What is Marketing?

Jose needs a new mountain bike since his old one was run over by the garbage truck. He has seen the Trek bike company sponsoring races and seen its logos worn by top riders, so he decides to purchase a Trek bike. Jose was influenced by which marketing tool?

branding

The Geneva Steel company sells its raw steel to WEXCO, an automotive windshield wiper manufacturing company. This transaction is known as a:

business-to-business (B2B) transaction

The WEXCO corporation, an automotive windshield wiper company, sells its products exclusively to Ford Motor Company. WEXCO is an example of what type of a business?

business-to-business (b2b) transaction

The marketing department of a company has identified potential customers for its product. It can also:

communicate customer needs and desired feature updates for the product

A place where consumers and organizations connect, build relationships, and bring to market unique solutions to problems or needs is Indiegogo. What type of societal benefit does its marketing awareness bring?

creates products that satisfies and delights people

Joe receives a new hat for his birthday from his friend Nate. In this example Nate is a:

customer

The value that predicts how much profit is associated with a customer during their lifetime relationship with a company is the definition of:

customer lifetime value

Your coworker Zander is looking for a product that helps him plan and record his year effectively. He wants it to also tie in his overall goals with yearly goals. You remember seeing a social media post about a planner by FranklinCovey that meets all of Zander's criteria. You tell Zander and he buys the planner. You just experienced how marketing can:

highlight solutions to problems

It is the holiday time and a regional radio organization has worked with its affiliate radio stations and planned a week of its regular broadcasts from the local homeless shelters to raise awareness and collect donations for the shelters. This is an example of marketing providing what benefit for society?

highlighting an area in society that is in need of a raised awareness

A business has developed a product, but is unsure where to focus its efforts to sell the product. Marketing can help this company by

identifying potential customers

A set of strategies and activities that influences how we conduct business, the clothes we wear, where we live, and how we spend our money and time is a definition of:

marketing

The term that best describes the process of identifying, satisfying, and maintaining customer relationships is:

marketing

A company's strategy stems from the ideology that "the customer is king," and the company tries to understand its customer as much as possible. Which concept is the company using to drive its success?

marketing concept

High lifetime value customers bring more money to a company when managed well. How do you manage these customers to bring more value to your company?

measure and improve their satisfaction

A new homeless housing nonprofit begins a social media campaign to build general population awareness for its services. This organization is focusing on what area of relationship management?

meeting and getting acquainted stage

A new non-profit organization that rehabilitates wild animals begins speaking with regional wildlife management offices to find out their animal needs and starts a social media campaign to build awareness for its services in the general population. This organization is focusing on what area of relationship management?

meeting and getting acquainted stage

An organization called The Road Home provides people otherwise without a place to stay temporary shelter for a night at no cost to them. This organization is an example of a:

non-profit organization

Doctors Without Borders is a volunteer organization with the purpose of providing free medical care to millions of people in crisis around the world. This organization is an example of a:

non-profit organization

A company like Gillette, which focuses on producing the best possible disposable razors, is an example of a company following which orientation concept?

product concept

Henry Ford is credited for famously saying, "Any customer can have a car painted any color that he wants so long as it is black." Which orientation concept is used by Ford's philosophy?

product concept

IBM was known for having a large research and development budget, which focused on the continuous development life cycle of their devices. This is an example of a company following which orientation concept?

product concept

Marketing strategy uses customer relationship management to help organizations:

retain their customers

Abby is going on a business trip next week. She needs a new pair of pants. After going to the mall and trying on a few pairs, she takes one up to the register and pays for it. Abby's purchase is an example of which marketing tool?

sales

An accounting software company has a sales team that frequently visits local businesses. Even after a business declines their software, the accounting software company will call the business every six weeks about some new software feature or promotion. What orientation concept is this company using?

sales concept

An online software company sends daily spam emails urging you to buy their latest antivirus software. You have declined this email at least ten times, but continue to receive emails. What orientation concept is this company using?

sales concept

If Wanda, a customer of Jiffy Lube, expresses a position or preference about an issue or product, such as the brand of synthetic oil they use, what would happen to Wanda according to marketers?

she becomes more committed to that position or product

As a marketer you are creating an exchange process for a company. What is your main responsibility?

the entire environment in which the value exchange takes place

After looking through the Container Store catalogue you discover the perfect components you didn't know you needed to make your small living room closet more useful for you. Marketing just highlighted a benefit for:

you the consumer

You are looking for a solution to organize your small closet. After visiting the IKEA website you discover the perfect components to make your closet more useful. Marketing just highlighted a benefit for:

you the consumer

It's time for a new cell phone since you dropped yours in a water-filled pot hole yesterday. You were happy with your iPhone, and you want to buy another at an Apple store. You are greeted when you enter and are quickly taken to the new iPhone displays. Within minutes you have purchased a new phone, uploaded all your information, and are happily on your way. You just experienced an example of:

a comprehensive and effective marketing strategy to satisfy and retain customers

A banner ad appears on your favorite website. It is displaying a car you have thought of test driving soon. This banner is an example of what marketing tool?

advertising

The paid announcement in various media forms calling public attention to a need, product, service, or company for the purpose of selling something is the description of which marketing tool?

advertising