Marketing

Question 1

Marketing

Answer 1

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 2

Creating

Answer 2

In marketing, a term that involves collaboration with suppliers and customers in order to generate offerings of value to customers

Question 3

Exchanging

Answer 3

The act of transacting value between a buyer and seller

Question 4

Value

Answer 4

Total sum of benefits received that meet a buyer’s needs. Value = benefits received - (price + hassle)

Question 5

Personal value equation

Answer 5

The net benefit a consumer receives from a products less the price paid for it and the hassle or effort expended to acquire it

Question 6

Marketing concept

Answer 6

A philosophy underlying all that marketers do, driven by satisfying customer wants and needs

Question 7

Market oriented

Answer 7

The degree to which a company follows the marketing concept

Question 8

Production oriented

Answer 8

A belief that the way to compete is a function of product innovation and reducing production costs, as good products appropriately priced sell themselves

Question 9

Production era

Answer 9

A period beginning with the Industrial Revolution and concluding in the 1920s in which production-orientation thinking dominated the way in which firms competed

Question 10

Selling oriented

Answer 10

A philosophy that products must be pushed through selling and advertising in order for a firm to compete successfully

Question 11

Selling era

Answer 11

A period running from the 1920s to until after World War II in which the selling orientation dominated the way firms competed

Question 12

Marketing era

Answer 12

From 1950 to at least 1990, the dominant philosophy among businesses is the marketing concept

Question 13

Value era

Answer 13

From the 1990s to the present, some argue that firms moved into the value era, competing on the basis of value; others contend that the value era is simply an extension of the market era and is not a separate era

Question 14

Service-dominant logic

Answer 14

An approach to business that recognized that customers do not distinguish between the tangible and the intangible aspects of a good or service, but rather see a product in terms of its total value

Question 15

One-to-one era

Answer 15

From the 1990s to the present, the idea of competing by building relationships with customers one at a time and seeking to serve each customer’s needs individually

Question 16

Offering

Answer 16

The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers

Question 17

Communicating

Answer 17

In marketing, a broad term meaning describing the offering and its value to potential customers, as well as learning from customers

Question 18

Delivering

Answer 18

In marketing, as in delivering value, a broad term that means getting the product to the consumer and making sure that the user gets the most out of the product and service

Question 19

Supply chain

Answer 19

All of the organizations that participate in the production, promotion, and delivery of a product or service from the producer to the end consumer

Question 20

Logistics

Answer 20

The physical flow of materials in the supply chain

Question 21

Exchange

Answer 21

The transaction of value usually economic, between a buyer and seller

Question 22

nonprofit marketing

Answer 22

Marketing activities conducted to meet the goals of nonprofit organizations

Question 23

Social marketing

Answer 23

Marketing conducted in an effort to achieve social change

Question 24

Social responsibility

Answer 24

The idea that companies should manage their business not just to earn profits but to advance the well-being of society

Question 25

Sustainability

Answer 25

An example of social responsibility that involves engaging in practices that do not diminish the earth’s resources