Chapter 1 – What is Marketing?
This is the process of creating, communicating, delivering, and exchanging offerings that have value for customers.
Answer: What is marketing?
The physical aspects of a selling environment like music, lighting, and layout are called what?
Answer: What are atmospherics?
Dividing the total market into groups with similar needs or characteristics is called what?
Answer: What is market segmentation?
This term describes the huge volume of online and offline data collected about consumers.
Answer: What is Big Data?
Selling products to foreign buyers without major investment abroad is known as what?
Answer: What is exporting?
This is the group of actual and potential buyers a company aims to serve with its products.
Answer: What is a target market?
Maslow’s theory says people must satisfy these basic needs before moving to higher-level needs.
Answer: What are physiological needs (like food and water)?
Segmenting by age, income, or gender falls under this type of segmentation.
Answer: What is demographic segmentation?
The first step in the marketing research process.
Answer: What is define the problem?
When two companies share ownership to enter a new market together, it’s called a what?
Answer: What is a joint venture?
What is the marketing mix?
Answer: What is product, price, place, and promotion.
When someone questions their decision after buying a product, they experience this.
Answer: What is postpurchase dissonance?
When a firm targets one single market segment with one marketing mix, it’s called this strategy.
Answer: What is concentrated marketing?
Information collected firsthand for a specific study is called what?
Answer: What is primary data?
Changing a product or ad to fit local culture or preferences is known as what?
Answer: What is adaptation?
What are the modern 4 P's?
Answer: Creating, Communicating, Delivering, Exchanging
This type of buying decision involves little thought, low risk, and low price.
Answer: What is a low-involvement decision?
This type of segmentation divides people based on their activities, interests, and opinions.
Answer: What is psychographic segmentation?
These professionals ensure companies collect consumer data legally and ethically.
Answer: Who are Chief Privacy Officers (CPOs)?
What is one benefit of using the same marketing strategy around the world?
Answer: What is a consistent brand image (or lower marketing costs)?
Explain how the idea of exchange is central to marketing. Provide one real-world example.
Answer: What is that marketing occurs when people exchange something of value — for example, money for goods, time for services, or attention for content — such as a customer buying coffee from Starbucks in exchange for payment and brand experience?
Explain how culture and subculture influence what consumers purchase.
Answer: What is that culture shapes beliefs and buying norms, while subcultures influence niche or group preferences (e.g., vegan, gamer, or hip-hop communities)?
Explain the difference between market development and product development strategies.
Answer: What is that market development means entering new markets with existing products, while product development means creating new products for existing markets?
After collecting survey data, researchers remove duplicate responses and check for errors before analyzing results. What is this process called?
Answer: What is data cleaning?
Give one example of how culture can affect how a company markets its product.
Answer: What is for example, using different colors, foods, or messages that match local traditions — like KFC offering rice dishes in Asia?