Topic 1: Theoretical Realms of Marketing

Question 1

Perhaps the simplest

definition of marketing

Answer 1

Marketing is engaging customers and managing profitable customer
relationships

Question 2

marketing must be understood not in the old sense of making a sale −
“telling and selling” −but in the new sense of ____

Answer 2

satisfying customer needs

Question 3

What can help companies to more effectively sell products?

Answer 3

If the
marketer engages consumers effectively, understands their needs, develops
products that provide superior customer value, and prices, distributes, and promotes
them well, these products

Question 4

marketing mix

Answer 4

a set of marketing tools that work
together to engage customers, satisfy customer needs, and build customer
relationships.

Question 5

Marketing

Answer 5

The process by which companies create value for customers and build
strong customer relationships in order to capture value from customers in return.

Question 6

Five-step model of the marketing process for creating

and capturing customer value

Answer 6

1. Understand the marketplace and customer needs and wants; 2. Design a customer value-driven marketing strategy; 3. Construct an integrated marketing program that delivers superior value, 4. Build profitable relationships and create customer delight; 5. Capture value from customers to create profits and customer equity

Question 7

Wants

Answer 7

The form human needs take as they are shaped by culture and individual
personality.

Question 8

Demands

Answer 8

Human wants that are backed by buying power.

Question 9

Human needs

Answer 9

states of felt deprivation. They include basic physical needs for food, clothing,
warmth, and safety; social needs for belonging and affection; and individual needs for
knowledge and self-expression. Marketers did not create these needs; they are a
basic part of the human makeup

Question 10

Wants are the form human needs take as ____

Answer 10

they are shaped by culture and individual

personality.

Question 11

How are wants defined?

Answer 11

An American needs food but wants a Big Mac, french fries, and a soft
drink. A person in Papua, New Guinea, needs food but wants taro, rice, yams, and pork.
Wants are shaped by one’s society and are described in terms of objects that will satisfy those needs.

Question 12

When backed by buying power, wants become ____.

Answer 12

Demands

Question 13

Given

their wants and resources, people demand products and services with benefits that ____

Answer 13

add up to the most value and satisfaction.

Question 14

utstanding marketing companies go to great lengths to learn about and
understand their customers’ _____

Answer 14

Needs, wants, and demands

Question 15

What are some ways in which marketing companies learn about and understand customers’ needs, wants, and demands?

Answer 15

They conduct consumer
research, analyze mountains of customer data, and observe customers as they shop
and interact, offline and online. People at all levels of the company −including top
management −stay close to customers

Question 16

market offerings

Answer 16

some
combination of products, services, information, or experiences offered to a market to
satisfy a need or a want. Market offerings are not limited to physical products. They
also include services

Question 17

services

Answer 17

activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything. Examples include banking,
airline, hotel, retailing, and home repair services

Question 18

market offerings also include other entities, such as _____

Answer 18

persons, places,

organizations, information, and ideas

Question 19

Market offerings

Answer 19

Some combination of products, services, information, or

experiences offered to a market to satisfy a need or want.

Question 20

Marketing myopia

Answer 20

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

Question 21

Exchange

Answer 21

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

Question 22

Market

Answer 22

The set of all actual and potential buyers of a product or service.

Question 23

Marketing management

Answer 23

The art and science of choosing target markets and

building profitable relationships with them.

Question 24

Selecting customers to serve

Answer 24

The company must first decide which customers to serve. To do this, it divides the market into segments of customers (market segmentation) and select which segments to go after (target marketing).

Question 25

market segmentation

Answer 25

dividing the market

into segments of customers

Question 26

target marketing

Answer 26

selecting which segments it

will go after

Question 27

Simply put, marketing

management is ____

Answer 27

customer management and demand management

Question 28

value proposition

Answer 28

the set

of benefits or values it promises to deliver to consumers to satisfy their needs

Question 29

The company must also decide how it will serve targeted customers −how it will
______ itself in the marketplace

Answer 29

differentiate and position

Question 30

Production concept

Answer 30

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

Question 31

Selling concept

Answer 31

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

Question 32

Marketing concept

Answer 32

A philosophy in which achieving organizational goals depends
on knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do.

Question 33

The marketing concept holds that achieving organizational goals depends on ____

Answer 33

knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do.

Question 34

Under the marketing concept, customer ____ and ____ are the paths to sales and profits.

Answer 34

focus and value

Question 35

Instead of a product-centered ____ philosophy, the marketing concept is a customer-centered ____ philosophy.

Answer 35

make-and-sell; sense and respond

Question 36

Customer-driven companies ____

Answer 36

research
customers deeply to learn about their desires, gather new product ideas, and test
product improvements. Such customer-driven marketing usually works well when a
clear need exists and when customers know what they want.

Question 37

Societal marketing concept

Answer 37

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