Chapter 1: Why Marketing Matters

Question 1

Marketing

Answer 1

The act of creating, communicating, and delivering value to an audience.

Question 2

What is the role of a marketer?

Answer 2

To manage customer relationships with an organization

Question 3

Customer Value

Answer 3

The value a customer gains from a product, compared to how much it cost to obtain it.

Question 4

What benefits can consumers get from a product or service?

Answer 4

Monetary or Nonmonetary benefits

Question 5

Perceived Benefits

Answer 5

Positive outcomes of a product or service

Question 6

How does a company create value?

Answer 6

A company creates value when the product or service being produced is equal or greater than its production costs.

Question 7

What is key to producing value?

Answer 7

The key to producing value is catering to a consumers wants and needs.

Question 8

___% of new products fail

Answer 8

80

Question 9

Why do new companies fail?

Answer 9

New companies often fail because they do not communicate their value to potential customers.

Question 10

Supply Chain

Answer 10

A supply chain is comprised of several interlocked companies that help products reach a consumer.

Question 11

Who is involved in the supply chain?

Answer 11

Manufacturers, wholesalers, retailers, transportation companies.

Question 12

Logistics

Answer 12

Logistics plan, implement and control the flow of goods and knowledge all the way to consumers.

Question 13

In the 1920s companies used a marketing strategies called

Answer 13

Production Orientation

Question 14

Describe Production Orientation

Answer 14

Production Orientation focuses on create quality goods efficiently.

Question 15

Sales Orientation

Answer 15

Persuading consumers to buy new products and

Question 16

Sales Orientation was important to what era?

Answer 16

The Great Depression

Question 17

When did the sales orientation method end?

Answer 17

At the end of WWII

Question 18

Describe the Marketing Concept

Answer 18

Believed that prolonged success comes from a company-wide effort to please consumers

Question 19

Describe Customer Orientation

Answer 19

The concept of customer orientation states that everyone in a company should assess and satisfy consumer needs

Question 20

Describe Relationship Marketing

Answer 20

Relationship marketing is a method of marketing where organizations cultivate relationships with their consumer bases.

Question 21

How can a company foster a relationship with their customers?

Answer 21

A company can foster a relationship with their customers by using user data to customize their shopping experience.

Question 22

Exchange

Answer 22

The act of trade between a buyer and a seller

Question 23

What is the process of exchange between a buyer and seller?

Answer 23

Creating -> Communicating -> Delivering

Question 24

Needs

Answer 24

States of depriviation

Question 25

Wants

Answer 25

Needs shaped by culture

Question 26

The Housing Crisis of 2007 was caused by what?

Answer 26

Marketers who encouraged consumers to buy homes they couldn't afford.

Question 27

Marketing Mix

Answer 27

What a organization can do to influence consumer demand

Question 28

What are the 4 P's of Marketing?

Answer 28

Product, Price, Promotion and Place

Question 29

Product

Answer 29

Products are goods, services or ideas.

Question 30

Price

Answer 30

Price is how much money, time, or effort that is exchanged.

Question 31

Revenue

Answer 31

Revenue is how much is earned from selling a good.

Question 32

Place

Answer 32

Places are the locations used by a company to make products available to consumers.

Question 33

Why would a consumer by a substitute product?

Answer 33

Consumers will purchase a substitute product if the product they are after is unavailable.

Question 34

Locations, transpotation, logistics and supply chains are examples of what aspect of the marketing mix?

Answer 34

Place

Question 35

Promotion

Answer 35

Promotion is the communication of a products value to the consumer

Question 36

Advertising, sales promotion, personal selling, and public relations are examples of what aspect of the markeing mix?

Answer 36

Promotion

Question 37

Give examples of promotion

Answer 37

Promotion includes commercials, coupons, sponsored events, and giveaways.

Question 38

The marketing mix is successful when.....

Answer 38

The four P's value is maximized

Question 39

Why is social media a great tool for promotion?

Answer 39

It is accessible to a wide audience and is cheap to use.

Question 40

Companies can grow by

Answer 40

expanding into international markets

Question 41

Globalization

Answer 41

Globalization is the interconnectedness of the global economy.

Question 42

NAFTA

Answer 42

North American Free Trade Agreement

Question 43

Describe NAFTA

Answer 43

NAFTA relaxed trade restrictions between the U.S, Canada, and Mexico.

Question 44

Global Marketing

Answer 44

Global Marketing is addressing customers, markets, and competition on a global scale.

Question 45

Brand

Answer 45

Brands are the names, terms, symbols, and designs a firm uses.

Question 46

Marketing Analytics

Answer 46

Marketing Analytics are metrics that helps marketers analyze the outcome of a marketing initiative.

Question 47

Ethics

Answer 47

Ethics are societal moral standards

Question 48

Who published the marketing code of ethics?

Answer 48

The American Marketing Association

Question 49

What ethical norms should marketers follow?

Answer 49

Do no harm Foster Trust in the Marketing System & Embrace Ethical Values

Question 50

What Ethical Values should marketers have?

Answer 50

Honesty, Responsibility, Fairness, Respect, Transparency, and Citizenship

Question 51

Ethical decisions should be made because

Answer 51

It builds trust between consumers and firms, and showcases good business practices

Question 52

What is Step 1 of the Ethical Decision-Making Framework?

Answer 52

'Determine the unbiased facts

Question 53

What is Step 2 of the Ethical Decision-Making Framework?

Answer 53

Identify the ethical issue

Question 54

What is Step 3 of the Ethical Decision-Making Framework?

Answer 54

Identify affected stakeholders

Question 55

What is Step 4 of the Ethical Decision-Making Framework?

Answer 55

Consider alternative solutions

Question 56

What is Step 5 of the Ethical Decision-Making Framework?

Answer 56

Consider how decisions affect stakeholders

Question 57

What is Step 6 of the Ethical Decision-Making Framework?

Answer 57

Discuss decisions with stakeholders

Question 58

What is Step 7 of the Ethical Decision-Making Framework?

Answer 58

Make Decision

Question 59

What is Step 8 of the Ethical Decision-Making Framework?

Answer 59

Analyze decisions outcome overtime

Question 60

Nonprofit Organization

Answer 60

A organization that makes profit for the general public

Question 61

Hospitals, Charities, Universities, Zoos and Churches are examples of what?

Answer 61

Nonprofits