Chapter 11.1

Question 0

Exchange process

Answer 0

When two or more parties benefit from trading things of value.

Question 1

Marketing

Answer 1

Is an organizational function and set of processes for creating, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organizations and it’s stakeholders.

Question 2

Utility

Answer 2

The ability of a good or service to satisfy the wants and needs of customers.

Question 3

Form utility

Answer 3

Converting raw materials, component parts, and other inputs into finished goods and services.

Question 4

Time utility

Answer 4

Is created by making a good or service available when a customer wants to purchase it.

Question 5

Place utility

Answer 5

Is created by making a product available in a location convenient for customers.

Question 6

Ownership utility

Answer 6

Refers to an orderly transfer of goods and services from the seller to the buyer.

Question 7

Production era

Answer 7

A good product will sell itself.

Question 8

Sales era

Answer 8

Assumed that consumers would buy as a result of energetic sales effort.

Question 9

Marketing era

Answer 9

Customers are important. “The consumer is king.”

Question 10

Relationship era

Answer 10

Building long-term relationships with consumers.

Question 11

Social era

Answer 11

Connecting to consumers via Internet and social media sites.

Question 12

Marketing concept

Answer 12

Customer orientation with the objective of achieving long-run success.