Week 1

Question 1

what is marketing?

Answer 1

The activity, set of institutions, and processes of creating, communicating, delivering, and exchanging offers that have value to customers, clients, partners, and society.

Question 2

4 Requirements of Marketing

Answer 2

1. 2+ parties with unsatisfied needs
2. the desire and ability to be satisfied
3. A way for parties to communicate
4. something to exchange

Question 3

Consumer needs

Answer 3

basic neccesities

Question 4

consumer wants

Answer 4

felt need shaped by knowledge, culture, and personality

Question 5

Marketing Mix (4Ps)

Answer 5

Product, price, place, promotion

Question 6

customer value strategies

Answer 6

best price, best product, best service

Question 7

uncontrollable environmental forces

Answer 7

social, economic, technological, regulatory, competitive

Question 8

marketing process

Answer 8

1. understand the customer needs and wants
2. create marketing strategy
3. create marketing program
4. create delights now and relationship in the long run
5. Capture customer value

Question 9

Marketing management orientations

Answer 9

1. production concept
2. product concept
3. selling concept
4. marketing concept

Question 10

marketing myopia

Answer 10

focus on products rather than customer

Question 11

4 utility and explain

Answer 11

1. product utility
2. form utility
3. place utility
4. possession utility

Question 12

3 concept of social responsibility

Answer 12

1. profit responsibility: maximize profit for stockholders
2. stakeholder responsibility: obligations who affects the achievement of company objectives
3. societal responsibility: obligations to the environment and public.

Question 13

social responsibility of organizations

Answer 13

1. triple bottom line: improve people, planet, profit
2. green marketing: produce, promote, and reclaim environmentally sensitive products
3. cause marketing: charitable contributions

Question 14

consumer bill of rights

Answer 14

1. right to safety
2. right to choose
3. right to be heard
4. right to be informed

Question 15

general norms of marketers

Answer 15

1. no harm
2. foster trust in the marketing system
3. embrace, communicate, and practice the fundamentals ethical values

Question 16

ethical values

Answer 16

honesty, responsibility, fairness, respect, openness, citizenship

Question 17

most unethical behavior (2)

Answer 17

1. economic espionage
2. corruption

Question 18

moral principles and values that govern the actions and
decisions of an individual or group.
4-16

Answer 18

ethics

Question 19

legal concept of “let the buyer beware” that
was pervasive in the American business culture before the 1960s

Answer 19

caveat emptor