Principles of Marketing Chapter 1

Question 1

Marketing

Answer 1

Marketing is 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

Needs

Answer 2

State of felt deprivation

Question 3

Wants

Answer 3

The form human needs take as shape by culture and individual personality.

Question 4

Demand

Answer 4

Human wants that are backed by buying power

Question 5

Marketing offer

Answer 5

Some combination of products, service, information or experience offered to a market to satisfy a need or want

Question 6

Marketing myopia

Answer 6

The mistakes of paying more attention to the specific products a company offers than to the benefits and experience produced by these products.

Question 7

Exchange

Answer 7

The act of obtaining a desired object from someone by offering soothing in return.

Question 8

Transaction

Answer 8

A trade between two parties that involves at least two things of value, agreed-upon conditions, and a time and place of agreement.

Question 9

Production concept

Answer 9

The idea that consumers will favour products that are available and highly affordable, and that the organisation should therefore focus on improving production and distribution efficiency.

Question 10

Product concept

Answer 10

The idea that consumers will favour products that offer the most quality, performance and features, and that the organisation should therefore devote its energy to the making continuous product improvements.

Question 11

Selling concept

Answer 11

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

Question 12

Marketing concept

Answer 12

The marketing management philosophy which holds that achieving organisational goal depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Question 13

Societal marketing concept

Answer 13

The idea that a company’s marketing decisions should consider consumer’s wants, the company’s requirements, consumer’s long-run interest and society’s long-run interest.