Chapter 1 ( her pwr point)

Question 1

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 is known as

Answer 1

Marketing

Question 2

What are 2 things marketing seeks to do?

Answer 2

• Discover needs and wants of customers
• Satisfy customers

Question 3

The trade of things of value between a buyer and seller so that each is better off after the trade is known as

Answer 3

Exchange

Question 4

T/F- An exchange HAS to be payment of money

Answer 4

False, it DOESN’T have to be
can even be a barter

Question 5

Who markets?

Answer 5

Everyone and every organization

Question 6

What are the 3 types of products that are marketed?

Answer 6

Goods
Services
Ideas

Question 7

What type of marketing is B2C and what type of user is it?

Answer 7

Business to consumer ( end or ultimate user)

Question 8

What type of marketing is B2B and what type of user is it?

Answer 8

Business to business
(organizational buyer/user)

Question 9

What type of marketing is C2C?

Answer 9

Consumer to consumer

Question 10

slide 9?

Question 11

What are the 4 requirements for marketing to occur?

Answer 11

• Two + parties with an unsatisfied need
• a DESIRE and ABILITY to be satisfied
• A way for the parties to communicate
• Something to exchange

Question 12

What occurs when someone is deprived of a basic necessity?

Answer 12

Need

Question 13

What is a need that is shaped by a person’s knowledge, culture, and personality?

Answer 13

Want

Question 14

Quantity demanded across all consumers in a market for a given good
- marketing efforts help drive this term also

Answer 14

Demand

Question 15

The example: I physically need water to survive describes what term?

Answer 15

Need

Question 16

The example: I want clean, safe to drink, good tasting water can be described as what term?

Answer 16

Want

Question 17

The example: Customers created demand for Smartwater since it is vapor distilled with added electrolytes fro taste describes what term?

Answer 17

Demand

Question 18

Potential customers; people with both desire and ability to buy something can describe?

Answer 18

A Market

Question 19

One or more specific groups of potential consumers toward which an organization directs its marketing program is known as a

Answer 19

Target Market

Question 20

What is a local example of a market?

Answer 20

Gnat’s
El Som

Question 21

What is an example of a Target Market?

Answer 21

Chick-fil-a

Question 22

The customers perception of benefits of a product or service against the costs of acquiring and consuming it is known as the

Answer 22

Value

Question 23

The benefits or customer value received by users of product is known as

Answer 23

Utility

Question 24

What are the 5 types of utility?

Answer 24

Form
Place
Time
Possession
Information

Question 25

Which form of utility determines what type of product or production of good will be used?

Answer 25

Form Utility

Question 26

Which form of utility determines WHERE available customer will need it

Answer 26

Place Utility

Question 27

Which form of utility determines WHEN available customers need it

Answer 27

Time Utility

Question 28

Which form of utility determines ease of being able to purchase it and take possession?

Answer 28

Possession Utility

Question 29

Which form of utility determines any data that helps consumers make buying decisions

Answer 29

Information Utility

Question 30

Look at slide 17

Question 31

What are the 4 P's of the marketing mix?

Answer 31

Product Price Promotion Place

Question 32

T/F- the 4 P's of the marketing mix are controllable

Answer 32

True

Question 33

The cluster of benefits that an organization promises customers to satisfy their needs is known as

Answer 33

Customer Value Proposition

Question 34

T/F- The customer value proposition development is a statement that describes a company's key selling points to encourage more purchases

Answer 34

True

Question 35

T/F- Communications for the customer value proposition include headlines, short explanation, bullet points, and visual components

Answer 35

True

Question 36

How do you create an effective CVP?

Answer 36

By analyzing product's benefits, evaluation customer preferences and using clear language

Question 37

What is an example of a customer value proposition?

Answer 37

Uber

Question 38

Why is marketing important?

Answer 38

- Can be entrepreneurial - Expands global presence - Enriches society - Pervasive across channel members

Question 39

The focus on creating and marketing the highest-quality offerings or on what company is good at doing is known as a

Answer 39

Product Orientation

Question 40

What are some examples of product orientation?

Answer 40

McDonalad's Cars?

Question 41

The focus on responding to customers needs and wants can be described as

Answer 41

Marketing Orientation

Question 42

How do you employ a marketing orientation?

Answer 42

- Continuously collect info about needs ( Marketing Research) - Share information across departments - Use it to create value or (products)