Chapter 13

Question 1

Define 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

What were the four eras of marketing?

Answer 2

Production - Build as much as possible
Selling - Production could out pace buying
Marketing Concept
Customer relationship era - learning as much about the customer as possible

Question 3

What were the three parts to the Marketing Concept Era

Answer 3

Customer Orientation - find out what they want and provide it
Service Orientation - Make sure everyone understands the objective is customer satisfaction
Profit Orientation - Focus on G&S that will earn the most and allow expansion

Question 4

Name and describe the latest marketing era

Answer 4

Mobile/On-demand Marketing - is the idea that customers want relevant information now without any unwanted messaging.

Question 5

What are the four factors or “P’s” of marketing

Answer 5

product
price
place
promotion

Question 6

Define a product

Answer 6

Any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand name.

Question 7

Define promotion

Answer 7

All the techniques sellers use to inform people about and motivate them to buy their products or services.

Question 8

The lease expensive way to gather data

Answer 8

Secondary data is data that others have already gathered

Question 9

Define Marketing research

Answer 9

Analyzing markets to determine opportunities and find information. Identifies buying habits and changing trends.

Question 10

The data collected for additional in-depth information secondary data did not provide.

Answer 10

Primary Data

Question 11

The Process of identifying factors that can affect marketing success.

Answer 11

Environmental Scanning.

Question 12

What factor is associated with businesses going online to reach more customers.

Answer 12

Global Factors

Question 13

The internet, flexible manufacturing are examples of what factor.

Answer 13

Technological factors

Question 14

Population growth and demographics are related to what factor

Answer 14

Sociocultural

Question 15

Being aware of threats and continuously adjusting prices, services, and delivery is related to what factor

Answer 15

Competitive

Question 16

Looking at growth is related to what factor

Answer 16

Economic

Question 17

Personal consumption of G&S is what market?

Answer 17

Consumer Market

Question 18

Individuals and Organizations that want goods and services for producing other G&S is what

Answer 18

B to B Market

Question 19

What are the four steps in Marketing research

Answer 19

Define the question
Collect data
Analyze data
Choose best solution

Question 20

Because of the size of the consumer market, what must a business do?

Answer 20

Determine which groups to serve and develop products tailored to them.

Question 21

Dividing the market by city, county, state, or region is

Answer 21

Geographic segmentation.

Question 22

Process of dividing market into groups is

Answer 22

Market segmentation

Question 23

Selecting which groups to serve is

Answer 23

target marketing

Question 24

Targeting by age, income, education level, race, religion, etc. is

Answer 24

demographic segmentation

Question 25

Dividing the market using the group’s values, attitudes, and interests

Answer 25

Psychographic segmentation

Question 26

Identifying small but profitable marketss

Answer 26

Niche marketing

Question 27

Developing products and promotions to please large groups of people

Answer 27

Mass Marketing

Question 28

What are the five factors that affect consumer behavior?

Answer 28

Learning
References 
Culture
Subculture
Cognitive dissonance