Chapter 1

Question 1

Marketing

Answer 1

finding out what people want and giving it to them

Question 2

Need

Answer 2

State of felt deprivation

Question 3

Want

Answer 3

The form a human need takes shaped by individual personality and culture

Question 4

Demands

Answer 4

Human wants that are backed by buying power

Question 5

Market offering

Answer 5

Some combination of product, service, experience, etc offered to a market to satisfy a need

Question 6

Marketing myopia

Answer 6

The mistake of paying more attention to the specific product your company makes rather than the need or experience produced

Question 7

Exchange

Answer 7

The act of obtaining a desired object by offering something in return

Question 8

Market

Answer 8

Is the set of actual or potential buyers of a product or service

Question 9

Marketing management

Answer 9

The art or science of choosing a target market and building profitable relationships with them

Question 10

Production concept

Answer 10

The idea that a customer will favor products that are available and highly affordable therefore a company should focus on improving production and distribution efficiency

Question 11

Product concept

Answer 11

Product concept the idea that a customer will favor a product with the most value, quality, inivation, features, etc and therefore a company should focus on making continuous improvements S

Question 12

Selling concept

Answer 12

The idea that a company will not sell enough of its products unless it undergoes a large scale selling and promotion effort

Question 13

The marketing concept

Answer 13

A philosophy in which achieving organizational goals depends on knowing the wants and need of your target market and giving them greater satisfaction than your competitors

Question 14

The societal marketing concept

Answer 14

The idea that you must know your consumers wants, the company’s requirements, the long term consumer needs, and long term societal needs

Question 15

Customer relationship management

Answer 15

The overall process of building and maintaining profitable relationships with consumers by giving them superior customer value and satisfaction

Question 16

Customer perceived value

Answer 16

The evaluation by a customer of the benefits and costs of

Question 17

Customer satisfaction

Answer 17

The extent to which a products performance matches the expectation of the customer

Question 18

Customer engagement marketing

Answer 18

Making the brand a meaningful part of the customers everyday life and conversation by fostering direct and continuous customer involvement in shaping brand experiences direction and community

Question 19

Customer generated marketing

Answer 19

Brand exchanges created by consumers themselves by which customers are playing a role in shaping their, and others, brand experience

Question 20

Partner relationship management

Answer 20

Working closely with people outside the company to increase a products value to a customer

Question 21

Customer lifetime value

Answer 21

The value of an entire stream of purchases that a customer makes in his lifetime

Question 22

Share of customer

Answer 22

The portion of the customers purchasing that a company gets in its product categories

Question 23

Digital and social media marketing

Answer 23

Using digital marketing tools such as websites, social media, mobile apps and ads that engage consumers anywhere at anytime via there digital devices

Question 24

Marketing environment

Answer 24

The actors and forces outside marketing that can effect marketing managements ability to build successful relationships with a target market

Question 25

Micro environment

Answer 25

The actors close to the company that affect it’s ability to serve its customers

Question 26

Macro environment

Answer 26

The large societal forces that affect the environment demographically political and cultural forces

Question 27

Public

Answer 27

Any group that has interests in or impact on an organizations ability to achieve it objectives

Question 28

Demogragraphy

Answer 28

The study of human populations in terms of size, density, location, age,gender etc

Question 29

Economic environment:

Answer 29

Economic factors that affect consumer purchasing power and spending patterns

Question 30

Natural environment

Answer 30

The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities

Question 31

Environmental sustainability

Answer 31

Developing strategies and practices that create a world economy that the planet can support indefinitely