Question 1

Marketing

Accepted Answer

is an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Question 2

marketing plan

Accepted Answer

written doc of analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the 4 p\'s action programs, and projected or pro forma income statements

Question 3

core aspects of marketing

Accepted Answer

-marketing requires product prices, place, and promotion decisions (4Ps) - marketing is about satisfying customer needs and wants - marketing occurs in many settings, various stakeholders -marketing can be performed by both individuals and organizations -marketing entails an exchange - marketing helps create value

Question 4

exchange

Accepted Answer

the trade of things of value between the buyer and the seller so that each is better off as a result

Question 5

marketing mix (4Ps)

Accepted Answer

product(creating value), price(capturing value), place(delivering value), and promotion(communicating value). the controllable set of activities that a firm uses to respond to the wants of its target markets

Question 6

goods

Accepted Answer

items that you can physically touch

Question 7

services

Accepted Answer

intangible customer benefits that are produced by people or machines and cannot be separated from the producer

Question 8

ideas

Accepted Answer

include thoughts, opinions, and philosophies, and intellectual concepts which can be marketed.

Question 9

B2C marketing

Accepted Answer

(business-to-consumer) - the process by which businesses sell to consumers

Question 10

B2B marketing

Accepted Answer

(business-to-business) - the process of selling merchandise or services from one business to another

Question 11

C2C marketing

Accepted Answer

consumers sell to other consumers

Question 12

value

Accepted Answer

reflects the relationship of benefits to costs, or what you get for what you give

Question 13

value cocreation

Accepted Answer

a creative way to provide value to customers. customers can act as collaborators to create the product or service.

Question 14

relational orientation

Accepted Answer

an orienation developed by marketers as they realized that they need to think about their customers in terms of relationships rather than transations.

Question 15

customer relationship management (CRM)

Accepted Answer

a business philosphy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm\'s most valued customers.

Question 16

importance of marketing

Accepted Answer

can be entrepreneurial expands global presence pervasive across channel members enriches society

Question 17

supply chain (marketing channel)

Accepted Answer

the group of firms that make and deliver a given set of goods and services

Question 18

entrepreneurs

Accepted Answer

people who organize, operate, and assume the risk of a business venture.

Question 19

product

Accepted Answer

creating value: purpose is to create value by developing a variety of offerings, goods services, ideas

Question 20

Price

Accepted Answer

capturing value, goal: customer satisfied, seller-reasonable profit. Price= everything the buyer gives up- money, time,energy- in exchange for the product

Question 21

place

Accepted Answer

place~ marketing channel management (ppl who make and deliver products) kiosk, convenient locations

Question 22

promotion

Accepted Answer

communicating the value proposition (persuades and reminds buyers of product or service to influence opinions and elicit response

Question 23

eras of marketing

Accepted Answer

production oriented sales oriented  market oriented value based marketing

Question 24

production era

Accepted Answer

believed a good product would see itself - not focused on needs of the customer, only on product (henry Ford)

Question 25

sales-oriented

Accepted Answer

1920-1950 great depression= ppl buy less, focused on selling selling, personal and ads

Question 26

market-oriented era

Accepted Answer

began to focus on what consumers wanted and needed before they designed, made, or attempted to sell products and services  *marketing first discovered

Question 27

value-based marketing era

Accepted Answer

value- costs to benefits value coercion- customers collar with retailer

Question 28

The prevailing marketing strategy of the __________ era was to find customers for inventories that went unsold.

Accepted Answer

sales oriented

Question 29

Trey sells consumer electronics. He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Trey operates as if he were in the __________ era.

Accepted Answer

Value

Question 30

Marketing was once an afterthought to

Accepted Answer

production

Question 31

In delivering value, marketing firms attempt to find the most desirable balance between

Accepted Answer

providing benefits to customers and keeping costs down.

Question 32

Effective promotion enhances a product or service\'s

Accepted Answer

perceived value

Question 33

Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts. Retailers function as

Accepted Answer

market intermediaries.

Question 34

The basic difference between a good and a service is that a good

Accepted Answer

can be physically touched

Question 35

The idea that a good product will sell itself is associated with the __________ era of marketing.

Accepted Answer

production-oriented

Question 36

UPS, FedEx, DHL, and other shipping companies support other firms\' __________ marketing goals.

Accepted Answer

supply chain management

Question 37

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?

Accepted Answer

place

Question 38

The importance of supply chain management is often overlooked in the study of marketing because

Accepted Answer

many of the activities take place behind the scenes

Question 39

Xavier is analyzing potential market segments. He should carefully seek potential customers who have both an interest in his products and

Accepted Answer

the ability to buy them

Question 40

The process of value __________, in which customers collaborate in product design, often provides additional value to the firm\'s customers.

Accepted Answer

co-creation

Question 41

The primary purpose of the __________ plan is to specify the marketing activities for a specific time.

Accepted Answer

marketing

Question 42

The four Ps make up the marketing mix, which is the __________ set of activities that the firm uses to respond to the wants and needs of its target markets.

Accepted Answer

controllable

Question 43

Marney bought a dress from a retail store. Which core aspect of marketing was Marney most directly participating in

Accepted Answer

marketing entails an exchange

Question 44

The marketing goal of getting the right quantities to the right locations at the right time relates to

Accepted Answer

supply chain management

Question 45

After hurricanes like Katrina, many small building contractors will flock to the damaged area, charging whatever customers will pay for temporary repairs to roofs and other parts of damaged homes. These contractors are engaged in aNo __________ marketing orientation.

Accepted Answer

transactional

Question 46

Marketing efforts designed to get the product or service to the right customer, when that customer wants it, are called

Accepted Answer

supply chain management

Question 47

The Got Milk advertising campaign, designed to increase consumption of milk, was intended to help market a

Accepted Answer

industry

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