Chapter 1

Question 1

marketing

Answer 1

managing profitable customer relationships

Question 2

exchange

Answer 2

people give up something to receive something they would rather have

1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.

Question 3

production orientation

Answer 3

a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.
“What can we make or do our best?”

Question 4

sales orientation

Answer 4

based on the ideas that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits
“How can we sell more aggressively?”

Question 5

marketing concept

Answer 5

a simple and intuitively appealing philosophy that articulates a market orientation

1. Focusing on customer wants and needs so that the organization can distinguish its product from competitor’s offerings
2. Integrating all the organization’s activities, including production, to satisfy these wants
3. Achieving long-term goals for the organization by satisfying customer wants and needs legally and responsibly

Question 6

market orientation

Answer 6

obtaining info about customers, competitors, and markets; examining the info from a total business perspective; determining how to deliver superior customer value; and implementing actions to provide value to customers
“What do customers want and need?”

Question 7

best customer service firms

Answer 7

L.L. Bean, Zappos Inc

Question 8

social marketing orientation

Answer 8

extends the marketing concept by acknowledging that some products that customers want may not be in their best interests of society as a whole.
“What do customers want and need, and how can we benefit society?”

Question 9

sales vs market orientations

Answer 9

organizations focus

sales: how to we sell more
market: what does the customer need?

Question 10

customer value

Answer 10

relationship between benefit and the sacrifice necessary to obtain those benefits

Question 11

customer satisfaction

Answer 11

the customer’s evaluation of a good or service in terms of whether that good or service has met the customer’s needs and expectations

Question 12

relationship marketing

Answer 12

strategy that focuses on keeping and improving relationships with current customers

Question 13

empowerment

Answer 13

giving employees more authority to better solve problems

Question 14

teamwork

Answer 14

entails collaborative efforts of people to accomplish common objectives

Question 15

marketing

Answer 15

outward focus
satisfying the customer business
directed towards specific groups of people
goal:profit through customer satisfaction
achieve it by coordinated marketing and inter-functional activities

Question 16

pg 22

Answer 16

on it