Chapter One Cards Test Questions

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exchanges
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provision or tranfer of goods, services, or ideas in return for something of value
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marketing
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process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and stakeholders
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Four things have to take place for a successful exchange to happen
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1) Two or more people have to be involved 2) Both parties must benefit 3) Promise must come through with promise 4) The exchange must meet both parties expectations
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stakeholder
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includes those constituents who have a stake or claim in some aspect of a company’s products, operations, markets or outcomes.
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marketing enviorment
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the competitive, economic, political, legal and regulatory, technological and sociocultural forces that surround the customer and affect the marketing mix
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what is the marketing mix?
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product, price, distribution and promotion
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marketing concept
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an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals.
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what is the major focus of the marketing concept?
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to satisfy customers
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the sales orientation
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focusing on selling products to many buyers
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market orientation
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focusing on what the customers need and creating a product to fulfill that need
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Management must first establish an ______ ______ to discover customers’ real needs and then use the information to create satisfying products
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information system
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Customer relationship management
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focuses on using information about customers to create marketing strategies that develop and sustain desirable customer relationships
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profits can be increased by…
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1) acquiring new customer 2) enhancing the profitability of current customers 3) extending the duration of customer relationships
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relationship marketing
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long-term mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more exchanges
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customer lifetime value
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predicts the net value for the future relationship with the customer
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About _____ of the money you spend on a product goes towards marketing
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50 – 60 %
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green marketing
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making relationships with customers while also enhancing and supporting the natural enviroment
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value
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a customer’s subjective assessment of benefits relative to costs in determining the worth of a product

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