Chapter 1- Marketing: Customer Value, satisfaction, relationships

Question 1

Marketing

Answer 1

The activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders, and the society at large

Question 2

Market

Answer 2

People with the desire and ability to buy a specific product

Question 3

Social Marketing

Answer 3

Marketing designed to influence the behaviours of individuals in which the benefits of the behaviour accrue to those individuals or to the society in general and not to the marketer

Question 4

Ultimate consumer

Answer 4

All people who used the goods and services purchased for the households

Question 5

Organizational Buyers

Answer 5

Those manufacturers, wholesalers retailers and government agencies that buy goods and services for their own or for resale

Question 6

Who benefits from effective marketing?

Answer 6

Consumers, society, and organizations

Question 7

Target Market

Answer 7

One or more specific groups of potential customers towards which an organization directs its marketing program

Question 8

Marketing mix

Answer 8

The marketing managers controllable factors-The marketing actions of product price promotion and place that people can take to create communicate and deliver value

Question 9

Product

Answer 9

A good service or idea to satisfy consumer needs

Question 10

Price

Answer 10

What if exchanged for the product

Question 11

Promotion

Answer 11

A means of communication between the seller and buyer

Question 12

Place

Answer 12

A means of getting the product in the consumers hand

Question 13

Environmental Forces

Answer 13

The uncontrollable factors involving social economic technological competitive and reglatory forces

Question 14

Marketing Program

Answer 14

A plan that integrates the marketing mix to provide a good service of idea to perspective buyers

Question 15

Marketing concept

Answer 15

The idea that an organization should strive to satisfy the needs of consumers while also trying to satisfy the organizational goals

Question 16

Market orientation focuses on what 3 efforts

Answer 16

1. ) Continuously collecting info about customers needs and competitors capabilities
2. ) Sharing info throughout the organization
3. ) Using this information to create value, ensure satisfaction and develop relationships

Question 17

Customer Values

Answer 17

Unique combination of benefits received by the customer that include quality, price, convenience, on time delivery, and both before-sale and after-sale service

Question 18

Customer satisfaction

Answer 18

The match between customer expectations of the product and the products actual performance

Question 19

Customer Relationship management

Answer 19

The process of building customer relationships-long term

Question 20

eCRM

Answer 20

Web centric, personalized approached to managing customer relationships electronically

Question 21

Interactive marketing

Answer 21

Involved two way buyer seller communication in which the buyer can control the kind and type of info received from seller

Question 22

Customer experience management

Answer 22

Managing the customers interaction with the organization at all levels and and at all touch points of the customer with an organization so that the customer has a positive impression of the organization

Question 23

Ethics

Answer 23

The moral principles and values that govern the actions and decisions of an indivdual or group

Question 24

Social responsibility

Answer 24

Individuals and organizations are part of a larger society and are accountable to that society for their actions

Question 25

Societal marketing concept

Answer 25

the view that an organization should discover and satisfy the needs of its consumer in a way that also provides for societies well-being

Question 26

Macromarketing

Answer 26

The aggregate flow of a nations goods and services to benefit society

Question 27

Mircomarketing

Answer 27

How an individual organization directs its marketing activities and allocates its resources to benefit its customers

Question 28

Identify the requirements for successful marketing to occur

Answer 28

1. ) 2 or more parties with unmet needs
2. )A desire and ability to satisfy these needs
3. ) Communication between the parties
4. ) Something to exchange

Question 29

What is the breadth and depth of marketing?

Answer 29

Marketing effects every person and organization. Non and for profit organizations preform marketing. Products, services, ideas, and experiences are marketed

Question 30

Why have organizations transitioned from market orientation era to the customer experience era?

Answer 30

managing customer relations at all levels of so that the customer has a positive impression of the organization and will remain loyal to the organization