Chapter One

Question 1

What is Marketing?

Answer 1

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society. Stresses Customer Satisfaction!

Question 2

Production Orientation

Answer 2

A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace. (Lack of understanding of the needs and wants of the marketplace.)

Question 3

Sales Orientation

Answer 3

Based on the belief that people will buy more goods and services if aggressive sale techniques are used and that high sales result in high profits. (Lack of understanding of the needs and wants of the marketplace.)

Question 4

Marketing Concept

Answer 4

Focusing on customers wants and needs, stresses understanding and satisfying consumers, meeting organizational objectives, and what customers think they are buying–the perceived value–defines a business.

Question 5

Market Orientation

Answer 5

Amuses that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product.

Question 6

Societal Marketing Orientation

Answer 6

extends the marketing concept by acknowledging that some products that customers want may not really be in their best interests or society’s best interest.

Question 7

Customer Value

Answer 7

Relationship between benefits and the sacrifice necessary to obtain those benefits

Value in quality of goods and services matches price willing to pay

Question 8

Customer Satisfaction

Answer 8

Failure to meet needs and exceptions results in dissatisfaction with the good or service.

Question 9

Relationship Marketing

Answer 9

Is a strategy that focuses on keeping and improving relationships with current customers