Chapter 11-Customer-Driven Marketing

Question 1

marketing

Answer 1

a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas

Question 2

Exchange

Answer 2

the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas)

Question 3

Value

Answer 3

a customer’s subjective assessment of benefits relative to costs in determining the worth of a product

Question 4

Marketing Concept

Answer 4

the idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals

Question 5

Market Orientation

Answer 5

an approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that long-term relationships with customers

Question 6

Marketing Strategy

Answer 6

a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers

Question 7

Market

Answer 7

a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas

Question 8

Target Market

Answer 8

a specific group of consumers on whose needs and wants a company focuses its marketing efforts

Question 9

Total-market approach

Answer 9

an approach wherby a firm tries to apppeal to everyone and assumes that all buyers have similar needs

Question 10

Market Segmentation

Answer 10

a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs

Question 11

Market Segment

Answer 11

a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires

Question 12

Concentration Approach

Answer 12

a market segmentation approach whereby a company develops one marketing strategy for a single market segment

Question 13

Multisegment Approach

Answer 13

a market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each

Question 14

Marketing Mix

Answer 14

the four marketing activities - product, price, promotion, and distribution - that the firm can control to achieve specific goals within a dynamic marketing environment

Question 15

Price

Answer 15

a value placed on an object exchanged between a buyer and a seller

Question 16

Distribution

Answer 16

making products available to customers in the quantities desired

Question 17

Promotion

Answer 17

a persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas

Question 18

Marketing Research

Answer 18

a systematic, objective process of getting information about potential customers to guide marketing decisions

Question 19

Primary Data

Answer 19

marketing information that is observed, recorded, or collected form respondents

Question 20

Secondary Data

Answer 20

information that is compiled inside or outside an organization for some purpose other than changing the current situation

Question 21

Buying Behavior

Answer 21

the decision processes and actions of people who purchase and use products

Question 22

Perception

Answer 22

the process by which a person selects, organizes, and interprets information received from his or her sense

Question 23

Motivation

Answer 23

inner drive that directs a person’s behavior toward goals

Question 24

Learning

Answer 24

changes in a person’s behavior based on information and experience

Question 25

Attitude

Answer 25

knowledge and positive or negative feelings about something

Question 26

Personality

Answer 26

the organization of an individual’s distinguishing character traits, attitudes, or habits

Question 27

Social Roles

Answer 27

a set of expectations for individuals based on some position they occupy

Question 28

Reference Group

Answer 28

groups with whom buyers identify and whose values or attitudes they adopt

Question 29

Social Classes

Answer 29

a ranking of people into higher or lower positions of respect

Question 30

Culture

Answer 30

the integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts