Chapter 1

Question 1

Marketing

Answer 1

The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.

Question 2

Customers

Answer 2

The purchasers of organizations’ products; the focal point of all marketing elements.

Question 3

Target Market

Answer 3

The group of customers on which marketing efforts are focused.

Question 4

Marketing Mix

Answer 4

Four marketing elements–products, distribution, promotion, and pricing–that a firm can control to meet the needs of customers within its target markets.

Question 5

Product

Answer 5

A good, service, or idea.

Question 6

Exchange

Answer 6

The provision or transfer of goods, services, or ideas in return for something of value.

Question 7

Stakeholders

Answer 7

Constituents who have a “stake,” or claim, in some aspect of a company’s products, operations, markets, industry, and outcomes.

Question 8

Marketing Environment

Answer 8

The competitive, economic, political, legal, and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix.

Question 9

Marketing Concept

Answer 9

A philosophy that an organization should try to provide products that satisfy customer’s needs through a coordinated set of activities that also allows the organization to achieve its goals.

Question 10

Market Orientation

Answer 10

An organization wide commitment to researching and responding to customer needs.

Question 11

Relationship Marketing

Answer 11

Establishing long-term, mutually satisfying buyer-seller relationships.

Question 12

Customer-Centric Marketing

Answer 12

Developing collaborative relationships with customers based on focusing on their individual needs and concerns.

Question 13

Customer Relationship Management (CRM)

Answer 13

Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.

Question 14

Value

Answer 14

A customer’s subjective assessment of benefits relative to costs in determining the worth of a product.

Question 15

Marketing Management

Answer 15

The process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently.

Question 16

Green Marketing

Answer 16

A strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment.