Principles of Marketing
Chapter 1-9 with 100%
correct answers(download to
pass)
Definition of Marketing, and what are its two main goals
(Chapter 1) - answer Marketing is the activity for creating,
communicating, delivering and exchanging offerings that benefit its
customers, the organization, its stakeholders and society at large.
Goals:
1. Discover needs and wants of prospective customers (surveys,
tests, market research, crowdsourcing websites (solicit & eval ideas
from customers), long-term predictions)
2. Satisfy them (implement marketing program w/ good combo of
marketing mix; new products - focus on consumer benefit & learn
from mistakes)
What are the 4 key things needed for marketing to occur?
(Chapter 1) - answer 1. Two or more parties with unsatisfied needs
2. Desire and ability to satisfy those needs
3. A way for parties to communicate
4. Something to exchange *** key to achieve the 2 marketing goals
(trade of things of value)
Market
,(Chapter 1) - answer People with both the desire and the ability to
buy a specific offering
Target market
(Chapter 1) - answer One or more specific groups of potential
consumers toward which an organization directs its marketing
program
Name the 4 Controllable Marketing Mix Factors
(Chapter 1) - answer 1. Product: good/service/idea to satisfy
consumer's needs
2. Price: what is exchanged for the product
3. Promotion: a way to communicate b/w seller and buyer
4. Place: a way to get product to consumer
What are some uncontrollable, Environmental forces?
(Chapter 1) - answer Social, economic, technological, competitive,
regulatory
Customer Value
(Chapter 1) - answer 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; usually provided through 1 of 3 strategies: best price, best
product or best service
Customer value proposition
(Chapter 1) - answer A cluster of benefits that an organization
promises customers to satisfy their needs
Relationship marketing
,(Chapter 1) - answer Links organization to its individual customers,
suppliers, employees, and other partners for mutual long-term
benefit; involves personal, ongoing relationship, and begins before
and continues after sale
Market segments
(Chapter 1) - answer The relatively homogenous groups of
prospective buyers that (1) have common needs and (2) will
respond similarly to a marketing action.
Marketing program
(Chapter 1) - answer A plan that integrates the marketing mix to
provide a good, service, or idea to prospective buyers.
Marketing concept
(Chapter 1) - answer Organization should:
1. Strive to satisfy the needs of consumers while
2. also trying to achieve organization's goals
Market Orientation
(Chapter 1) - answer Involves:
1. Continuously collecting info about customers' needs
2. Sharing this info across departments
3. Using it to create customer value
Customer Relationship Management (CRM)
(Chapter 1) - answer 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 (goal: satisfying consumers high
expectations - INCREASINGLY through social media)
Societal Marketing Concept
(Chapter 1) - answer View that organizations should satisfy the
needs of consumers in a way that provides for society's well-being
Ultimate consumers vs. Organizational buyers
(Chapter 1) - answer Ultimate consumers = people who use products
and services for a household
Organizational buyers = manufacturers, wholesalers, retailers, govt
agencies that buy products and services for their own use or for
resale
What is Utility, and what are the four types?
(Chapter 1) - answer Utility = benefits or customer value received
by users of product
1. Form - production of product or service
2. Place - having the offering where needed
3. Time - having the offering when needed
4. Possession - value of making product easy to purchase
Organization
(Chapter 2) - answer A legal entity of people who have a common
mission or goal
For-profit organization (business firm )
(Chapter 2) - answer A privately owned organization (Target, Nike,
etc.) that serves customers to earn profit so it can survive
Chapter 1-9 with 100%
correct answers(download to
pass)
Definition of Marketing, and what are its two main goals
(Chapter 1) - answer Marketing is the activity for creating,
communicating, delivering and exchanging offerings that benefit its
customers, the organization, its stakeholders and society at large.
Goals:
1. Discover needs and wants of prospective customers (surveys,
tests, market research, crowdsourcing websites (solicit & eval ideas
from customers), long-term predictions)
2. Satisfy them (implement marketing program w/ good combo of
marketing mix; new products - focus on consumer benefit & learn
from mistakes)
What are the 4 key things needed for marketing to occur?
(Chapter 1) - answer 1. Two or more parties with unsatisfied needs
2. Desire and ability to satisfy those needs
3. A way for parties to communicate
4. Something to exchange *** key to achieve the 2 marketing goals
(trade of things of value)
Market
,(Chapter 1) - answer People with both the desire and the ability to
buy a specific offering
Target market
(Chapter 1) - answer One or more specific groups of potential
consumers toward which an organization directs its marketing
program
Name the 4 Controllable Marketing Mix Factors
(Chapter 1) - answer 1. Product: good/service/idea to satisfy
consumer's needs
2. Price: what is exchanged for the product
3. Promotion: a way to communicate b/w seller and buyer
4. Place: a way to get product to consumer
What are some uncontrollable, Environmental forces?
(Chapter 1) - answer Social, economic, technological, competitive,
regulatory
Customer Value
(Chapter 1) - answer 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; usually provided through 1 of 3 strategies: best price, best
product or best service
Customer value proposition
(Chapter 1) - answer A cluster of benefits that an organization
promises customers to satisfy their needs
Relationship marketing
,(Chapter 1) - answer Links organization to its individual customers,
suppliers, employees, and other partners for mutual long-term
benefit; involves personal, ongoing relationship, and begins before
and continues after sale
Market segments
(Chapter 1) - answer The relatively homogenous groups of
prospective buyers that (1) have common needs and (2) will
respond similarly to a marketing action.
Marketing program
(Chapter 1) - answer A plan that integrates the marketing mix to
provide a good, service, or idea to prospective buyers.
Marketing concept
(Chapter 1) - answer Organization should:
1. Strive to satisfy the needs of consumers while
2. also trying to achieve organization's goals
Market Orientation
(Chapter 1) - answer Involves:
1. Continuously collecting info about customers' needs
2. Sharing this info across departments
3. Using it to create customer value
Customer Relationship Management (CRM)
(Chapter 1) - answer 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 (goal: satisfying consumers high
expectations - INCREASINGLY through social media)
Societal Marketing Concept
(Chapter 1) - answer View that organizations should satisfy the
needs of consumers in a way that provides for society's well-being
Ultimate consumers vs. Organizational buyers
(Chapter 1) - answer Ultimate consumers = people who use products
and services for a household
Organizational buyers = manufacturers, wholesalers, retailers, govt
agencies that buy products and services for their own use or for
resale
What is Utility, and what are the four types?
(Chapter 1) - answer Utility = benefits or customer value received
by users of product
1. Form - production of product or service
2. Place - having the offering where needed
3. Time - having the offering when needed
4. Possession - value of making product easy to purchase
Organization
(Chapter 2) - answer A legal entity of people who have a common
mission or goal
For-profit organization (business firm )
(Chapter 2) - answer A privately owned organization (Target, Nike,
etc.) that serves customers to earn profit so it can survive
