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Marketing CH 1
| Question | Answer |
|---|---|
| What is Marketing? | The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have VALUE for customer, clients, partners, and society at large. |
| Marketing serves both buyers and seller and seeks to discover the _____ and _____ of prospective customers and to satisfy them. | needs and wants |
| What 4 steps need to happen for marketing to occur? | 1. Two or more parties with unsatisfied needs 2. A desire and ability on their part to have their needs satisfied 3. A way for parties to communicate 4. Something to exchange |
| Marketing _________ and ________ consumer needs. | discovers and satisfies |
| What is a Market? | People with both the desire and the ability to buy a specific offering. |
| What is a Target Market? | One or more specific groups of potential consumers towards which an organization directs its marketing program. |
| What are the 4 P's? | Products, Price, Promotion, Place |
| A good, service, or idea to satisfy the consumer's needs. | Product |
| What is exchanged for the product | Price |
| A means of communication between the buyer and the seller. | Promotion |
| A means of getting the product to the consumer. | Place |
| What are Environmental Forces? | The uncontrollable forces that affect a marketing decisions. |
| What are the 5 categories of environmental forces? | Social, Economic, Technological, Competitive, Regulatory |
| What is the Marketing Mix? | The controllable factors - Product, Place, Promotion, and Place |
| What is Customer Value? | The unique combination of benefits received by the targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. |
| What is Relationship Marketing? | Links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit. |
| What is Marketing Program? | A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. |
| What is Market Segments? | The relatively homogeneous groups of prospective buyers who (1) have common needs and (2) will respond similarly to marketing action. |
| What is Ultimate Consumers? | The people who use the products and services purchased for a household. Also called consumers, buyers, or customers. |
| What is Organizational Buyers? | Those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale. |
| What does Marketing create? | Utility |
| What is Utility? | The benefits or customer value received by users of the product. |
| What is Market Orientation? | An organization's market orientation focuses its efforts on continuously collecting information about customer's needs, sharing this information across departments, and using it to create customers value. |
| What is Societal Marketing Concept? | The view that organizations should satisfy the needs of consumers in a way that provides for society's well being. |
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