Chapter 11: Customer-Driven Marketing

Question 1

Marketing definition

Answer 1

MARKETING: A group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas.

Question 2

Functions of Marketing

Answer 2

Buying, selling, transporting, storing, grading, financing, marketing research, and risk-taking

Question 3

Marketing Concept

Answer 3

The idea that an organization should try to satisfy customer’s needs through coordinated activities that allow it to achieve its goals.

Question 4

2 Components to Marketing Strategy

Answer 4

(1) select a target market
(2) develop an appropriate marketing mix to satisfy that target market

Question 5

Market Segmentation Approaches (2)

Answer 5

• Concentration Approach: a company develops 1 marketing strategy for a single market segment
• Multi-Segment Approach: the marketer aims its marketing efforts at 2 or more segments, developing a marketing strategy for each.

Question 6

Premises for Segmenting Markets

Answer 6

1. Demographic
2. Geographic
3. Psychographic
4. Behaviouristic

Question 7

The Market Research Process (4)

Answer 7

(1) define the problem or objective
(2) collect data (primary or secondary)
(3) analyze the research data
(4)Choose the best options

Question 8

MARKETING INFORMATION SYSTEM (MIS)

Answer 8

A framework for accessing information about customers from sources both inside and outside the organization

Question 9

Psychological and Social Variables of Buying Behaviour

Answer 9

PSYCHOLOGICAL
- Perception
-Motivation
-Learning
-Attitude
-Personality
SOCIAL
-Social Roles
-Reference groups
-Social Classes
-Culture

Question 10

External Forces of the Marketing Environment

Answer 10

-Political, legal, & regulatory
-Social Forces
-Competitive & Economic Forces
-Technological Forces