MARKETING AN INTRODUCTION, CANADIAN 6 EDITION QUESTIONS AND ANSWERS 2025

MARKETING AN INTRODUCTION,
CANADIAN 6 EDITION QUESTIONS AND
ANSWERS 2025.



What is marketing? - ANSWER: Broadly defined, marketing is a social and
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managerial process by which individuals and organizations obtain what they need
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and want through creating and exchanging value with others. In a narrower
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business context, marketing involves building profitable, value-laden exchange
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relationships with customers. Hence, we define marketing as the process by
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which companies create value for customers and build strong customer
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relationships in order to capture value from customers in return.4
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What is the five-step model of the marketing process? - ANSWER: 1. Understand
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the marketplace and customer needs and wants.
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2. Design a customer driven marketing strategy
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3. Construct an integrated marketing program that delivers superior value
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4.Build profitable relationships and create customer delight
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5. Capture value from customers to create profits and customer equity
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Needs, Wants, Demands - ANSWER: Human needs are states of felt deprivation.
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They include basic physical needs for food, clothing, warmth, and safety; social
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needs for belonging and affection; and individual needs for knowledge and self
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expression. Marketers did not create these needs; they are a basic part of the
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human makeup.
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Wants are the form human needs take as they are shaped by culture and
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individual personality. A Canadian needs food but wants a breakfast sandwich
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and a large double-double from Tim Hortons. Wants are shaped by one's society
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and are described in terms of objects that will satisfy those needs.
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When backed by buying power, wants become demands. Given their wants and
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resources, people demand products and services with benefits that add up to the
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most value and satisfaction
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Market offerings - ANSWER: Some combination of products, services, information,
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or experiences offered to a market to satisfy a need or want.
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,Marketing myopia - ANSWER: The mistake of paying more attention to the
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specific products a company offers than to the benefits and experiences
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produced by these products.
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brand experiences - ANSWER: Smart marketers look beyond the attributes of the
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products and services they sell. By orchestrating several services and products,
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they create brand experiences for consumers. For example, you don't just visit
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Walt Disney World Resort; you immerse yourself and your family in a world of
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wonder, a world where dreams come true and things still work the way they
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should. You're "in the heart of the magic!" says Disney.
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market - ANSWER: The concepts of exchange and relationships lead to the
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concept of a market. A market is the set of actual and potential buyers of a
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product or service. These buyers share a particular need or want that can be
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satisfied through exchange relationships. Marketing means managing markets to
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bring about profitable customer relationships. However, creating these
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relationships takes work. Sellers must search for buyers, identify their needs,
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design good market offerings, set prices for them, promote them, and store and
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deliver them. Activities such as consumer research, product development,
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communication, distribution, pricing, and service are core marketing activities.
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Although we normally think of marketing as being carried out by sellers, buyers
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also carry out marketing. Consumers market when they search for products,
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interact with companies to obtain information, and make their purchases. In fact,
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today's digital technologies, from websites and smartphone apps to the explosion
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of social media, have empowered consumers and made marketing a truly two-
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way affair. Thus, in addition to customer relationship management, today's
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marketers must deal effectively with customer-managed relationships. Marketers
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are no longer asking only "How can we influence our customers?" but also "How
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can our customers influence us?" and even "How can our customers influence
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each other?"
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marketing mangement - ANSWER: We define marketing management as the art
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and science of choosing target markets and building profitable relationships with
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them. The marketing manager's aim is to find, attract, keep, and grow target
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customers by creating, delivering, and communicating superior customer value. To
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design a winning marketing strategy, the marketing manager must answer two
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important questions:
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1. What customers will we serve (what's our target market)?
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2. How can we serve these customers best (what's our value proposition)?
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market segmentation - ANSWER: The company must first decide whom it will
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serve. It does this by dividing the market into segments of customers (market
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segmentation) and selecting which segments it will go after (target marketing).
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Some people think of marketing management as finding as many customers as
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possible and increasing demand. But marketing managers know that they cannot
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serve all customers in every way. By trying to serve all customers, they may not
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, FF serve any customers well. Instead, the company wants to select only those
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FF customers whom it can serve well and profitably. For example, Holt Renfrew
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FF profitably targets affluent professionals; Dollarama profitably targets families with
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target marketing - ANSWER: Marketing directed toward those groups (market
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segments) an organization decides it can serve profitably.
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value proposition - ANSWER: The company must also decide how it will serve
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targeted customers—how it will differentiate and position itself in the marketplace.
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A brand's value proposition is the set of benefits or values it promises to deliver
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to consumers to satisfy their needs. Facebook helps you "connect and share with
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the people in your life," whereas YouTube "provides a place for people to
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connect, inform, and inspire others across the globe."
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Such value propositions differentiate one brand from another.
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They answer the customer's question, "Why should I buy your brand rather than
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a competitor's?"
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Companies must design strong value propositions that give them the greatest
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advantage in their target markets.
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For example, Vibram FiveFingers shoes promise the best of two worlds— running
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with shoes and without: "You get all the health and performance benefits of
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barefoot running combined with a Vibram sole that protects you from elements
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and obstacles in your path." With Vibram FiveFingers shoes, "The more it looks
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like a foot, the more it acts like a foot."
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What are the five alternative concepts under which organizations design and carry
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out their marketing strategies? - ANSWER: 1. The production
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2. Product
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3. Selling
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4. Marketing
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5. Societal marketing concepts.
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The production concept - ANSWER: The production concept holds that consumers
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will favour products that are available and highly affordable. Therefore,
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management should focus on improving production and distribution efficiency.
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This concept is one of the oldest orientations that guide sellers. The production
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concept is still a useful philosophy in some situations. For example, both
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personal computer maker Lenovo and home appliance maker Haier dominate the
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highly competitive, price-sensitive Chinese market through low labour costs, high
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production efficiency, and mass distribution. However, although useful in some
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situations, the production concept can lead to marketing myopia. Companies
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adopting this orientation run a major risk of focusing too narrowly on their own
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operations and losing sight of the real objective—satisfying customer needs and
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building customer relationships
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