Marketing chapter 1: Defining Marketing for the 21st Century

1. The most formal definition of marketing is ________.

• meeting needs profitably

• identifying and meeting human and social needs

• the four Ps (product,price, place, promotion)

• an organizational function and a set of processes for creating, communicating, anddelivering value to customers and for managing customer relationships inways that benefit the organization and its stakeholders

2. ________ takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.

• Marketing management

• Forecasting

• Segmentation

• Targeting

3. Marketing management is ________.

• managing the marketing process

• monitoring the profitability of the company’s products and services

• selecting target markets

• the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value

4.A social definition of marketing says ________.

• effective marketing requires companies to remove intermediary parties to achieve a closer connection with direct consumers

• a company should focus exclusively on achieving high production efficiency, low costs, and mass distribution to facilitate the broadest possible access to the company’s products

• marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others

• marketing is the process of extracting maximal value from consumers to facilitate corporate growth

5._______ goods constitute the bulk of most countries’ production and marketing efforts

• Durable

• Impulse

• Physical

• Service

6. As economies advance, a growing proportion of their activities focuses on the production of ________.

• products

• events

• experiences

• services

7. ________ actively work to build a strong, favorable, and unique image in the minds of their target publics.

• Information

• Shopping goods

• Durable goods

• Organizations

8.Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store, ________.”

• we make profits

• we challenge competitors

• we implement ads

• we sell hope

9. A ________ is someone seeking a response (attention, a purchase, a vote, a donation) from another party, called the ________.

• salesperson; customer

• fund-raiser; contributor

• politician; voter

• marketer; prospect

10.In ________, consumers may share a strong need that cannot be satisfied by an existing product

• negative demand

• latent demand

• declining demand

• irregular demand