chpt 1

Question 1

customer experience

Answer 1

The internal response that customers have to all aspects of an organization and its offering.

Question 2

customer relationship management (CRM)

Answer 2

The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase.

Question 3

customer value

Answer 3

The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.

Question 4

environmental forces

Answer 4

The uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces.

Question 5

exchange

Answer 5

The trade of things of value between buyer and seller so that each is better off after the trade.

Question 6

market

Answer 6

People with both the desire and the ability to buy a specific offering.

Question 7

market orientation

Answer 7

An organization with a market orientation focuses its efforts on (1) continuously collecting information about customers’ needs, (2) sharing this information across departments, and (3) using it to create customer value.

Question 8

market segments

Answer 8

The relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action.

Question 9

marketing concept

Answer 9

The idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization’s goals.

Question 10

marketing

Answer 10

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

Question 11

marketing mix

Answer 11

The controllable factors—product, price, promotion, and place—that can be used by the marketing manager to solve a marketing problem.

Question 12

marketing program

Answer 12

A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.

Question 13

organizational buyers

Answer 13

Those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale.

Question 14

product

Answer 14

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value.

Question 15

relationship marketing

Answer 15

Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.

Question 16

societal marketing concept

Answer 16

The view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being.

Question 17

target market

Answer 17

One or more specific groups of potential consumers toward which an organization directs its marketing program.

Question 18

ultimate consumers

Answer 18

The people who use the products and services purchased for a household. Also called consumers, buyers, or customers.

Question 19

utility

Answer 19

The benefits or customer value received by users of the product.