Chapter One: An Overview of Marketing

Question 1

Marketing

Answer 1

An activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value from customers, clients, partners and society at large

Question 2

Exchange

Answer 2

People giving up something in order to receive something else they would rather have

Question 3

Marketing Management Philosophies

Answer 3

Four competing philosophies strongly influence an organization’s marketing process.

Question 4

Production Orientation

Answer 4

A philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace

Question 5

Sales Orientation

Answer 5

the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits

Question 6

Marketing Concept

Answer 6

the idea that the social and economic justification for an organization’s existence is the satisfaction of customer wants and needs while meeting organizational objectives

Question 7

Market Orientation

Answer 7

a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product; it is synonymous with the marketing concept

Question 8

Societal Marketing Orientation

Answer 8

the idea that an organization exists not only to satisfy customer wants and needs and to meet organizational objectives but also to preserve or enhance individuals’ and society’s long-term best interests

Question 9

Differences between sales and market orientations

Answer 9

the differences between sales and market orientations are substantial

Question 10

Customer Value

Answer 10

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

Question 11

Customer Satisfaction

Answer 11

Customers’ evaluation of a good or service in term of whether it has met their needs and expectations

Question 12

Relationship Marketing

Answer 12

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

Question 13

Empowerment

Answer 13

Delegation of authority to solve customers’ problems quickly-usually by the first person the customer notifies regarding a problem

Question 14

Teamwork

Answer 14

Collaborative efforts of people to accomplish common objectives

Question 15

Customer Relationship Management (CRM)

Answer 15

a company-wide business strategy designed to optimize profitability, revenue, a customer satisfaction by focusing on highly defined and precise customer groups

Question 16

On-Demand Marketing

Answer 16

delivering relevant experiences, integrated across both physical and virtual environments, throughout the customer’s decision and buying process