Exam 1 - Chapters 1,3,4 - Feb12

Question 1

what is marketing

Answer 1

marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Question 2

core aspects of marketing

Answer 2

(marketing affects various stakeholders)
(marketing is about satisfying customer needs and wants)
(marketing entails an exchange)
(marketing creates value through product, price, place, and promotion decisions)
(marketing can be performed by individuals and organizations)

Question 3

marketing is about satisfying needs and wants

Answer 3

• needs can be physical, social, or individual
• wants can be seen as human needs when shaped by culture and individual personality
• demands can be seen as human wants that are backed by buying power

Question 4

market offerings

Answer 4

combination of products, services, information, or experiences

Question 5

marketing myopia

Answer 5

paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

Question 6

marketing goals

Answer 6

attract new customers by promising superior value AND keep & grow customers by delivering satisfaction

Question 7

value

Answer 7

benefits/cost

Question 8

how to create value

Answer 8

improving benefits or reducing price

Question 9

customer satisfaction

Answer 9

meeting expectations

Question 10

promotion

Answer 10

communication by a marketer that informs, persuades, and reminds potential buyers about a product or service

Question 11

marketing and stakeholders

Answer 11

society, employees, customers, supply chain

Question 12

marketing analytics

Answer 12

companies collect massive amounts of data about how when, why, where and what people buy

Question 13

balancing benefits with costs

Answer 13

companies constantly measure the benefits that customers perceive against the cost of their offerings

Question 14

relational orientation

Answer 14

a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long term relationship

Question 15

direct and digital marketing

Answer 15

engaging directly with targeted individual consumers and customer communities to obtain an immediate response AND build lasting customer relationship

Question 16

conscious marketing

Answer 16

• recognition of marketing’s greater purpose
• consideration of stakeholders and their interdependence
• the presence of conscious leadership, creating a corporate culture
• the understanding that decisions are ethically based

Question 17

triple bottom line

Answer 17

people, planet, profit

Question 18

stakeholders of conscious marketing

Answer 18

(employees>their families)(customers>current customers, potential customers)(marketplace>partners, competitors)(society>community, environment)

Question 19

data privacy

Answer 19

identity theft occurs when someone steals your personal information and uses it without your permission

Question 20

steps involved in integrating conscious marketing

Answer 20

planning phase>implementation phase>control phase

Question 21

business ethics

Answer 21

• rules of conduct that guide actions in the marketplace

- standards against which people judge what is right and what is wrong

Question 22

greenwashing

Answer 22

when marketers make false or exaggerated claims about how environmentally friendly their products actually are

Question 23

the fastest growing form of direct marketing

Answer 23

direct and digital marketing

Question 24

the digital age

Answer 24

digital and social media marketing

Question 25

culture of participation

Answer 25

individuals can act freely with other companies, and organizations, in which we can create shared content and build on the content created by others, which is inherently very democratic

Question 26

online marketing

Answer 26

marketing via the the internet

Question 27

marketing web sites vs. branded community sites

Answer 27

MWS: interact with consumers to move them closer to a direct purchase or other marketing outcome

Branded community web sites: present brand content that engages consumers and creates customer community around a brand

Question 28

analyzing social media marketing - advantages

Answer 28

targeted and personal, interactive, immediate and timely, cost effective, engagement and social sharing capabilities

Question 29

4E Framework

Answer 29

social media > excitement > education > experience > engagement

Question 30

social media marketing - advantages

Answer 30

targeted and personal

Question 31

analyzing social media data - challenges

Answer 31

still being experimented, difficult to measure results, largely user controlled