Chapter 1

Question 0

Marketing plan

Answer 0

specifies the marketing activities for a specific period of time; is broken down into various components–how the product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer

Question 1

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

Exchange

Answer 2

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

Question 3

Marketing mix (Four Ps)

Answer 3

product, price, place, and promotion; the controllable set of decisions/activities that the firm uses to respond to the wants of its target markets

Question 4

Goods

Answer 4

items that you can physically touch

Question 5

Services

Answer 5

intangible customer benefits that are produced by people or machines and cannot be separated from the producer

Question 6

Ideas

Answer 6

include concepts, opinions, and philosophies; intellectual concepts such as these can be marketed

Question 7

Business-to-consumer marketing (B2C)

Answer 7

the process by which businesses sell to consumers

Question 8

Business-to-business marketing (B2B)

Answer 8

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

Question 9

Consumer-to-consumer marketing (C2C)

Answer 9

the process in which a consumer sells something to another consumer

Question 10

Value

Answer 10

reflects the relationship of benefits to costs, or what you get for what you give

Question 11

Value cocreation

Answer 11

a creative way to provide value to customers

Question 12

Relational orientation

Answer 12

marketers coming to the realization that they need to think about their customers in terms of relationships rather than transactions

Question 13

Customer relationship management (CRM)

Answer 13

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 14

Supply chain (Marketing channel)

Answer 14

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

Question 15

Entrepreneurs

Answer 15

people who organize, operate, and assume the risk of a business venture

Question 16

Marketing strategy

Answer 16

identifies a firm’s target markets, a related marketing mix, and the bases on which the firm plans to build a sustainable competitive advantage

Question 17

Sustainable competitive advantage

Answer 17

an advantage over the competition that is not easily copied and thus can be maintained over a long period of time

Question 18

Customer excellence

Answer 18

achieved when a firm develops value-based strategies for retaining loyal customers and provides outstanding customer service

Question 19

Operational excellence

Answer 19

achieved through efficient operations, excellent supply chain management, and strong relationships with their suppliers

Question 20

Product excellence

Answer 20

occurs by providing products with high perceived value and effective branding and positioning

Question 21

Locational excellence

Answer 21

particularly important for retailers and service providers, as most people will not walk or drive very far for the product or service that they are looking for

Question 22

Marketing plan

Answer 22

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 Ps, action programs, and projected or pro-forma income; the three major phases of the marketing plan are planning, implementation, and control