Chapter 1

Question 1

Consumer Behavior

Answer 1

study of consumers’ activities during searching for, purchasing, using, evaluation, and disposing of products and services that they expect will satisfy their needs

Question 2

Marketing concept

Answer 2

satisfying consumers’ needs, creating value, and retaining customers; only produces goods that already satisfy the customers.

Question 3

Requirements for Marketing Concept

Answer 3

• market segmentation
• targeting
• positioning

Question 4

Market segmentation

Answer 4

dividing the market into different segments

Question 5

Targeting

Answer 5

targeting/choosign one of those segments

Question 6

Positioning

Answer 6

creating a distinct image and identity

Question 7

The four Ps of the marketing mix

Answer 7

1. product/service
2. price
3. place
4. promotion

Question 8

1. product/service

Answer 8

the features, design, packaging along with warranties and return policies

Question 9

2. price

Answer 9

price, discounts, allowances

Question 10

3. place

Answer 10

distribution of the product/service

Question 11

4. promotion

Answer 11

advertising and sales efforts that develop product awareness and demand

Question 12

Algorithm

Answer 12

series of steps used to predict the buyer behavior

Question 13

Cross-screen marketing

Answer 13

tracking and targeting the users across their computers, phones and tablets

Question 14

Marketing myopia

Answer 14

focusing more on the product rather than on the needs it presumes to satisfy

Question 15

Societal marketing concept

Answer 15

requieres marketers to fulfill the needs of target audiences in ways that improves, preserve and enhance society’s well-being while also meeting their business objectives

Question 16

Development of the marketing concept

Answer 16

production concept/ product concept/ selling concept

Question 17

Production concept

Answer 17

customers will choose products or services that are widely available and are low costs

Question 18

Product concept

Answer 18

understanding the dynamics of the product in order to showcase the best qualities and maximum features of the product

Question 19

Selling concept

Answer 19

companies should sell what they had already made instead of making only those products they could sell.