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

Defined in its most historical and simplest form, marketing is essentially an exchange process in which one party, the consumer, receives something to satisfy a perceived need.

Interactive marketing refers to buyer-seller communication in which the customer controls the amount and type of information received from a marketer.

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 -Corporations that voluntarily recycle paper, glass and electronics practise _____.

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 Canadian Cancer Society in the private sector and The Department of National Defence in the public sector are examples of _____.

What type of orientation does a company have when it assumes that customers will resist purchasing products not deemed essential and, therefore, the marketing department must overcome this resistance through personal selling and advertising?

What is the role of marketing in sustainability efforts?

What is included in the facilitating functions of marketing?

The application of relationship marketing requires attention to levels of customer loyalty. What is the highest level, as defined by this type 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 -Many not-for-profits use _____ in order to influence people to accept their goals or contribute in some way.

Explain the essence of marketing.

Firms that make the most efficient use of buzz marketing claim that it is a "one-way" approach to building customer relationships.

The cost of finding new customers is far less than the cost of keeping old ones.

Which statement best describes relationship marketing?

List the five eras in marketing history in chronological order. Briefly describe the philosophy behind each era.

Celebrities such as Sidney Crosby and Drake use person marketing to increase their value in the marketplace.

According to relationship marketing, the lifetime value of a customer should exceed the investment made by the firm to attract and keep the customer.

International markets are becoming more important but less interdependent than in years past. This trend is due to growth in electronic commerce and other computer technologies that have simplified the way business is conducted.

What utility does Purolator create when the company offers a variety of package delivery services?

Explain the need for and the role of marketing in not-for-profit organizations?

Which statement best describes not-for-profit organizations?