Module 1

Question 0

Needs

Answer 0

States of deprivation

Question 1

Marketing

Answer 1

A process by which we get what we need and want through products

Question 2

Types of needs

Answer 2

Physical, social, individual

Question 3

Physical needs

Answer 3

Food, clothing, warmth, safety

Question 4

Social needs

Answer 4

Belonging and affection

Question 5

Individual needs

Answer 5

Knowledge and self expression

Question 6

Customer wants

Answer 6

The form that needs take as they are shaped by culture and personality

Question 7

Customer Demands

Answer 7

Wants backed by buying power

Question 8

Market offerings

Answer 8

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

Question 9

Market offerings - examples

Answer 9

Physical objects; persons; places; organizations; ideas

Marketing products can be many things but can also be alive - humans (ex: professor - class filled unlike others b/c he markets himself to FIU, who then markets to students)

Question 10

Customer perceived value

Answer 10

the difference between total customer value and total customer cost. Ex - FedEx

Question 11

Customer satisfaction

Answer 11

the extent to which a product’s perceived performance matches a buyer’s expectations. Ex - your car

Question 12

Marketing management

Answer 12

the art and science of choosing target markets and building profitable relationships with them
• What customers will we serve?
• How can we best serve these customers?

Question 13

Markets

Answer 13

the set of actual and potential buyers of a product

Question 14

De-marketing

Answer 14

Marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it.

Question 15

Total Quality Management

Answer 15

designed to constantly improve the quality of products, services, and marketing processes.

Question 16

Customer relationship management

Answer 16

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

Question 17

Marketing Management Orientations/Concepts/Philosophies

Answer 17

• Production concept
• Product concept
• Selling concept
• Marketing concept
• Societal concept

Question 18

Production concept

Answer 18

is the idea that consumers will favor products that are available or highly affordable
Ex – will buy because available and cheap

Question 19

Product concept

Answer 19

is the idea that consumers will favor products that offer the most quality, performance, and features for which the organization should therefore devote its energy to making continuous improvements
Ex – better mousetrap?

Question 20

Selling concept

Answer 20

is the idea that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort

Question 21

Marketing concept

Answer 21

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

Question 22

Societal marketing concept

Answer 22

is the idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests