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Chapter 1
Essentials of Marketing
| Question | Answer |
|---|---|
| What is the process of actually making goods or performing services? | production |
| What is the process that provides needed direction for production and helps make sure that the right goods and services are produced and find their way to consumers? | Marketing |
| ________ plays an essential role in providing consumers with need-satisfying goods and services and, more generally, in creating customer satisfaction. | Marketing |
| What is the extent to which a firm fulfills a consumer’s needs, desires, and expectations? | Customer satisfaction |
| The choices that you have among the goods and services you buy, the stores where you shop, and the social media you interact with are all possible because of marketing. In addition, marketing drives organizations to focus on what it takes to satisfy who? | the customer |
| What is the development and spread of new ideas, goods, and services? | Innovation |
| What are the two ways that one could view marketing? | From a micro view: a set of activities performed by organizations From a macro view: a social process |
| What is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client? | Marketing |
| True or False: Marketing should begin with the production process. | False. Marketing should begin with potential customer needs and wants, not with the production process. |
| True or False: Marketing doesn't occur unless two or more parties are willing to exchange for something else. | True |
| What economy is when each family unit produces everything it consumes? | Pure subsistence |
| The goal is marketing is continuing sales and an ongoing _______. | relationship with the customer |
| What is a social process that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society? | Macro-marketing |
| True or False. The emphasis with macro-marketing is on the activities of individual organizations. | False. The emphasis is on how the whole marketing system works. This includes looking at how marketing affects society and vice versa. |
| What are the Universal functions of marketing? | Buying, selling, transporting, storing, standardizing and grading, financing, risk taking, and market information. |
| What describes the Buying function of marketing? | Looking for and evaluating goods and services. |
| What describes the Selling function of marketing? | Promoting the product. |
| The movement of goods from one place to another describe which type of Marketing function? | Transporting function |
| Standardization and grading is described as what? | Sorting products according to size and quality. |
| _______ provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products. | Financing |
| _____ is bearing the uncertainties that are part of the marketing process. | Risk taking |
| The collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities describes which function of marketing? | Market information function |
| An _______ is someone who specializes in trade rather than production. | Intermediary |
| What are firms that provide one or more of the marketing functions other than buying? | Collaborators |
| According to the textbook; "The way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society." Is the definition of what? | Economic system |
| In a _________ _________ government officials decide what and how much is to be produced and distributed by whom, when, to whom, and why. | Command economy |
| In a ______ _____ ______, the individual decisions of the many producers and consumers make the macro-level decisions for the whole economy. | Market-directed economy |
| What were the five stages in marketing evolution? | 1. the simple trade era 2. the production era 3. the sales era 4. the marketing department era 5. the marketing company era |
| This era describes a time when families traded or sold their surplus output to local distributors. | the Simple trade era |
| This era describes a time when a company focuses on production of a few specific products—perhaps because few of these products are available in the market. | the Production era |
| This era describes a time when a company emphasizes selling because of increased competition. | the Sales era |
| This era describes a time when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firm’s activities. | the Marketing department era |
| This era describes a time when, in addition to short-run marketing planning, marketing people develop long-range plans—sometimes five or more years ahead—and the whole-company effort is guided by the marketing concept. | the Marketing company era |
| The idea that an organization should aim all of its efforts at satisfying its customers—at a profit; describes what concept? | the Marketing Concept |
| Some managers show little interest in customers' needs. These managers still have a production orientation. What does this mean? | This means that they are focused on making whatever products are easy to produce and then trying to sell them. |
| The marketing concept requires what three basic ideas? | -Customer Satisfaction -A total company effort -Profit |
| Marketing metric describes what? | Numeric data that allow marketing managers to evaluate performance, often against a set target or goal. |
| What is the Revenue formula? | Revenue = Price X Quantity sold |
| What is the Profit formula? | Profit = Revenue - Cost |
| A measure of long-term success that includes an organization’s economic, social, and environmental outcomes describes which term? | the Triple bottom line |
| What are the three factors of the triple bottom line? | -Economic -Social -Environmental |
| Firms practicing a purpose orientation focus on an organization's what? | An organization’s reason for being that extends beyond profit and creates value for stakeholders, including customers, employees, suppliers, investors, and communities |
| The difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits describes what? | Customer value |
| Customer Value= Benefits - Costs. What are examples of some of those benefits? | -Functional -Emotional -Life-changing -World-changing |
| Customer Value= Benefits - Costs. What are examples of some of those costs? | -Monetary -Inconvenience |
| In regard to customer value, what are some examples of Functional benefits? | -Save time -Simplify -Provide information -Reduce cost |
| In regard to customer value, what are some examples of Emotional benefits? | -Provide fun/entertainment -Lower anxiety -Offer superior design/aesthetic -Provide rewards in some form |
| In regard to customer value, what are some examples of Life-changing benefits? | -Give hope -Offer motivation -Provide sense of affiliation/belonging |
| In regard to customer value, what are some examples of World-changing benefits? | -Feelings of contributing to making the world a better place |
| In regard to customer value, what are some examples of Monetary costs? | -Money -Interest rate -Fees |
| In regard to customer value, what are some examples of Inconvenience costs? | -Time delay to receive the benefit -Effort required to receive benefit |
| What is good for some producers and consumers may not always be good for society as a whole. This concept describes what? | the Micro–macro dilemma |
| A firm’s obligation to improve its positive effects on society and reduce its negative effects describes that firm's what? | Social responsibility |
| The moral standards that guide marketing decisions and actions are what? | Marketing ethics |
| Examples of ethical norms vs ethical values. | Ethical Norms include: Do not harm. Foster trust in the marketing system. Ethical values include: Honesty, Responsibility, Fairness, Respect, Transparency, and Citizenship |
Created by:
jefferycwilliams765