Chapter 1: What is Marketing?

Question 1

Marketing

Answer 1

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.

Question 2

Creating

Answer 2

process of collaborating with suppliers and customers to create offerings that have value.

Question 3

Communicating

Answer 3

broad term in marketing that means describing the offering and its value to your potential and current customers, as well as learning from customers what it is they want and like.

Question 4

Delivering

Answer 4

getting those offerings to the consumer in a way that optimizes value.

Question 5

Exchanging

Answer 5

trading value for those offerings.

Question 6

Four Components of Marketing

Answer 6

Creating, Communicating, Delivering, Exchanging

Question 7

Value

Answer 7

benefits the buyers receive that meet their needs.

Question 8

Personal Value Equation

Answer 8

value = benefits received - [price + hassle]

Question 9

Marketing Concept

Answer 9

philosophy underlying all that marketers do, driven by satisfying the customer wants and needs.

Question 10

Market Orientated

Answer 10

firms operating using the marketing concept.

Question 11

Production Orientated

Answer 11

belief that the way to compete is a function of product innovation and reducing production costs, as good products appropriately priced sell themselves.

Question 12

Production Era

Answer 12

began with the industrial revolution and lasted until the 1920’s when production-capacity growth began to outpace demand growth and new strategies were called for.

Question 13

Selling Orientated

Answer 13

belief that is was necessary to push their products by heavily emphasizing advertising and selling.

Question 14

Selling Era

Answer 14

during the Great Depression and World War II; dollars were short so competition was stiff.

Question 15

Marketing Era

Answer 15

post-WWII; demand for goods increased as the economy soared; from 1950-1990.

Question 16

Value Era

Answer 16

time when companies emphasize creating value for customers (now).

Question 17

One-to-One Era

Answer 17

from the 1990’s to present, the idea of competing by building relationships with customers one at a time and seeking to serve each customer’s needs individually.

Question 18

Service Dominant Logic

Answer 18

approach to business that recognizes that consumers want value no matter how it is delivered.

Question 19

Service Dominant Logic Era

Answer 19

from 1990 to present in which some believe that the philosophy of service-dominant logic dominates the way firms compete.

Question 20

Supply Chain

Answer 20

includes a number of organizations and functions that mine, make, assemble, or deliver materials and products from a manufacturer to consumers.

Question 21

Logistics

Answer 21

actual transportation and storage of materials and products; primary component of supply chain management.

Question 22

Nonprofit Marketing

Answer 22

when a nonprofit engages in marketing activities.

Question 23

Social Marketing

Answer 23

marketing conducted in an effort to achieve social objectives; can be done by government agencies, nonprofit institutions, religious organizations, and others.

Question 24

Marketing Plan

Answer 24

strategy for implementing the components of marketing: creating, communicating, delivering, and exchanging value.

Question 25

Social Responsibility

Answer 25

you must actively seek to improve the lot of others.

Question 26

Sustainability

Answer 26

involves engaging in practices that do not diminish the earth’s resources.