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Marketing
Chapter 1
| Question | Answer |
|---|---|
| Marketing affects all _____, _____, _____, and _____ | Individuals, organizations, industries, and countries |
| Marketing = | the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organizations, its stakeholders, and society at large. |
| Marketers are _______ _______ | problem solvers |
| Four Factors of Marketing | 1) 2 or more parties 2) Desire and ability on their part to be satisfied 3) A way for parties to communicate 4) Something to exchange |
| Marketing focuses on _______ and ________ consumer needs | Discovering and satisfying |
| ___ % of new products don't succeed | Up to 94% |
| Marketers try to satisfy consumer _____ and consumer ______ | Needs and wants |
| Market= | People with the desire and the ability to buy a specific offering |
| Target market= | one or more specific groups of potential consumers toward which an organization directs its marketing program |
| 4 P's of Marketing | Product Price Placement Promotion |
| Customer Value Proposition= | A cluster of benefits that an organization promises customers to satisfy their needs |
| Environmental Forces= | The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces |
| Customer Value= | The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery and before-sale and after-sale service at a specific price |
| Relationship Marketing= | Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit |
| Marketing Program= | A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| In effective organizations, their marketing programs are ________ | Continuous |
| Marketing Concept= | The idea that an organization should (1) strive to satisfy the needs of the customer (2) while also trying to achieve the organization's goals |
| Market Orientation= | Efforts are focused on (1) continuously collecting information about consumers' needs (2) sharing this information across departments and (3) using it to create customer value |
| Customer Relationship Management (CRM) | The process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace |
| Social Responsibility | the idea that organizations are accountable to a larger society |
| Societal Mrketing Concept | the view that organizations should satisy the needs of consumers in a way that provides for society's well-being |
| Macromarketing | the study of the aggregate flow of a nation's products and services to benefit society |
| Micromarketing | how an organization directs its marketing activities and allocates its resources to benefit its customers |
| Product | any good, service or idea consisting of a bundle of tangible and intangible attributes taht satisfies consumers' needs and is received in exchange for money or something else of value |
| Ultimate Consumers | the people who use the products and services purchased for a household |
| Organizational Buyers | manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale |
| Utility | Created by marketing; the benefits or customer value received by users of the product |
| Four Types of Utility | Form Place Time Possession |
| Form Utility | The production of a product or service |
| Place Utillity | having the offering available where consumers need it |
| Time Utillty | having the offering available when cunsumers need it |
| Possession Utility | the value of making an item easy to purchase through the provision of credit cards or financial arrangement |
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