Exam 1: Marketing: the Art and Science of Satisfying Customers

Describe the process of relationship building in marketing.

What type of marketing is an example of traditional marketing, as opposed to non-traditional marketing?

Form utility refers to conversion of raw materials and components into finished goods and services.

How many not-for-profit and charity organizations are there in Canada?

Which statement best describes the idea of marketing?

Match each definition to the corresponding term. a.utility b.buzz marketing c.exchange process d.seller's market e.buyer's market f.marketing myopia g.social responsibility h.relationship marketing i.person marketing j.place marketing k.event marketing l.organization marketing m.interactive marketing n.lifetime value of a customer o.social marketing p.one-to-one marketing q.strategic alliances r.not-for-profit organizations s.ethics t.mobile marketing u.wholesalers v.transaction-based marketing -For-profit organizations and not-for-profit organizations often form _____.

The existence of the World Trade Organization, the passage of the North American Free Trade Agreement, and the creation of the euro are examples of protectionism on the part of nations concerned with increased globalization of the marketplace.

Under the relationship marketing concept, employees within a firm need not apply the same high standards of customer satisfaction to internal relationships at they do to external customer relationships.

Approximately what percentage of large companies offer some sort of ethics training for workers?

What does interactive marketing refer to?

What do we call the organizational function and set of processes that create, communicate, and deliver value to customers, and that manages customer relationships in ways that benefit the organization and its stakeholders?

Which statement best describes the state of the global marketplace?

In today's competitive environment, attracting new customers is important but maintaining loyal customers is even more critical.

Explain the concept of marketing. What are some common misconceptions about marketing?

The marketing concept focuses on the objective of achieving short-term profits instead of long-run success during tough economic times.

On account of their unselfish goals of serving society, not-for-profit organizations are not required to have marketing objectives.

Define lifetime value of a customer. How has Apple Computer, with the development of the iPod product line and iTunes software, gained a competitive advantage over competitors such as Napster? Will Apple experience a higher or lower lifetime value of a customer and why?

Relationship marketing relies more heavily on information technologies than transaction marketing.

Define ethics and social responsibility. Why are these two concepts important for marketers? Give an example of each behaviour.

Match each definition to the corresponding term. a.utility b.buzz marketing c.exchange process d.seller's market e.buyer's market f.marketing myopia g.social responsibility h.relationship marketing i.person marketing j.place marketing k.event marketing l.organization marketing m.interactive marketing n.lifetime value of a customer o.social marketing p.one-to-one marketing q.strategic alliances r.not-for-profit organizations s.ethics t.mobile marketing u.wholesalers v.transaction-based marketing -The use of online social media as a communications channel for marketing messages is known as _____.