Week1

Question 1

an organizational function that creates, communicates, and delivers value to customers

Answer 1

Marketing

Question 2

organizational function of marketing

Answer 2

creates, communicates, and delivers value to customers

Question 3

marketing focuses on 2 things

Answer 3

meeting needs profitably and delivering a consistently higher standard of living

Question 4

Aim of Marketing

Answer 4

make selling superfluous in that they should know and understand consumers so well that the product sells itself

Question 5

Marketing Managers

Answer 5

make consumers so ready to buy that all the company needs to do is make the product available

Question 6

collection of buyers and sellers who transact over a particular product or product class

Answer 6

market

Question 7

raw material markets, labor markets, money markets

Answer 7

resource markets

Question 8

buy resources and turn them into goods and services, and sell finished products

Answer 8

Manufacturers

Question 9

who sell them to consumers

Answer 9

intermediaries

Question 10

sell their labor and receive money with which they pay for goods and services

Answer 10

Consumers

Question 11

collects taxes to buy goods from resource, manufacturer, and intermediary markets and uses them to provide public services

Answer 11

government

Question 12

Companies selling mass consumer goods services focus on establishing a strong brand image by developing a superior product and packaging, ensuring availability, and backing it with engaging communications and reliable service

Answer 12

Consumer Markets

Question 13

Companies selling industrial goods services often face well-informed professional buyers skilled at evaluating competitive offerings

Answer 13

Business Markets

Question 14

Companies in the global marketplace must decide which countries to enter,how to enter each (as an exporter, licenser, joint venture partner, contract manufacturer, or solo manufacturer) and how to adapt features to each country

Answer 14

Global Markets

Question 15

Companies selling to nonprofit organizations with limited purchasing power such as churches, universities, charitable organizations, and government agencies

Answer 15

Nonprofit Markets

Question 16

is a cluster of complementary products closely related in the minds of consumers

Answer 16

metamarket

Question 17

customer wants an inexpensive car

Answer 17

Stated needs

Question 18

customer wants a car whose operating cost, not initial price, is low

Answer 18

Real needs

Question 19

customer expects good service from the dealer

Answer 19

Unstated needs

Question 20

customer would like the dealer to include GPS navigation system

Answer 20

Delight needs

Question 21

customer wants friends to see himher as elegant or classy

Answer 21

Secret needs

Question 22

na

Answer 22

Marketers help consumers learn what they want by promoting what they need

Question 23

customer value triad

Answer 23

combination of quality, service, and price (qsp)

Question 24

a combination of quality, service, and price (qsp),

Answer 24

Value

Question 25

TRUE

Answer 25

Value perceptions increase with quality and service but decrease with price.

Question 26

reflects a consumers judgment of a products perceived performance in relation to expectations.

Answer 26

Satisfaction

Question 27

Coming together of computing and consumer electronic industries

Answer 27

Industry convergence

Question 28

retailers are beginning to focus more on abstract experiences rather than products

Answer 28

Retail transformation

Question 29

eliminating the human aspect by automating the marketing process

Answer 29

Disintermediation

Question 30

outsourcing the tasks usually assigned to marketers or researchers to the crowd or potential markets.

Answer 30

Crowdsourcing