Chapter 1

Question 1

Marketing

Answer 1

An organizational function and set of processes for creating, capturing, communicating, and delivering value to customers and or managing customer relationships in ways that benefit the organization and its stakeholders

Question 2

Marketing Mix

Answer 2

Product, Price, Place, Promotion - the controllable set of activities that a firm uses to respond to the wants of its target markets

Question 3

Marketing Plan

Answer 3

A written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four P’s, action programs, and projected or pro forma income and other financial statements

Question 4

Exchange

Answer 4

the trade of things of value between the buyer and the seller so that each is better off as a result

Question 5

Goods

Answer 5

items that can be physically touched

Question 6

Services

Answer 6

any intangible offering that involves a deed, performance, or effort that cannot be physically possessed; intangible customer benefits that are produced by people or machines and cannot be separated from the producer

Question 7

Ideas

Answer 7

intellectual concepts- thoughts, opinions and philosophies

Question 8

Product

Answer 8

creating value by developing a variety of offerings to satisfy customer needs

Question 9

Price

Answer 9

everything the buyer gives up (money, time, energy), in exchange for the product

Question 10

Place

Answer 10

all the activities necessary to get the product to the right customer when that customer wants it

Question 11

Promotion

Answer 11

communication by a marketer that informs, persuades, and reminds potential buyers about a product to influence their opinions and elicit a response

Question 12

B2C Marketing

Answer 12

Business to consumers; the process in which businesses sell to consumers

Question 13

B2B Marketing

Answer 13

Business to business; the process of selling merchandise or services from one business to another

Question 14

C2C Marketing

Answer 14

Consumer to consumer; the process in which consumers sell to other consumers

Question 15

Employment Marketing

Answer 15

marketing programs to attract applicants to the hiring firm

Question 16

Value

Answer 16

reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives

Question 17

Value Cocreation

Answer 17

customers acts as collaborators with a manufacturer or retailer to create the product or service

Question 18

Transactional Orientation

Answer 18

regards the buyer-seller relationship as a series of individual transactions, so anything that happened before or after the transaction is of little importance

Question 19

Relational Orientation

Answer 19

a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long term relationship

Question 20

Customer Relationship Management (CRM)

Answer 20

a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers

Question 21

Supply Chain

Answer 21

the group of firms that make and deliver a given set of goods and services

Question 22

Entrepreneurs

Answer 22

a person who organizes, operates, and assumes the risk of a new business venture