Chapter 1

Question 1

When a person gives up something of value to another for something else they desire to have-usually facilitated by money, but not always-sometimes people trade resources such as time, skill, expertise, intellectual capital

Answer 1

exchange

Question 2

For any exchange to take place, the following five conditions must be present

Answer 2

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

Question 3

The key to achieving organizational goals is…

Answer 3

Being more effective than competitors in creating, delivering, and communicating superior customer value to your target markets

Question 4

An organization-wide customer orientation with the objective of achieving long-run profits. Introduces marketing at the beginning rather than at the end of the production cycle and integrates marketing into each phase of the business.

Answer 4

Marketing Concept

Question 5

T or F: From a marketing perspective, needs and wants are the same thing.

Answer 5

TRUE

Question 6

Name the parts of the marketing mix:

Answer 6

“4 P’s”

• product
• price
• place
• promotion

Question 7

implementation of the marketing concept, based on an understanding of customers and competitors

Answer 7

market orientation

Question 8

placing the customer at the core of all aspects of the enterprise

Answer 8

customer orientation

Question 9

Is a core business activity-leading and managing the facets of marketing to improve individual, unit, and organizational performance

Answer 9

Marketing Management

Question 10

Strategy aimed at unifying different marketing methods such as mass marketing, one-to-one marketing, and direct marketing.

Answer 10

Integrated Marketing