Marketing

Question 1

Human needs

Answer 1

states of felt deprivation. They include basic physical needs for food,

clothing, warmth, and safety; social needs for belonging and affection; and individual needs for knowledge and self- expression. Marketers did not create these needs; they are a basic part of the human makeup.

Question 2

Wants

Answer 2

are the form human needs take as they are shaped by culture and individual personality. An American needs food but wants a Big Mac, fries, and a soft drink. A person in Papua, New Guinea, needs food but wants taro, rice, yams, and pork. Wants are shaped by one’s society and are described in terms of objects that will satisfy those needs.

Question 3

demands

Answer 3

Given their wants and resources, people demand products and services with benefits that add up to the most value and satisfaction.

Question 4

market offerings

Answer 4

some combination of products, services, information, or experiences offered to a market to satisfy a need or a want.

Question 5

marketing myopia

Answer 5

paying more attention to the specific products they offer than to the benefits and experiences produced by these products.

Question 6

Exchange

Answer 6

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

Question 7

A market

Answer 7

is the set of actual and potential buyers of a product or service.

Question 8

Marketing

Answer 8

managing markets to bring about profitable customer relationships.

Question 9

marketing management

Answer 9

as the art and science of choosing target markets and building profitable relationships with them.

Question 10

two important questions:

Answer 10

What customers, will we serve (what’s our target market)?
How can we serve these customers best (what’s our value proposition)?

Question 11

A brand’s value proposition

Answer 11

s the set of
benefits or values it promises to deliver to consumers to satisfy their needs

Question 12

The production concept

Answer 12

consumers will favor products that are available and highly affordable. Therefore, management should focus on improving production and distribution efficiency.

Question 13

The product concept

Answer 13

consumers will favor products that offer the most in quality, performance, and innovative features. Under this concept, marketing strategy focuses on making continuous product improvements.

Question 14

The Selling Concept.

Answer 14

consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.
These industries must be good at tracking down prospects and selling them on a product’s benefits.

-risks:
It focuses on creating sales transactions rather than on building long-term, profitable customer relationships. The aim often is to sell what the company makes rather than to make what the market wants.

Question 15

The Marketing Concept.

Answer 15

achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

customer focus and value are the paths to sales and profits.

is a customer-centered sense-and-respond philosophy.

Question 16

Societal marketing

Answer 16

A company should make marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long- run interests, and society’s long-run interests.

marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and society’s well-being

Question 17

Ps of marketing

Answer 17

product, price, place, and promotion

Question 18

The first three steps in the marketing process
+4th

Answer 18

understanding the marketplace and customer needs,

designing a customer value–driven marketing strategy,

and constructing a marketing program

all lead up to the fourth and most important step: engaging customers and managing profitable customer relationships.

Question 19

customer relationship management

Answer 19

is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Question 20

customer-perceived value

Answer 20

the customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers

Question 21

customer brand advocacy .

Answer 21

by which satisfied customers initiate favorable interactions with others about a brand

Question 22

consumer- generated marketing,

Answer 22

by which consumers themselves play roles in shaping their own brand experiences and those of others.

through uninvited consumer- to-consumer exchanges in social media, blogs, online review sites, and other digital forums

Question 23

partner relationship management —

Answer 23

working with others inside and outside the company to jointly engage and bring more value to their customers.

Question 24

share of customer —

Answer 24

he share they get of the customer’s purchasing in their product categories.