Answer 56

declining demand

Question 57

demand which is not steady

Answer 57

irregular demand

Question 58

market are pleased with the products and people feel like buying from the same company.

Answer 58

full demand

Question 59

occur when the companies manufacturing capacity is inadequate but the demand is above the supply.

Answer 59

overfull demand

Question 60

a demand in which customers should not be using the product, yet the customers desires the product badly.

Answer 60

unwholesome demand

Question 61

an overall ability of a product to gratify need and want.

Answer 61

utility

Question 62

It is a guiding concept to select the product

Answer 62

utility

Question 63

The power of product to satisfy a particular need

Answer 63

utility

Question 64

means the price of the product or the monetary value of a product.

Answer 64

cost

Question 65

The charges a customer has to pay to avail certain services can be said as a cost.

Answer 65

cost

Question 66

is the difference between the customer gains from owning a product and using a product and the cost of obtaining the product.

Answer 66

customer value

Question 67

refers to what a customer wants in a product or service.

Answer 67

desired value

Question 68

is the benefit that a customer believes he received from a product after it was purchased.

Answer 68

perceived value

Question 69

person’s feeling of delight or displeasure as a result of comparing a products perceived performance in relation to his or her expectation.

Answer 69

satisfaction

Question 70

MARKETING MANAGEMENT TASKS

Answer 70

1.CONVERSIONAL MARKETING 2.SIMULATIONAL MARKETING 3.DEVELOPMENTAL MARKETING 4.REMARKETING 5.SYNCHROMARKETING 6.MAINTENANCE MARKETING 7.DEMARKETING 8.COUNTER-MARKETING

Question 71

cause demand to rise from negative to positive

Answer 71

conversional marketing

Question 72

No demand state of a product exists when people are indifferent to such product.

Answer 72

simulational marketing

Question 73

marketing must look for ways to connect the benefits of products with the people’s natural needs and interests.

Answer 73

simulation marketing

Question 74

Process of effectively transforming latent demand into an actual demand.

Answer 74

developmental marketing

Question 75

A marketer’s job in this situation is to think for ways to revitalize the products so that the demand would no longer be declining

Answer 75

remarketing

Question 76

When a product’s current timing pattern of demand is marked by seasonal or volatile fluctuations

Answer 76

synchromarketing

Question 77

The marketing dispute in this type of demand is to continue the same intensity of interest in the product in the company

Answer 77

maintenence marketing

Question 78

reducing the demand.

Answer 78

Demarketing

Question 79

typically uses negative messages to stop people from using a product.

Answer 79

Counter-marketing