Chapter 1

Question 1

Need

Answer 1

Occurs when a person feels deprived of basic necessities.

Question 2

Want

Answer 2

A need that is shaped by a person’s knowledge, culture, and personality.

Question 3

customer value proposition

Answer 3

The unique combination of benefits received by targeted buyers that will satisfy their needs; includes quality, price, convenience, delivery, and both before-sale and after-sale service.

Question 4

target market

Answer 4

The specific group or segment(s) of existing and potential consumers to which marketers direct their marketing efforts.

Question 5

marketing mix

Answer 5

The 4 Ps—product, price, place, and promotion.

Question 6

product

Answer 6

Attributes that make up a good, a service, or an idea, including product design, features, colour, packaging, warranty, and service level

Question 7

price

Answer 7

What is exchanged for a product, including the expected regular retail or sale price

Question 8

place

Answer 8

Distribution channels, retail formats, and merchandising used to sell a produce

Question 9

promotion

Answer 9

Communication tools needed to inform consumers about a product, including advertising, public relations, sales promotion, direct response, event marketing, sponsorship, online approaches, and personal selling.

Question 10

marketing process

Answer 10

The process of (1) identifying consumer needs, (2) managing the marketing mix to meet these needs, and (3) realizing profits.

Question 11

marketing

Answer 11

The process of planning and managing goods, services, or ideas to meet consumer needs and organizational objectives. It includes the conception of these products and the pricing, promotion, and distribution programs designed to make a profit and generate revenue or support for an organization

Question 12

exchange

Answer 12

The trade of things of value between buyers and sellers so that each benefits.

Question 13

good

Answer 13

A product you can touch and own

Question 14

service

Answer 14

A product that is intangible; an activity, benefit, or satisfaction that you cannot touch.

Question 15

idea

Answer 15

A concept that typically looks for support

Question 16

market

Answer 16

Potential consumers with both the willingness and the ability to buy.

Question 17

production orientation

Answer 17

Focusing organizational efforts on the manufacture of goods

Question 18

sales orientation

Answer 18

Focusing organizational efforts on selling as many products as possible.

Question 19

marketing orientation

Answer 19

Focusing organizational efforts to collect and use information about customers’ needs to create customer value

Question 20

relationship marketing

Answer 20

When organizations create long-term links with customers, employees, suppliers, and other partners to increase loyalty and customer retention

Question 21

customer relationship management (CRM)

Answer 21

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Question 22

share of wallet

Answer 22

The percentage of a customer’s purchases that a company has in a specific product category.

Question 23

customer lifetime value

Answer 23

The potential sales that will be generated by a customer if that customer remains loyal to that company for a lifetime

Question 24

corporate social responsibility (CSR)

Answer 24

When organizations voluntarily consider the well-being of society by taking responsibility for how their businesses impact consumers, customers, suppliers, employees, shareholders, communities, the environment, and society in general

Question 25

greenwashing

Answer 25

The deceptive use of marketing practices to give the impression that a good, service, or organization is environmentally friend

Question 26

societal marketing concept

Answer 26

Marketing programs that focus on the consumer and the well- being of society.

Question 27

digital marketing

Answer 27

Using digital technology to reach consumers through computers, gaming devices, out- of-home electronic screens, or mobile devices such as smart- phones and tablets.

Question 28

content marketing

Answer 28

Creating and sharing expertise, information, or branded content that is designed to inform and engage with tools such as research papers, e-books, infographics, how-to videos, blogs, webinars, e-newsletters, case studies, and events that can readily be found with search engine

Question 29

mobile marketing

Answer 29

A set of practices that enables organizations to communicate and engage with their audiences in an interactive and relevant manner through any mobile device or network

Question 30

proximity marketing

Answer 30

The distribution of marketing content to mobile devices that have opted in at a particular local geolocation to receive information.

Question 31

Social Media Marketing

Answer 31

Reaching out to consumers online through social media networks.

Question 32

real-time marketing

Answer 32

A planned tactical approach where brands make themselves relevant online during events or newsworthy occurrences by diving into conversations as they occur with aligned short-term messaging that takes advantage of the current buzz.

Question 33

experiential marketing

Answer 33

Creating opportunities for consumers to directly interact with brands

Question 34

partnership marketing

Answer 34

The creation of formal associations between brands that will result in incremental business for both brands that could not have been achieved separately.

Question 35

strategic alliance

Answer 35

Long-term arrangement between companies with similar values and marketing objectives that extends beyond short-term promotional offers into long-term formal business agreements

Question 36

Metrics

Answer 36

Numeric data that is collected and grouped to track performance, often presented in spreadsheets and dashboards.

Question 37

Dashboards

Answer 37

The visualization of data and key performance indicators using graphs, charts, and numbers so that numerical information tells a story that is insightful and easy to use and understand.

Question 38

Analytics

Answer 38

The process of taking metrics data and applying smart thinking and technology to gain actionable insights that can help make better business decisions.