Module 1

Question 1

Marketing Management

Answer 1

The leading and managing of facets of marketing to improve individual, unit, and organizational performance

Question 2

Marketing’s Stakeholders

Answer 2

Any person or entity inside or outside a firm whom marketing interacts, impacts and is impacted by

Question 3

Societal Marketing

Answer 3

The concept that, at the broadest level, members of society at large can be viewed as a stakeholder for marketing

Question 4

Sustainability

Answer 4

The practice of a business that meets humanity’s needs without harming future generations

Question 5

Value

Answer 5

A ratio of bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits

Question 6

Exchange

Answer 6

The giving up of something value for something desired

Question 7

Production Orientation

Answer 7

The maximization of production capacity through improvements in products and production activities without much regard for what is going on in the market place

Question 8

Sales orientation

Answer 8

The increase of sales and production capacity utilization by having salespeople push product into the hands of customers

Question 9

Marketing concept

Answer 9

Business philosophy which emphasizes an organization-wide customer orientation with the objective of achieving long-run profits

Question 10

Marketing mix (4 P’s)

Answer 10

Product, price, place and promotion- the fundamental elements that can be developed in unique combo to set the product or brand apart from the competition

Question 11

Customer-centric

Answer 11

Placing the customer at the core of the enterprise and focusing on investments in customers over the long term

Question 12

Differentiation

Answer 12

Communicating and delivering value in different ways to different customer groups

Question 13

Market orientation

Answer 13

The implementation of the marketing concept, based on an understanding of customers and competitors

Question 14

Customer orientation

Answer 14

Placing the customer at the core of all aspects of the enterprise

Question 15

Relationship orientation

Answer 15

Investing in keeping and cultivating profitable current customers instead of constantly having to invest in gaining new ones

Question 16

One-to-one marketing

Answer 16

Directing energy and resources into establishing a learning relationship with each customer and connecting that knowledge with the firm’s production and service capabilities to fulfill that customer’s needs in as customary a manner as possible