Chapter 1: Intro

Question 1

Marketing

Answer 1

• organizational function
• set of processes
• for creating, capturing, communicating, and delivering value to customers
• managing customer relations in ways that benefit the organization and its stakeholders

Question 2

exchange

Answer 2

the trade of things of value between the buyer and the seller so that each is better off

Question 3

exchanges of value

Answer 3

• value=ratio is given up for what is obtained
• both parties must believe they are getting value for exchange to take place
• value is created through the marketing mix (4 Ps)

Question 4

product

Answer 4

creating value thru a variety of offerings, including goods, services, and ideas, to satisfy customer needs

Question 5

price

Answer 5

• capturing value, everything a buyer gives up in exchange for the product
• must be amount customer is willing to pay and which gives a profit

Question 6

place

Answer 6

• delivering the value proposition
• place, or supply chain management
• all activities needed to get the product to the right customer when the customer wants it

Question 7

promotion

Answer 7

• communicating value
• communication that informs, persuades, and reminds potential buyers about a product or service
• to influence their opinions or elicit a response

Question 8

corporate orientations- production

Answer 8

• focus is on internal capability and technology

- wut does the firm do best???

Question 9

corporate orientations- sales

Answer 9

• aggressive sales techniques

- how can we sell more of what we have???

Question 10

B2C

Answer 10

business to consumers

Question 11

B2B

Answer 11

selling merchandise/services from one bus to another

Question 12

C2C

Answer 12

consumer sell to other consumers

Question 13

production-oriented area

Answer 13

turn of 20th century- good product will sell itself, more concerned with product innovation

Question 14

sales-oriented era

Answer 14

1920-1950, people weren’t buying because GD and WWII- marketing became more sophisticated

Question 15

market-oriented era

Answer 15

from war effort to making summer products; suburbia

Question 16

market orientation

Answer 16

• purpose of organization is to satisfy cons needs/wants, while meeting organizational objectives
• provide more value than competitors

Question 17

value

Answer 17

reflects relationship of benefits to cost

Question 18

value cocreation

Answer 18

customers can act as collaborators to create the product or service
1- share info about customers/competitors and integrate across fir’s depts
2- balancing benefits with costs
3-building relationships with customers

Question 19

relational orientation

Answer 19

realized marketers need to think about their customers in terms of relationships rather than transactions

Question 20

customer relationship management

Answer 20

identifying and building loyalty among the firm is most valued customers

Question 21

market concept

Answer 21

make what you can sell rather than selling what you can make

Question 22

supply chain/marketing channel

Answer 22

group of firms that make and deliver a given set of goods and services

Question 23

entrepreneurs

Answer 23

ppl who organize, operate, and assume the risk of a business venture- OPRAH