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Kotler 4th Ch1
Marketing BUS655
| Question | Answer |
|---|---|
| - is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. | Marketing |
| -is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. | Marketing management |
| What is Marketed? | Goods, Services, Events, Experiences, Persons, Places, Properties, Organizations, Information, Ideas |
| A market is a grouping of customers: | Need markets, Product markets, Demographic markets, Geographic markets, Other |
| Someone who seeks a response from another party, called a prospect. | Marketer |
| What is this process? Analyze Marketing Opportunities Select Target Markets Design Marketing Strategies Develop Marketing Programs Manage the Marketing Effort | Marketing Process |
| What are the following? Needs, wants, and demands Target markets, positioning, and segmentation Offerings and brands Value and Satisfaction Marketing Channels Supply Chain Competition Marketing Environment | Core Marketing Concepts |
| ___________ is a basic human requirement | Need |
| ___________ directed to specific objects that might satisfy the need | Wants |
| ___________ wants for specific products backed by an ability to pay | Demands |
| What are the following? Stated Needs Real Needs Unstated Needs Delight Needs Secret Needs | Types of Needs |
| _______________ identify and profile distinct groups of buyers examining demographic, psychographic, and behavioral differences | Segmentation |
| ______________segments presenting the greatest opportunity. | Target Markets |
| —a set of benefits offered to satisfy customers’ needs. | Value proposition |
| —a combination of products, services, information, and experiences. | Offering |
| —an offering from a known source. | Brand |
| What is the customer triad? | Quality, Service, and Price |
| -the sum of the perceived tangible and intangible benefits and costs to customers. | Value |
| -a person's comparative judgment of a product's perceived performance (or outcome) in relation to expectation. | Satisfaction |
| —deliver and receive messages from target buyers. | Communication channels |
| —display, sell, or deliver the physical product or service(s) to the buyer or user. | Distribution channels |
| —carry out transactions with potential buyers. | Service channels |
| What are the following? Production Product Marketing Holistic Selling | Company Orientations |
| What is the following concept? Premise: consumers prefer products that are widely available and inexpensive. Focus on: High production efficiency Low costs Mass distribution | Production Concept |
| What is the following concept? Premise: consumers favor products offering the most quality, performance, or innovative features. Focus on: Making superior products Improving them over time | Product Concept |
| What is the following concept? Premise: customers, if left alone, will not buy enough of the organization’s products. Focus on: Aggressive selling and promotion efforts | Selling Concept |
| What is the following concept? Premise: find the right product for your customers. Focus on: Needs of the buyer | Marketing Concept |
| What is the following concept? Premise: “everything matters” with marketing. Focus on: Relationship marketing Integrated marketing Internal marketing Performance marketing | Holistic Marketing Concept |
| - aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business. | Relationship marketing |
| - requires the marketer to devise marketing activities and assemble fully integrated marketing programs that create, communicate, and deliver value for customers. Marketing activities include the four “Ps.” | Integrated marketing |
| What is the Marketing Mix? | Product Price Promotion Place |
| Four Ps and Customer Questions (SIVA) Solution - How can I solve my problem? | Product |
| Four Ps and Customer Questions Information - WHere can I learn more about it? | Promotion |
| Four Ps and Customer Questions (SIVA) Value - What is my total sacrifice to get this solution? | Price |
| Four Ps and Customer Questions (SIVA) Access - Where can I find it? | Place |
| -ensures that everyone in the organization embraces appropriate marketing principles, especially senior management. Everyone must “think customer.” | Internal marketing |
Created by:
saxdoctor
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