Introduction to Marketing

Question 1

is a tool used by companies, organizations, and people to shape our perceptions and persuade us to change our behavior.

Answer 1

Marketing

Question 2

a complex set of activities and strategies that influences where we live, what we wear, how we conduct business, and how we spend our time and money.

Answer 2

Marketing

Question 3

is a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for others.

Answer 3

Marketing

Question 4

function of marketing

Answer 4

bring value to customer

Question 5

the act of obtaining a desired object from someone by offering something of value in return is called

Answer 5

exchange process

Question 5

a person or organization with a want or need who is willing to give money or some other personal resource to address this need

Answer 5

customer

Question 6

a physical good, a service, experience or idea designed to fill the customer’s want or need

Answer 6

product

Question 7

the company or organization offering a need-satisfying thing, which may be a product, service, experience, or idea

Answer 7

provider/seller

Question 8

the terms around which both parties agree to trade value-for-value (most often, money for the product)

Answer 8

transaction

Question 9

According to the influential economist and Harvard Business School professor Theodore Levitt, the purpose of all business is to

Answer 9

find and keep customers

Question 10

uses paid notices in different forms of media to draw public attention to a company, product, or message, usually for the purpose of selling products or services

Answer 10

Advertising

Question 11

is the process of “creating a unique name and image for a product in the consumer’s mind.”

Answer 11

Branding

Question 12

is a powerful tool for shaping perceptions about a company or product in order to attract and retain loyal customers.

Answer 12

Brand

Question 13

refers to the process of actually selling products or services, leading up to the point where the exchange of value takes place.

Answer 13

Sales

Question 14

a fancy term for unethical behavior

Answer 14

corporate malfeasance

Question 15

ethical concerns related to marketing

Answer 15

1.) Gifts, gratuities, bribes (marketing and sales)

2.) Price discrimination and unfair pricing (marketing and sales)

3.) Dishonest advertising (marketing and sales)

4.) Cheating customers, unfair credit practices, and overselling (marketing and sales)

5.) Price collusion by competitors or price-fixing (marketing and sales)

Question 16

is the set of moral principles or values that guide behavior.

Answer 16

ethics

Question 17

is the ethical behavior of a company toward society.

Answer 17

Corporate social responsibility

Question 18

own a portion or “share” of a business.

Answer 18

Shareholders

Question 19

do not own the business, but they have some stake or interest in it because they are affected by the business’s strategies and tactics.

Answer 19

Stakeholders (employees, suppliers, business partners, and the community in which the business operates.)