Chapter 1: Intro

Question 1

Define Marketing

Answer 1

Understanding the needs and wants of the customers. developing an offering in order to satisfy a customer’s need.

Question 2

Define Production Orientation

Answer 2

A focus on manufacturing and production quantity in which customers are meant to choose based on what is most available.

Question 3

Define Sales Orientation

Answer 3

Hard selling to the customer, who has greater choice thanks to more competition in the marketplace.

Question 4

Define Marketing Company Orientation

Answer 4

A strong emphasis on the marketing concept and development of a more comprehensive approach to understanding the customer.

Question 5

Define Societal Marketing Orientation

Answer 5

Expanding marketing efforts to include aspects from the external environment that go beyond a firm’s customers, suppliers and competitors.

Question 6

Define Market Share

Answer 6

The % of an industry, or market’s total sales, that is earned by a company over a specified time period.

Question 7

Define Relationship Marking

Answer 7

A strategy that focuses on keeping and improving relationships with current customers.

Question 8

Define Exchange

Answer 8

People giving up one thing to receive another thing they would rather have.

Question 9

What are the 5 Conditions of Exchange?

Answer 9

1. At least two parties are involved.
2. Each party has something that may be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.

Question 10

Define Customer Value

Answer 10

The relationship between benefits and the sacrifice necessary to obtain those benefits.

Question 11

What are Market Segments?

Answer 11

Groups of individuals, families, or companies that are placed together because it is believed that they share similar needs.

Question 12

List and describe the 4 points of the Marketing Mix (4Ps)

Answer 12

• Product – Relates to the tangible and intangible aspects of a company’s offering.
• Price – Relates to the quantifying of a value in exchange for a company’s offering.
• Place – relates to much of the behind-the-scenes activities of making an offering available to the customer.
• Promotion – relates to what most people believe marketing to be about. Mainly advertising.

Question 13

Define Relationship Marketing Orientation

Answer 13

Developing a real and sustainable relationship with the customer.

Question 14

Define Customer Satisfaction

Answer 14

customers’ evaluation of a good or service in terms of whether it has met their needs and expectations.

Question 15

Why does Marketing matter?

Answer 15

1. Marketing is a part of everyday life
2. Every company needs marketing
3. Provides you with an important skill set
4. Is a rewarding career

Question 16

List the 3 points of the Marketing Concept

Answer 16

• Focusing on customer wants and needs so that the organization can distinguish its offerings from those of its competitors.
• Integrating all the organization’s activities, including production, to satisfy customers’ wants.
• Achieving long-term goals for the organization by satisfying customers’ wants and needs legally and responsibly.