Chapter 1

Question 1

Marketing is…

Answer 1

Meeting needs profitably
Marketing is 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

Marketing Management is…

Answer 2

The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating customer value

Question 3

Successful Marketing

Answer 3

successful marketing builds demand for products and services which in turn creates jobs. By contributing to the bottom line, successful marketing also allows firms to fully engage in socially responsible activities.

Question 4

The social definition of Marketing

Answer 4

Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others

Question 5

Marketers market 10 main types of entities

Answer 5

goods, services, events, experiences, persons, places, properties, organizations, information, and ideas

Question 6

Demand state: Consumers dislike the product and may even pay to avoid it

Answer 6

Negative demand

Question 7

Demand state: Consumers may be unaware or uninterested in the product

Answer 7

Nonexistent demand

Question 8

Demand state: Consumers may share a strong need that cannot be satisfied by an existing product

Answer 8

Latent demand

Question 9

Demand state: Consumers begin to buy the product less frequently, or not at all

Answer 9

Declining demand

Question 10

Demand state: consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis

Answer 10

Irregular demand

Question 11

Demand state: Consumers are adequately buying all products put into the marketplace

Answer 11

Full demand

Question 12

Demand state: More consumers would like to buy the product than can be satisfied

Answer 12

Overfull demand

Question 13

Demand state: Consumers may be attracted to products that have undesirable social consequences

Answer 13

Unwholesome demand

Question 14

The value of marketing

Answer 14

Financial success often depends on marketing ability
Successful marketing builds demand for products and services which, in turn, creates jobs
Marketing builds strong brands and a loyal customer base, intangible assets that contribute heavily to the value of a firm

Question 15

Who markets?

Answer 15

a MARKETER is someone who seeks a response - attention, a purchase, a vote, a donation - from another party, called the PROSPECT