Chapter 1b

Question 1

Marketing Myopia

Answer 1

the mistake of paying more attention to the specific products offered by a company than to the benefits and experienced produced by these products

Question 2

Product Concept

Answer 2

The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements

Question 3

Selling Concept

Answer 3

the idea that consumers will not buy enough of the firm’s products unless the firm undertakes a large scale selling and promotion effort

Question 4

Marketing Concept

Answer 4

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

Question 5

Societal Marketing Concept

Answer 5

the idea that a company’s decisions should consider consumers’ wants. the company’s requirements, consumers’ long-run interests, and society’s long-run interests