Chapter 1: Intro to Marketing

Question 1

marketing

Answer 1

Marketing is 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
→ marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return.
Marketing actions try to create, maintain, and grow desirable exchange relationships

Question 2

marketing mix

Answer 2

Marketer’s strategic toolbox. It consists of the organization’s tools to create a desired response among a set of predefined consumers.

Question 3

four ps

Answer 3

product, place, price, promotion

Question 4

product

Answer 4

can be a good, a service, an idea, a place, a person—whatever a person or organization offers for sale in the exchange.

Question 5

promotion

Answer 5

also referred to as marketing communication, includes many different activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products.

Question 6

place

Answer 6

to the product’s availability to the customer at the desired time and location.

Question 7

need

Answer 7

The recognition of any difference between a consumer’s actual state and some ideal or desired state.

Question 8

utility

Answer 8

the usefulness or benefit customers receive through the product itself, its price, its distribution, and the marketing communications about it.

Question 9

want

Answer 9

The desire to satisfy needs in specific ways that are culturally and socially influenced.

Question 10

market

Answer 10

All the customers and potential customers who share a common need that can be satisfied by a specific product, who have the resources to exchange for it, who are willing to make the exchange, and who have the authority to make the exchange.

Question 11

marketplace

Answer 11

Any location or medium used to conduct an exchange.

Question 12

product orientation

Answer 12

a management philosophy emphasizes the most efficient ways to produce and distribute products. Demand is greater than supply

Question 13

selling orientation

Answer 13

a managerial view of marketing as a sales function or a way to move products out of warehouses to reduce inventory. Supply is more than the demand

Question 14

customer orientation

Answer 14

a business approach that prioritizes the satisfaction of customers’ needs and wants

Question 15

triple bottom line orientation

Answer 15

a business orientation that looks at financial profits, the community in which the organization operates, and creating sustainable business practices.
The financial bottom line: Financial profits to stakeholders
The social bottom line: Contributing to the communities in which the company operates
The environmental bottom line: Creating sustainable business practices that minimize damage to the environment or that even improve it

Question 16

mass market

Answer 16

all possible customers in a market regardless of the differences in their specific needs and wants.

Question 17

market segment

Answer 17

a distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.

Question 18

value chain

Answer 18

to a series of activities involved in designing, producing, marketing, delivering, and supporting any product.
Inbound logistics: Bringing in materials or component parts necessary to make the product
Operations: Converting the materials into another form or the final product
Outbound logistics: Shipping out the final product
Marketing: Promoting and selling the final product
Service: Meeting the customer’s needs by providing any additional support required

Question 19

competitive advantage

Answer 19

an edge over their competitors that allows them to have higher sales, higher profits, and more customers—in short, to enjoy greater success year after year

Question 20

value proposition

Answer 20

a marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product
→Set of benefits it promises to deliver to customers to satisfy there needs

Question 21

branded content

Answer 21

marketing communication developed by a brand to provide education or entertainment rather than to sell the brand in order to develop a relationship with consumers may indicate the brand is a sponsor

Question 22

user generated content (consumer generated content)

Answer 22

marketing content and activities created by consumers and users of a brand such as advertisements, online reviews, blogs, social media, input to new product development, or serving as wholesalers or retailers.

Question 23

sustainability

Answer 23

meeting present needs without compromising the ability of future generations to meet their needs

Question 24

societal marketing concept

Answer 24

a management philosophy that marketers must satisfy customer needs in ways that also benefit society and deliver profit to the firm

Question 25

customer needs

Answer 25

Physical needs (food, clothing, safety)
Social needs(belonging and affection)
Individual (self-expression)

Question 26

customer value driven marketing strategy

Answer 26

marketing management is the art and science of choosing target markets and building profitable relationships with them
What customers will we serve? Target market)
How can we best serve these customers? (value proposition)

Question 27

integrated marketing program

Answer 27

A comprehensive plan that communicates and delivers intended value.

Question 28

societal marketing

Answer 28

making sure everyone is winning in the relationship. Always balancing the human welfare and wants of consumers with company products. Human welfare
-consumer wants
-company requirements
-consumer long run interests
-societys long run interest

Question 29

customer relationship management

Answer 29

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

Question 30

customer perceived value

Answer 30

the difference between total customer perceived benefits and customer cost.

Question 31

partner relationship management

Answer 31

working closely with partners in other company departments and outside the company to jointly bring greater value to customers

Question 32

share of customer

Answer 32

the portion of the customers purchasing that a company gets in it product categories

Question 33

social media

Answer 33

provide exciting opportunities to extend customer engagement and get people talking about the brand

Question 34

mobile media

Answer 34

using mobile channels to stimulate immediate buying, make shopping easier and enrich the brand experience.

Question 35

big data and A 1

Answer 35

brands can use big data to gain deep customer insights , personalize marketing offers, and improve customer engagement and service

Question 36

rapid globalization

Answer 36

Managers around the world are taking both local and global view of companies
-Industry
-Competitor
-Opportunities

Question 37

substainable marketing

Answer 37

corporate ethics and social responsibility have become important for every business