chapter 1 mktg

question
Exchange
answer
people giving up something in order to recieve something they'd rather have instead.
question
Exchange requires
answer
two or more people may barter or trade
question
Exchange only takes place with 5 conditions:
answer
1) must be at least two parties. 2) each party has something that might be of value to the other party 3) each party is capable of communication and delivery 4) each party is free to accept or reject the exchange offer 5) each party believes its approprate or desirable to deal with the other party.
question
4 competing philosophies strongly influence an organizations marketing processes -
answer
- production, sales, market, and social marketing orientations
question
production orientation
answer
philosophy that focuses on internal capabilities of the firm rather than on the desires and needs of a marketplace.
question
sales oreintation
answer
based on belief that people will buy more goods and services if aggresive sales techniques are used and that high sales result in high profits
question
marketing concept
answer
simple and intuively appealing philosophy yhat articulates a market orientation
question
the marketing concept focuses on
answer
customer wants and needs that the organization can distinguish its products from competetitors offerings satisfying customer needs legally and responsibly
question
market oriented
answer
assume a sale doesnt depend on an aggressive sales force by on a customer's decision to purchase the product
question
in order to achieve market oriented you
answer
have to obtain info about customers competetitors and markets, examining info from business perspective, determine how to deliver superior customer value and implement actions to provide value to customers
question
societal marketing orientation
answer
extends the marketing concept by acknolodging that some products that customers want may not really be in their best interests or the best interest of society as a whole.
question
customer value
answer
the relationship between benefits and the sacrafice necessary to obtain those benefits
question
good value
answer
a high quality product that is available only at high price wont be percieved as
question
customer satisfaction
answer
the customer's evaluation of a good or service in terms of whether that good or service has met their needs and expectations
question
relationship marketing
answer
strategy that focuses on keeping and improving relationships with current customers
question
delegation of authority
answer
empowerment
question
a sales oriented firm defines its business in terms of
answer
goods and services
question
a market oriented firm defines its business in terms of the
answer
benefits its customers seek.
question
Teamwork
answer
entails collaborative efforts of people to accomplish common objectives.
question
Customer relationship management (CRM)
answer
a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
question
A sales-oriented organization seeks to achieve profitability through sales volume and tries to convince potential customers to buy, even if the seller knows that the customer and product are mismatched.
answer
question
Sales-oriented organizations seek to generate sales volume through intensive promotional activities, mainly personal selling and advertising.
answer
question
Salespeople who work for market-oriented organizations are generally perceived by their customers to be problem solvers and important links to supply sources and new products.
answer
question
The fundamental objectives of most businesses
answer
survival, profits, and growth.
question
Marketing includes the following activities, which are vital to business organizations:
answer
assessing the wants and satisfactions of present and potential customers, designing and managing product offerings, determining prices and pricing policies, developing distribution strategies, and communicating with present and potential customers.
question
Strategic planning is
answer
the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.
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question
Exchange
answer
people giving up something in order to recieve something they'd rather have instead.
question
Exchange requires
answer
two or more people may barter or trade
question
Exchange only takes place with 5 conditions:
answer
1) must be at least two parties. 2) each party has something that might be of value to the other party 3) each party is capable of communication and delivery 4) each party is free to accept or reject the exchange offer 5) each party believes its approprate or desirable to deal with the other party.
question
4 competing philosophies strongly influence an organizations marketing processes -
answer
- production, sales, market, and social marketing orientations
question
production orientation
answer
philosophy that focuses on internal capabilities of the firm rather than on the desires and needs of a marketplace.
question
sales oreintation
answer
based on belief that people will buy more goods and services if aggresive sales techniques are used and that high sales result in high profits
question
marketing concept
answer
simple and intuively appealing philosophy yhat articulates a market orientation
question
the marketing concept focuses on
answer
customer wants and needs that the organization can distinguish its products from competetitors offerings satisfying customer needs legally and responsibly
question
market oriented
answer
assume a sale doesnt depend on an aggressive sales force by on a customer's decision to purchase the product
question
in order to achieve market oriented you
answer
have to obtain info about customers competetitors and markets, examining info from business perspective, determine how to deliver superior customer value and implement actions to provide value to customers
question
societal marketing orientation
answer
extends the marketing concept by acknolodging that some products that customers want may not really be in their best interests or the best interest of society as a whole.
question
customer value
answer
the relationship between benefits and the sacrafice necessary to obtain those benefits
question
good value
answer
a high quality product that is available only at high price wont be percieved as
question
customer satisfaction
answer
the customer's evaluation of a good or service in terms of whether that good or service has met their needs and expectations
question
relationship marketing
answer
strategy that focuses on keeping and improving relationships with current customers
question
delegation of authority
answer
empowerment
question
a sales oriented firm defines its business in terms of
answer
goods and services
question
a market oriented firm defines its business in terms of the
answer
benefits its customers seek.
question
Teamwork
answer
entails collaborative efforts of people to accomplish common objectives.
question
Customer relationship management (CRM)
answer
a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.
question
A sales-oriented organization seeks to achieve profitability through sales volume and tries to convince potential customers to buy, even if the seller knows that the customer and product are mismatched.
answer
question
Sales-oriented organizations seek to generate sales volume through intensive promotional activities, mainly personal selling and advertising.
answer
question
Salespeople who work for market-oriented organizations are generally perceived by their customers to be problem solvers and important links to supply sources and new products.
answer
question
The fundamental objectives of most businesses
answer
survival, profits, and growth.
question
Marketing includes the following activities, which are vital to business organizations:
answer
assessing the wants and satisfactions of present and potential customers, designing and managing product offerings, determining prices and pricing policies, developing distribution strategies, and communicating with present and potential customers.
question
Strategic planning is
answer
the managerial process of creating and maintaining a fit between the organization's objectives and resources and the evolving market opportunities.