Chapter 13

Question 1

Marketing

Answer 1

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

Question 2

Evolution of marketing

Answer 2

The production era
Selling era
Marketing era
Customer relationship era 
The emerging mobile/on demand marketing era

Question 3

Marketing concept

Answer 3

A three part business philosophy

Customer orientation, a service orientation, service orientation and profit orientation.

Question 4

Customer orientation
Service orientation
Profit orientation

Answer 4

Find out what customers want and provide it for them.
Customer satisfaction
Focus on goods and services that will earn most profit.

Question 5

Customer relationship management (CRM)

Answer 5

A process of learning as much as you can about the customer as possible. And doing everything you can to satisfy and exceed expectations.

Question 6

Marketing mix

Answer 6

The ingredients that go into a marketing program product, price, place, and promotion.

Question 7

Marketing managers and the marketing mix

Answer 7

Marketing managers must choose how to implement the four Ps of marketing mix. Product, price, place,and promotion. The goal is to please customers and make a profit

Question 8

Product

Answer 8

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.

Question 9

Marketing process with four PS

Answer 9

Find opportunity 
Conduct research 
Identify a target market
Design a product to meet the need based on research
Do product testing
Determine a brand name, design package, set a price
Select distribution system
Designed a promotional program
Build a relationship with customers

Question 10

Brand name

Answer 10

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

Question 11

Promotion

Answer 11

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

Question 12

Marketing research

Answer 12

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

Question 13

Secondary data

Answer 13

Information that has already been compiled by others and published in journals and books or made available.
Gov publications 
Statistical abstract
Commercial publications
Magazines
Company records

Question 14

Marketing research process

Answer 14

Defining the question and determining the present situation
. Collecting data
. Analyzing data
. Choosing best solution

Question 15

Primary data

Answer 15

Interviews
Surveys
Observation
Focus groups 
Online customer comments
Letters from customers

Question 16

Focus group

Answer 16

A small group who meet to talk about opinions about organization, its products and other given issues.

Question 17

Environmental scanning

Answer 17

The process of identifying the factors that can affect marketing success

Question 18

Global factors in marketing

Answer 18

Trade agreements
Competition
Trends
Opportunities 
Internet

Question 19

Technological factors in marketing environment

Answer 19

Computers
Telecommunications 
Bar codes
Data interchange
Internet changes

Question 20

Consumer market

Answer 20

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

Question 21

Business to business marketing

Answer 21

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

Question 22

Market segmentation

Answer 22

The process of dividing the total market into groups whose members have similar characteristics

Question 23

Target marketing

Answer 23

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

Question 24

Geographic segmentation

Answer 24

Dividing a market by cities, countries, states, or regions

Question 25

Demographic segmentation

Answer 25

Dividing the market by age, income, and education level

Question 26

Psychographic segmentation

Answer 26

Dividing the market using groups, values, attitudes, and interests

Question 27

Benefit segmentation

Answer 27

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

Question 28

Volume segmentation

Answer 28

Dividing the market by usage

Question 29

Niche marketing

Answer 29

The process of finding small but profitable market segments. Designing or finding products for them

Question 30

One on one marketing

Answer 30

Developing a unique mix of goods and services for each individual customer

Question 31

Mass marketing

Answer 31

Developing products and promotions to please large groups of people

Question 32

Relationship marketing

Answer 32

Marketing strategy with goal of keeping individual customers over time. By offering products that exactly meet their requirements