Chapter One

Question 1

marketing

Answer 1

the activities that develop an offering in order to satisfy a customer need

Question 2

need

Answer 2

the state of being where we desire something that we do not possess but yearn to acquire

Question 3

Product orientation

Answer 3

a focus on manufacturing and production quantity in which customers are meant to choose based on what is most abundantly available

Question 4

Sales orientation

Answer 4

hard selling to the customer, who has greater choice thanks to more competition in the marketplace

Question 5

Marketing company orientation

Answer 5

a strong emphasis on the marketing concept and development of a more comprehensive approach to understanding the customer

Question 6

Societal Marketing Orientation

Answer 6

looking not only at the customer but expanding marketing efforts to include aspects from the external environment that go beyond a firms customers, suppliers, and competitors

Question 7

Customer Satisfaction

Answer 7

customers evaluation of a good or service in terms of whether it has met their needs and expectations

Question 8

Relationship Marketing

Answer 8

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

Question 9

exchange

Answer 9

people giving up one thing to receive another thing they would rather have

Question 10

customer value

Answer 10

the relationship between benefits and the sacrifice necessary to obtain those benefits

Question 11

market segments

Answer 11

groups of individuals, families, or companies that are placed together because it is believed that they share similar needs

Question 12

Relationship Building

Answer 12

companies can expend their market share in 3 ways:attracting new customers, increasing business with existing customers, and retaining current customers

Question 13

what is the marketing mix

Answer 13

(the 4 P’s of marketing) Product, Price, Place, and Promotion