Chapter 13

Question 1

Marketing

Answer 1

The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society at large.

Question 2

Marketing Concept

Answer 2

A three-part business philosophy. 1). A strong customer orientation discovering what they wants. 2). A service orientation determining how best to service customer needs. 3). A profit orientation with the motive of offering products and/or services that offer the firm “a stream of profits” over an enduring period of time.

Question 3

Marketing Fix

Answer 3

The blend of ingredients that go into a marketing program which are also knwon and regarded as the four P’s.

Question 4

The 4 P’s

Answer 4

Product, Price, Place, Promotion

Question 5

Customer Relationship Management

Answer 5

Learning as much as possible about customers and doing everything you can to satisfy or exceed their expectations. Organizations seek to stimulate long-term customer loyalty. Social networks, online communities, and blogs are used in relationship building.

Question 6

Product

Answer 6

Any physical good, service, or idea that satisfied a want or need plus anything that would enhance the product in the eyes of consumers.

Question 7

Test Marketing

Answer 7

Testing products among potential users.

Question 8

Brand Name

Answer 8

A word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors.

Question 9

Promotion

Answer 9

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

Question 10

Promotion Mix

Answer 10

Advertising, personal selling, public relations, publicity, word of mouth, sales promotions.

Question 11

Marketing Research

Answer 11

The analysis of markets and determine opporunities and challenges, and to find the information needed to make good decisions.

Question 12

Focus Groups

Answer 12

A small group of people (5-8) who meet under the direction of a discussion leader to communicate opinions.

Question 13

Primary Data

Answer 13

Data that you gather yourself.

Question 14

Secondary data

Answer 14

Information that has already been compiled by others and published in journals and books or made available online.

Question 15

Consumer Market

Answer 15

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

Question 16

Market Segmentation

Answer 16

Dividing the total market into groups whose members have similar characteristics.

Question 17

Business to Business Market

Answer 17

All the individuals and organizations that want goods and services or to sell, rent, or supply goods to others.

Question 18

Target Marketing

Answer 18

Marketing directed toward those groups an organization decides it can serve profitably.

Question 19

Five Types of Segmentation

Answer 19

1. Geographic Segmentation.
2. Demographic Segmentation.
3. Psychographic segmentation.
4. Benefit segmentation.
5. Volume or usage segmentation.

Question 20

Niche Marketing

Answer 20

Finding small but profitable market segments and designing or finding products for them.

Question 21

Consumer Decision-Making process

Answer 21

Problem recognition, information search, evaluate alternatives, purchase decision, postpurchase evaluation.

Question 21

One-to-one marketing

Answer 21

Developing a unique mix of goods and services for each individual consumer.

Question 22

Geographic Segmentation

Answer 22

Dividing the market by cities, counties, states, or regions.

Question 23

Demographic Segmentation

Answer 23

Dividing the market by age, income, and education level.

Question 24

Psychographic Segmentation

Answer 24

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

Question 25

Benefit segmentation

Answer 25

Dividing the market by determining which benefits of the product to talk.

Question 26

Volume or Usage segmentation

Answer 26

Dividing the market usage.