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Marketing 351 Chapter 1

creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment
the focal point of all marketing activities
how they satisfy customers
organizations should define themselves not according to the products they produce but according to
both customers and businesses
should receive benefits from exchange relationships according to the definition of marketing
the price charged for the product
the primary value that a marketer expects to receive from a customer in an exchange relationship
target market
a specific group of customers on whom a company focuses its marketing efforts
marketing mix
distribution, price, promotion, and product are all elements of this
the marketing mix is built around what?
matches the needs of the target market
marketing managers strive to develop a marking mix that
product variable of the marketing mix
creation of brand names, development of product packaging, warranty issues, and repair services
services, ideas, and goods
the three basic forms that a product can take
a physical product that you can touch is a
the application of mechanical and human efforts to either people or objects to provide intangible benefits to customers
abuse counselor
which of the following is most likely to be an idea marketer?

car salesperson, airline pilot, attorney, abuse counselor, orthodontist

deciding to add gel insoles to its running shoes would be a change in which of the following elements of the marking mix for nike?

price, good, product, promotion, distribution

issues of inventory levels and storage costs are both concerns relating to which of the following variables of the marketing mix?

distribution, product, exchange, price, promotion

the element of the marketing mix used to increase awareness of a product or company
marketers often speak of the “controllable” variables in the practice of marketing. which of the following is not considered one of the controlled variables?

product, price, distribution, competition, promotion

provision or transfer of goods, services, or ideas in return for something of value
satisfaction for both the buyer and seller
marketing facilitates exchange relationships between buyers and sellers. what is marketing’s intended outcome for this relationship?
the forces of the marketing environment
political, legal and regulatory, sociocultural, technological, economic, and competitive

the forces change dramatically and quickly, and a change in one force is likely to affect the other forces

government regulations
which of the following is essential an uncontrollable factor in developing a marketing mix?

product adaptations, pricing strategies, government regulations, advertising campaigns, retail locations

dynamic and changing
the marketing environment is best described as being
marketing concept
a philosophy stating that an organization should try to satisfy customers’ needs through a coordinated set of activities that allowed the organization to achieve its goals
achieve the organization’s goals
the marking concept is a philosophy that states that an organization should try to satisfy customers’ needs and also
all organizational activities
the marketing concept affects (choose one)

just the marketing department
all organizational activities
only marketing and finance
only production and marketing
few decisions in an organization

as the industrial revolution came to the united states, most firms operated in what orientation?
during the industrial revolution demand for manufactured goods was
from the 1920s to the 1950s, demand for manufactured goods decreased, leading to what orientation?
market orientation
an organization-wide effort that includes researching customers’ needs, generating marketing intelligence for use in the organization, being responsive to customers’ ever-changing wants and needs, and disseminating marketing intelligence across departments within the organization
relationship marketing
establishing long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges
customer relationship management (CRM) begins its focus on customers with
customer relationship management
long-term relationships with profitable customers is the key objective of what?
buying behavior
managing customer relationships requires identifying patterns of _________ and then using that information to focus on the most promising and profitable customers
a customer’s subjective assessment of benefits relative to costs in determining the worth of a product
value=customer benefits-customer costs
the equation a buyer applies to assess a product’s value
monetary price
customer costs include anything the buyer must give up in order to obtain the benefits the product provides. the most obvious customer cost is

risk, time, monetary price, effort, availability

the degree to which an exchange helps achieve an organization’s objectives
refers to minimizing the resources an organization must spend to achieve a specific level of desired exchanges
marketing unit
functions, products, regions, types of customers, or a combination of all four organizes what?
the part of marketing plans that hinges on coordination of marketing activities, motivation of marketing personnel, and effective communication within the marketing unit
marketing control
the process of establishing performance standards, competing actual performance with established standards, and reducing the difference between desired and actual performance
green marketing
initiatives intended to improve an organization’s positive impact on society and the natural environment
if a family spends $2,000 a month on goods and services, how much of that $2,000 goes for marketing activities?
one half
for most firms, the costs of marketing activities consume approximately what portion of the consumer’s dollar?
marketing activities
used by all sizes of organizations including for-profit, nonprofit, and government agencies
marketing activities
help sell an organization’s products and general financial resources for the firm
marketing knowledge and skills
enhance consumer awareness and help provide people with satisfying goods and services

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