Marketing Grewal Chapter 1 Check Yourself

How are marketers connecting with customers using social and mobile media?

93% of marketers use social media tools for their businesses.

Who can perform marketing?

Businesses and consumers. B2C (business to consumer), B2B (business to business) and C2C (consumer to consumer)

List five factors that emphasize the importance of marketing.

Can be entrepreneurial, expands global presence, Pervasive across channel members, enriches society.

Does providing a good value mean selling at a low price?

No because price does not solely determine value. Firms become value driven by sharing information, balancing benefits with costs, building relationships with customers, connecting with customers using social and mobile media.

What are the various eras of marketing?

Production Oriented, Sales Oriented, Market Oriented, Value Based.

What are the four components of the marketing mix?

Promotion, Product, Place, Price

Marketing is about satisfying ______ and ______.

needs and wants

What is the definition of marketing?

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

A firm doing the right thing emphasizes the importance of marketing to _________.

the consumer