MARK 3000 Chapter 1

Question 1

what is marketing?

Answer 1

anticipating and determining the needs/wants of consumers and satisfying those needs through the use of the 4Ps’s to create long term exchange of values

Question 2

what is exchanges of value?

Answer 2

value is the ratio: what is given up for what is obtained

Question 3

what must both parties believe for exchanges of value?

Answer 3

they are getting value for exchange to take place

Question 4

what is value created through for exchanges of value?

Answer 4

through the marketing mix

Question 5

what are the 4P’s?

Answer 5

product
price
place
promotion

Question 6

what marketing mix creates value?

Answer 6

product

Question 7

what marketing mix captures value?

Answer 7

price

Question 8

what marketing mix delivers the value of proposition?

Answer 8

place

Question 9

what marketing mix communicates value?

Answer 9

promotion

Question 10

what marketing mix is through a variety of offerings, including goods, services and ideas?

Answer 10

product

Question 11

how does marketing satisfy customer wants and needs?

Answer 11

focuses on creating products that will fulfill a consumers need or what

Question 12

what is fundamental to marketing success?

Answer 12

understanding the marketplace and customers wants/needs

Question 13

what kind of customers do good marketers seek out?

Answer 13

they try to find customers who are BOTH interest in the product and have he ability to purchase it

Question 14

how does marketing create an exchange of something?

Answer 14

an exchange will occur where there is a TRADE between the seller and buyer

Question 15

who will deliver communications and the actual product/service that was being marketed?

Answer 15

the seller

Question 16

who will send money and information about the product?

Answer 16

the buyer

Question 17

what is business to consumer marketing?

Answer 17

when businesses sell to consumers

Question 18

what is business to business marketing?

Answer 18

when goods/services are bought and sold by other businesses to be used

Question 19

when does business to business marketing occur?

Answer 19

-in the production of other goods
-by the business itself
-for resale to others

Question 20

what is consumer to consumer marketing?

Answer 20

when consumers sell to other consumers

Question 21

what is productions oriented era?

Answer 21

the era when people believed that if a product was good, it would literally sell itself

Question 22

what were manufacturers doing during the production oriented era?

Answer 22

they were NOT trying to fulfill the needs of the consumers and were just trying to produce what they thought was the best product

Question 23

what is the sales oriented era?

Answer 23

it was becoming harder for firms to sell everything they were producing so firms started to advertise more

Question 24

what is the market oriented era?

Answer 24

manufacturers realized they needed to focus on what the CONSUMER wanted before making things

Question 25

when did the US become a buyers market?

Answer 25

market oriented era

Question 26

what is the value based marketing era?

Answer 26

make what you can sell!!

Question 27

what did the value based marketing era appeal to?

Answer 27

customers values and ethics

Question 28

what market did the value based marketing era shift product centric approach to?

Answer 28

customer centric approach

Question 29

what is value co creation?

Answer 29

when customers are collaborating with manufactures to create a product/service

Question 30

how do marketing firms become more value driven?

Answer 30

-share info about their customers and competitors
-balance their customers’ benefits and costs
-concentrate on building relationships with customers
-take advantage of new technologies