Chapter 1

Question 1

Marketing:

Answer 1

as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Question 2

To serve both buyers and sellers, marketing seek

Answer 2

(1) to discover the needs and wants of prospective customers

(2) to satisfy them.

Question 3

The key to achieving these two objectives is the idea of _______, which is the trade of things of value between a buyer and a seller so that each is better off after the trade.

Answer 3

exchange

Question 4

For marketing to occur, at least four factors are required:

Answer 4

(1) two or more parties (individuals or organizations) with unsatisfied needs,
(2) a desire and ability on their part to have their needs satisfied,
(3) a way for the parties to communicate, and (4) something to exchange.

Question 5

Although an organization’s marketing activity focuses on _______ and _______ consumer needs

Answer 5

assessing

satisfying

Question 6

The first objective in marketing is _______ _______
_______ _______ _______ _______ Marketers often use customers surveys, concept tests, and other forms of marketing research (discussed in detail in Chapter 8) to better understand customer ideas

Answer 6

discovering the needs of prospective customers.

Question 7

Should marketing try to satisfy consumer needs or consumer wants?

Answer 7

Marketing tries to do both

Question 8

market:

Answer 8

which is people with both the desire and the ability to buy a specific offering.

Question 9

_______ _______ make up a market, which is people with both the desire and the ability to buy a specific offering. All markets ultimately are people. Even when we say a firm bought a Xerox copier, we mean one or several people in the firm decided to buy it.

Answer 9

Potential consumers

Question 10

Because the organization obviously can’t satisfy all consumer needs, it must concentrate its efforts on certain needs of a specific group of potential consumers. This is the _______ _______ —one or more specific groups of potential consumers toward which an organization directs its marketing program.

Answer 10

target market

Question 11

The Four Ps: Controllable Marketing Mix Factors

Answer 11

1. . Product. A good, service, or idea to satisfy the consumer’s needs.
2. Price. What is exchanged for the product.
3. Promotion. A means of communication between the seller and buyer.
4. Place. A means of getting the product to the consumer.

Question 12

Marketing mix

Answer 12

The controllable factors - product, price, promotion, and place - that can be used by the marketing managers to solve a marketing problem.

Question 13

customer value proposition:

Answer 13

which is a cluster of benefits that an organization promises customers to satisfy their needs

Question 14

While marketers can control their marketing mix factors, there are forces that are mostly beyond their control (see Figure 1–2). These are the _______ _______ that affect a marketing decision, which consist of social, economic, technological, competitive, and regulatory forces.

Answer 14

environmental forces

Question 15

These concepts must then be converted into a tangible _______ _______ —a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Answer 15

marketing program

Question 16

Ideally, they can be formed into _______ _______ , which are relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action

Answer 16

market segments

Question 17

_______ _______ is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price

Answer 17

Customer value