Module 1 & 2: Overview of Marketing & Value Creation

Question 1

Marketing

Answer 1

engaging customers and managing profitable customer relationships

Question 2

Marketers

Answer 2

focus on the needs and wants of the firm’s customers

Question 3

Marketing Manager

Answer 3

responsible for short and long term marketing operations and strategy

Question 4

Customer Value

Answer 4

the benefit customers receive from using a product, less the cost to obtain it

Question 5

Value Creation

Answer 5

occurs when customers use products or services that satisfy their needs and wants

Question 6

Exchange

Answer 6

when a buyer and a seller trade things of value so that each is better off as a result

Question 7

Product

Answer 7

specific combination of goods, services, or ideas that a firm offers to consumers

Question 8

Price

Answer 8

the amount of something that a buyer exchanges with a seller to obtain a product

Question 9

Place

Answer 9

includes the activities a firm undertakes to make its product available to potential customers

Question 10

Promotion

Answer 10

all activities that communicate the value of a product and persuade customers to buy it

Question 11

Market Offerings

Answer 11

products, services, information, ideas and experiences

Question 12

Market Myopia

Answer 12

paying more attention to the products than to the benefits and experiences produced

Question 13

Digital and Social Media Marketing

Answer 13

engaging customers via their digital devices using digital marketing tools

Question 14

Mobile Marketing

Answer 14

using mobile channels to stimulate immediate buying, make shopping easier, and enrich the brand experience