Chapter 1

Question 1

Marketing

Answer 1

Process of creating, pricing, distributing, promoting goods/services/ideas to facilitate satisfying exchange relationships with customers in dynamic environment

Question 2

Product

Answer 2

Goods/services/ideas satisfying customer needs;

Buy a product, receive bundle of benefits

Question 3

Pricing

Answer 3

Decisions and actions establish pricing objectives and policies; set product prices

Question 4

Distribution

Answer 4

Ready, convenient, timely availability of products

Question 5

Promotion

Answer 5

Activities informing customers about organization and products

Question 6

Conditions for Exchange

Answer 6

Two or more participants have something of value the other desires;
Exchange provides mutual benefit/satisfaction;
Each party confident in exchange value of other’s offering;
Each party meets expectations of exchange to become trusted by other parties

Question 7

Evolution of Marketing Concept

Answer 7

1850s – Product Orientation: Efficient production for high demand, poor quality
Mid-1920s - Early 1950s – Sales Orientation: less demand, personal selling and advertising
Early 1950s - 2000s – Marketing Orientation: customer focus, research and respond to customer needs