Quiz 1- Chapter 1

An organization's marketing decisions are affected by and, in turn, often have an important impact on ____ as a whole

society

Effective marketing benefits ______ → it enhances competition, which both improves the quality of products and services and lowers their prices → makes countries more competitive and produces a higher standard of living for its citizens

society

_______ - one or more specific groups of potential consumers towards which an organization directs its marketing program

Target Market

_______ → the people who use the products and services purchased for a household

Ultimate consumers

________ - the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase

Customer Relationship Management (CRM)

_____ - the internal response that customers have to all aspects of an organization and its offering - This internal response includes both the direct and indirect contacts of the customer with the company a.) _____ contacts include the customer's contacts with the seller through buying, using, and obtaining service b.) _____ contacts most often involve unplanned "touches" with the company through word-of-mouth comments from other customers, reviewers and news reports

Customer experience a.) direct b.) indirect

_______ is the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price

Customer value *Many firms deliver outstanding customer value with one of the three value strategies: best price, best product, or best service*

_________ → those manufacturers, wholesalers, retailers, service companies, not-for-profit organizations and government agencies that buy products and services for their own use or for resale

Organizational buyers

______ → a good, service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value

Product

The marketing mix elements are called _______ because they are under the control of the marketing department in an organization

controllable factors

Designing an effective marketing mix also conveys to potential buyers a clear _______, which is a cluster of benefits that an organization promises customers to satisfy their needs

customer value proposition

While marketers can control their marketing mix factors, there are forces that are mostly beyond their control → These are the ______ that affect a marketing decision, which consist of social, economic, technological, competitive, and regulatory forces

environmental forces

Marketing seeks first to discover consumer needs through extensive research. It then seeks to satisfy those needs by successfully implementing a marketing program possessing the right combination of the marketing mix - the ______

four Ps

Potential customers make up a _____, which is people with both the desire and the ability to buy a specific offering

market

An organization that has a ______ focuses its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value

market orientation

_______ - relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action. This action might be a product feature, a promotion, or a price

market segments *This process is continuous: consumer needs trigger concepts that are translated into actual products that stimulate further discovery of consumer needs*

The _______ department is responsible for facilitating relationships, partnerships, and alliances with the organization's customers, its shareholders (or often representatives of nonprofit organizations), its suppliers, and other organizations

marketing

The four p's are the elements of the ______ → these four elements are controllable factors - product, price, promotion, and place - that can be used by the marketing manager to solve a marketing problem

marketing mix

A ____ occurs when a person feels deprived of basic necessities such as food, clothing, and shelter

need

The first objective in marketing is discovering the _____ of prospective customers → Marketers often use customer survey's, concept tests, and other forms of marketing research to better understand customer ideas

needs *Many firms also use "crowdsourcing" websites to solicit and evaluate ideas from customers*

To serve both buyers and sellers marketing seeks to (1) to ____(a)____ the needs and wants of perspective customers (2) to ____(b)___ them - The key to achieving both of these objectives is the idea of ____(c)____, which is the trade of things of value between a buyer and a seller so that each is better at the trade

a.) discover b.) satisfy c.) exchange

The hallmark of developing and maintaining effective customer relationships is today called ________, which links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit

relationship marketing *Relationship marketing involves a personal, ongoing relationship between the organization and its individual customers that begins before the sale and may evolve through different types of relationships after the sale* *Information technology, along with cutting-edge manufacturing and marketing processes, better enable companies to form relationships with customers today*

Marketing creates _____ - the benefits or customer value received by users of the product → this utility is the result of the marketing exchange process and the way society benefits from marketing

utility

"The four Ps" 1.) ____ - A good, service, or idea to satisfy the consumer's needs 2.) ___ - What is exchanged for the product 3.) _____ - A means of communication between the seller and buyer 4.) ____ - A means of getting the product to the consumer

1.) Product 2.) Price 3.) Promotion 4.) Place

For new product launches there are two key suggestions (1) focus on what the customer ____ is, and (2) learn from past ____

1.) benefit 2.) mistakes

There are 4 different utilities 1.) The production of the product or service constitutes _____ utility 2.) _____ utility means having the offering available where customers need it 3.) ____ utility means having it available when needed 4.) ____ utility is the value of making an item easy to purchase through the provision of credit cards or financial arrangements

1.) form 2.) Place 3.) Time 4.) Possession *Marketing creates its utilities by bridging space (place utility) to provide products (form utility) for consumers to own and use (possession utility)*

For marketing to occur, at least four factors are required: (1) two or more parties (individuals or organizations) with _____ needs, (2) a ____ and _____ on their part to have their needs satisfied, (3) a way for the parties to _______, and (4) something to _______

1.) unsatisfied 2.) desire & ability 3.) communicate 4.) exchange

_______ - organizations and their customers develop relationships through apps

Digital marketing

______ forces involving social, economic, technological, competitive, and regulatory considerations also shape an organization's marketing actions

Environmental

activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Marketing

________ - The idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization's goals

Marketing Concept

______ → a plan the integrates the marketing mix to provide a good, service, or idea to prospective buyers, ideally they can be formed into market segments

Marketing Program

_______ → the idea that organizations are accountable to a larger society

Social responsibility

______ → the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being

Societal Marketing Concept

A ____ is a need that is shaped by a person's knowledge, culture, and personality

want *Effective marketing, in the form of creating an awareness of good products at fair prices and convenient locations can clearly shape a person's wants*