CHAPTER 2

Question 1

• are movements in the market that are new or different reactions, which eventually lead to change, either in a negative or positive way for business. Businesses can anticipate and analyze market trends to improve their practices, attract the right target audience, adjust budgets, focus their marketing efforts, and more.

Answer 1

MARKET TRENDS

Question 2

• is occurring at an accelerating rate; today is not like yesterday, and tomorrow will be different from today.

Answer 2

CHANGE

Question 3

_________deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is ____________

Answer 3

MARKETING
“meeting needs profitably.”

Question 4

• is a process of controlling the marketing aspects, setting the goals of a company, organizing the plans step by step, taking decisions for the firm, and executing them to get the maximum turn over by meeting the consumers’ demands.

Answer 4

MARKETING MANAGEMENT

Question 5

5 FUNCTIONS MANAGEMENT

Answer 5

1.) PLANNING
2.) ORGANIZING
3.) LEADING
4.) STAFFING
5.) CONTROLLING

Question 6

When you think of ________ in a management role, think about it as the process of choosing appropriate goals and actions to pursue and then determining what strategies to use, what actions to take, and deciding what resources are needed to achieve the goals.

Answer 6

PLANNING

Question 7

-This process of establishing worker relationships allows workers to work together to achieve their organizational goals.

Answer 7

ORGANIZING

Question 8

-This function involves articulating a vision, energizing employees, inspiring and motivating people using vision, influence, persuasion, and effective communication skills.

Answer 8

LEADING

Question 9

Recruiting and selecting employees for positions within the company (within teams and departments).

Answer 9

STAFFING

Question 10

MARKETING CONCEPT

Answer 10

THE PRODUCTION CONCEPT
THE PRODUCT CONCEPT
THE SELLING CONCEPT
THE MARKETING CONCEPT
THE SOCIETAL MARKETING CONCEPT

Question 11

• The _____________’ one of the oldest in business, holds that consumers prefer products that are widely available and inexpensive.

Answer 11

THE PRODUCTION CONCEPT

Question 12

• Other businesses are guided by the __________, which holds that consumers favor those products that offer the most quality, performance, or innovative features.

Answer 12

THE PRODUCT CONCEPT

Question 13

• The organization must, therefore, undertake an aggressive selling and promotion effort.

Answer 13

THE SELLING CONCEPT

Question 14

• The ______________ holds that the key to achieving organizational goals consists of the company being more effective than its competitors in creating, delivering, and communicating customer value to its chosen target markets.

Answer 14

THE MARKETING CONCEPT

Question 15

The marketing concept rests on four pillars:

Answer 15

target market
customer needs
integrated marketing
profitability.

Question 16

• Companies do best when they choose their________ arefully and prepare tailored marketing programs.

Answer 16

TARGET MARKET

Question 17

• The ultimate purpose of the marketing concept is to help organizations achieve their objectives. In the case of private firms, the major objective is profit; in the case of nonprofit and public organizations, it is surviving and attracting enough funds to perform useful work.

Answer 17

PROFITABILITY

Question 18

• A company can carefully define its target market yet fail to correctly understand the customers’ needs.

Answer 18

CUSTOMER NEEDS

Question 19

• When all of the company’s departments work together to serve the customers’ interests, the result is integrated marketing. Integrated marketing takes place on two levels.

Answer 19

INTEGRATED MARKETING

Question 20

• is marketing directed at people outside the company.

Answer 20

EXTERNAL MARKETING

Question 21

• is the task of hiring, training, and motivating able employees who want to serve customers well.

Answer 21

INTERNAL MARKETING

Question 22

-Given these changes, companies are doing a lot of soul-searching, and many highly respected firms are adjusting in a number of ways.

Answer 22

Company Responses and Adjustments

Question 23

Here are some current trends

Answer 23

Reengineering
Outsourcing
E-commerce
Benchmarking
Alliance
Partner
Market
Global and local
Decentralized

Question 24

• From focusing on functional departments to reorganizing by key processes, each managed by multidiscipline teams.

Answer 24

Reengineering

Question 25

• From making everything inside the company to buying more products from outside if they can be obtained cheaper and better.

Answer 25

Outsourcing

Question 26

• From attracting customers to stores and having salespeople call on offices to making virtually all products available on the Internet

Answer 26

E-commerce

Question 27

• From relying on self-improvement to studying world-class performers and adopting best practices.

Answer 27

Benchmarking

Question 28

• From trying to win alone to forming networks of partner firms.

Answer 28

Alliances

Question 29

Suppliers-From using many suppliers to using fewer but more reliable suppliers who work closely in a “partnership” relationship with the company.

Answer 29

Partner

Question 30

. -centered - From organizing by products to organizing by market segment.

Answer 30

Market

Question 31

• From being local to being both global and local.

Answer 31

Global and local

Question 32

• From being managed from the top to encouraging more initiative and “entrepreneurship” at the local level.

Answer 32

Decentralized

Question 33

the environment changes and companies adjust, marketers also are rethinking their philosophies, concepts, and tools. Here are the major marketing themes at the start of the new millennium:

Answer 33

Marketer Responses and Adjustments

Question 34

• From focusing on transactions to building long-term, profitable customer relationships. Companies focus on their most profitable customers, products, and channels.

Answer 34

Relationship marketing

Question 35

• From making a profit on each sale to making profits by managing customer lifetime value. Some companies offer to deliver a constantly needed product on a regular basis at a lower price per unit because they will enjoy the customer’s business for a longer period.

Answer 35

Customer lifetime value

Question 36

• From a focus on gaining market share to a focus on building customer share. Companies build customer share by offering a larger variety of goods to their existing customers and by training employees in cross-selling and up-selling.

Answer 36

Customer share

Question 37

• From selling to everyone to trying to be the best firm serving well- defined ______ ____

Answer 37

Target marketing

Question 38

• From selling the same offer in the same way to everyone in the target market to individualizing and customizing messages and offerings.

Answer 38

Individualization

Question 39

• From collecting sales data to building a data warehouse of information about individual customers’ purchases, preferences, demographics, and profitability.

Answer 39

Customer database

Question 40

• From reliance on one communication tool such as advertising to blending several tools to deliver a consistent brand image to customers at every brand contact.

Answer 40

Integrated marketing communications

Question 41

• From thinking of intermediaries as customers to treating them as partners in delivering value to final customers.

Answer 41

Channels as partners

Question 42

• From thinking that marketing is done only by marketing, sales, and customer support personnel to recognizing that every employee must be customer-focused.

Answer 42

Every employee is a marketer

Question 43

• From making decisions on intuition or slim data to basing decisions on models and facts on how the marketplace works.

Answer 43

Model-based decision making