MKTG ch 1

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

exchange

Answer 2

people giving up something in order to receive something else that would rather have.

Question 3

production orientation

Answer 3

a philosophy that focuses on the internal capabilities of the firm rather then on the desires and needs of the marketplace

Question 4

sales orientation

Answer 4

the belief that people will buy more goods and services if aggressive sales techniques are used and that high sales results in high profit

Question 5

marketing concept

Answer 5

the idea that the social and economic justification for an orginisation’s existence is the satisfaction of customer wants and needs while meeting organizational objectives

Question 6

marketing orientation

Answer 6

a philosophy that assumes that a sale does not depend on an aggressive sales force but rather on a customer’s decision to purchase a product; it is synonymous with a marketing concept

Question 7

societal marketing and orientation

Answer 7

the idea that an organization exists not only to satisfy customer wants and to meet organizational objectives but also to preserve or enhance individuals’ and society’s long-term best interests

Question 8

customer value

Answer 8

the relationship between benefits and the sacrifice necessary to obtain those benefits

Question 9

customer satisfaction

Answer 9

customers’ evaluation of a good or service in terms of whether it has net their needs and expectations

Question 10

relationship marketing

Answer 10

a strategy that focuses on keeping and improving relationships with current customers

Question 11

empowerment

Answer 11

delegation of authority to solve customers’ problems quickly- usually by the first person the customer notifies regarding a problem

Question 12

teamwork

Answer 12

collaborative efforts of people to accomplish common objectives

Question 13

customer relationship management (CRM)

Answer 13

a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups

Question 14

on-demand marketing

Answer 14

delivering relevant experiences, integrated across both physical and virtual environments, through out the consumer’s decision and buying process