chapter 13

Question 1

what is 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 is personalization

Answer 2

marketing messages and offerings to the specific needs and interests of individual customers.

Question 3

what is customer engagement

Answer 3

Creating interactive and engaging experiences that involve customers in the brand story

Question 4

what is Omnichannel Marketing?

Answer 4

a seamless, unified and consistent Brand experience across various touchpoints and channels, including online and offline platforms

Question 5

what is content marketing?

Answer 5

Creating valuable and relevant content that educates, entertains, or solves customer problems

Question 6

the production era

Answer 6

Produce as much as you can, because there is a limitless market for it

Question 7

the selling era

Answer 7

the business philosophy turned from producing to selling

Question 8

marketing concept era

Answer 8

A three-part business philosophy.
1.Customer orientation
2.Service orientation
3.Profit orientation

Question 9

what is the customer relationship era

Answer 9

adopting the practice of customer relationship management.

Question 10

what is customer relationship management?

Answer 10

learning as much as possible about present customers and satisfy them—or exceed their expectations—with goods and services.

Question 11

what is the emerging mobile/on-demand era

Answer 11

Consumers are demanding relevant information exactly when they want it, without all the noise of unwanted messages.

Question 12

what are micro transmitters

Answer 12

they are embedded in products and allow consumers to search by image, voice, or gestures

Question 13

examples of non-profit organizations

Answer 13

charities
the red cross
environmental groups
churches

Question 14

important
what are the 7 p’s

Answer 14

1.product
2.price
3.place
4.promotion
5.people
6.process
7.physical evidence

Question 15

important
what is product

Answer 15

the tangible goods or intangible services that a company offers to meet customer needs

Question 16

important
what is price

Answer 16

Determines the amount customers are willing to pay for a product or service

Question 17

important
what is place

Answer 17

the channels and locations through which products or services are made available to customers

Question 18

important
what is promotion

Answer 18

communication and promotion activities aimed at creating awareness, generating interest, and persuading customers to choose a particular product or service

Question 19

important
what are people

Answer 19

the personnel involved in delivering the product or service, and the customer experience.

Question 20

important
what is process

Answer 20

the procedures, systems, and interactions involved in delivering the product or service

Question 21

important
what is physical evidence

Answer 21

the tangible elements that customers encounter during their interactions with a company

Question 22

important
steps of market research

Answer 22

1. Defining the Problem and Research Objectives
2. Designing the Research Plan
3. Collecting Data
4. Analyzing Data
5. Interpreting and Reporting Findings

Question 23

important
data collection methods

Answer 23

1. surveys
2. focus groups
3. interviews
4. observations
5. secondary data

Question 24

what is secondary data

Answer 24

information already compiled by others and published in journals and books or made available online.

Question 25

examples of a company that has successful market research

Answer 25

Apple Inc
starbucks

Question 26

what is the market environment?

Answer 26

to the external factors and forces that influence a company’s marketing activities and its ability to serve its target market effectively

Question 27

why is the marketing environment important for businesses

Answer 27

make informed decisions
develop effective marketing strategies
adapt to changes in the marketplace

Question 28

important
what is the B2B market

Answer 28

organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others

Question 29

what is the consumer market?

Answer 29

All the individuals or households that want goods and services for personal consumption or use

Question 30

examples of industrial goods and services

Answer 30

Cash registers
display cases
office desks
public accounting audits
business software

Question 31

important
In B2B transactions the sales cycles are typically

Answer 31

longer and more complex

Question 32

important
which marketing strategy is commonly associated with B2C

Answer 32

Mass advertising and brand positioning

Question 33

important
what is market segmentation

Answer 33

Dividing the total market into groups whose members havesimilarcharacteristics, needs or behaviors

Question 34

what is target marketing

Answer 34

Marketing directed toward groups an organization decides it can serveprofitably.

Question 35

important
pillars of segmentation

Answer 35

geographic
demographic
psychographics
behavioral

Question 36

important
example of geographic segmentation

Answer 36

country
city
language
population

Question 37

important
example of demographic segmentation

Answer 37

age
gender
income
social status

Question 38

important
example of psychographics segmentation

Answer 38

lifestyle
personality
attitudes

Question 39

important
examples of behavioral segmentation

Answer 39

benefits sought
occasion
engagement

Question 40

important
define behavioral segmentation

Answer 40

categorizes consumers based on their buying behaviors, usage patterns, brand loyalty, and responses to marketing stimuli

Question 41

what is niche marketing

Answer 41

process of finding small but profitable market segments and designing or finding products for them

Question 42

the consumer decision-making process

Answer 42

problem recognition
information search
Evaluation of alternatives
Purchase Decision
Post-Purchase Evaluation