Chapter 1: Overview of Marketing

Question 1

Marketing

Answer 1

The process of creating, communicating, delivering, and exchanging valuable offerings for costumers

Question 2

Exchange

Answer 2

Giving something in order to receive something

Question 3

5 Requirements of an Exchange

Answer 3

1) 2 parties
2) Value for each party
3) ability to communicate/deliver
4) Ability to reject or accept
5) Desire

Question 4

Production Orientation

Answer 4

Looking at internal ability of company instead of desire and need of costumer when making decisions (looks for things easy to produce)

Question 5

Sales Orientation

Answer 5

Aggressive tactics and high sales= profit

All about selling and collecting

Question 6

What is the downside to the sales orientation?

Answer 6

It doesn’t look at the wants and needs of costumers

Question 7

Market Orientation

Answer 7

Perceived value (what the costumer thinks they are buying) is the most important thing. All about the costumer needs.

Question 8

How can you be successful in the market orientation?

Answer 8

Diversification from competitors, execution of plans, and delivery to increase costumer satisfaction

Question 9

Societal Market Orientation

Answer 9

Looking at producing products that are good for society as a whole. Also providing products that are sustainable.

Question 10

Empowerment

Answer 10

ability of employees to make costumer experience solutions

Question 11

The firms business in sales vs. marketing orientation?

Answer 11

Sales: in terms of good/service
Marketing: In terms of benefit costumer seeks

Question 12

Product direction in sales vs. marketing orientation?

Answer 12

Sales: target the average
Marketing: targets specific people

Question 13

Costumer Value

Answer 13

Involves creating, communicating, and delivering a product positively

Question 14

Who are the STAKEholders in a company?

Answer 14

Customers Investors/shareholders Employees Community Society

Question 15

What are the two core activities in marketing?

Answer 15

1) discovering costumer needs

2) Satisfying costumer needs

Question 16

Costumer Satisfaction

Answer 16

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

Question 17

Relationship Marketing

Answer 17

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

Question 18

Costumer Relationship Managment

Answer 18

A company-wide business strategy designed to optimize profitability, revenue and customer satisfaction by focusing on highly defined and precise customer groups

Question 19

How can you achieve costumer relationship managment

Answer 19

• Organizing around customer segments
• Establishing and tracking customer interactions
• Fostering customer-satisfying behaviors
• Linking company processes

Question 20

How can you achieve relationship marketing?

Answer 20

Customer-Oriented Personnel
Effective Training Programs
Empowered Employees
Teamwork

Question 21

5 vital marketing activities

Answer 21

1) Assess the wants and satisfaction of customers
2) Design and manage product offerings
3) Determine prices and pricing policies
4) Develop distribution strategies
5) Communicate with present and potential customers

Question 22

4 types of marketers?

Answer 22

Companies
Political organizations
Governments
Individuals

Question 23

What 3 things are marketed?

Answer 23

Products
Services
Ideas

Question 24

Who is marketed to? (3)

Answer 24

Industrial buyers
Consumers
Ultimate users