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MKT305
marketingrealpeoplechoices Test 1 1-4
| Question | Answer |
|---|---|
| Deffition of Marketing, | Organizational function for creating, communicating,dilivering value to customers and for manging consumer realionships in ways that benifit the organization and its stakeholders. |
| What do marketers do and why, | create demand for company products, create product offerings that consumers value, in order to make profit and and remain in business. |
| Marketing Concept, | First must identify consumer needs and than provide products that satisfy those needs ensuring the firms long-term profitability. |
| Mass market , | all possible customers in a market reguardless of the diffrence in their needs and wants |
| Marketpalce, | any location or medium used to conduct an exchange. |
| Exchange, | person gives something and gets something in return |
| Market, | All consumers who share common need that can be satisfied by product and have the resources and willingness and authority to make purchase. |
| Industrial goods, | goods bought for futher processing. |
| consumer goods , | bought for personal or family use |
| Value, | ratio of costs(price) to benifits (utilites) |
| Need, | difference between consumers actual state and some ideal or desired state. |
| want, | desire for product we use to satisfy a need in a way that are cuturally and socially influenced |
| Benefit, | Satisfies need and want |
| Utility, | Usefulness or benifit consumer recieve from product |
| 4 forms of utility, | form,place,time,possesion |
| form, | transform raw materials into finished product |
| place, | product avaiable where consumer wants |
| time, | storing products until they are needed |
| possesion, | bennifit to customer to own,use and enjoy product |
| Market position , | ways in which target market percieves product in comparison to competiors brandes. |
| target market, | market segments which organization focuses its marketing plan and efforts. |
| Evolution of marketing, | production era, sales era, realionship era |
| Production era- production orientation, | most efficent ways to produce and distrbute products. works best in selling market |
| Sales era- selling orientation, | sales function, way to move products out of warehouse to reduce inventory |
| realionship era- consumer orienation, | consumers needs and wants |
| total quality management TQM, | all employees form assembly line onward in continous quality improvement |
| costomer realionship management CRM, | tracking consumers preferences and behaviors overtime to tailor value proposition as closely as possible to the needs and wants. |
| Value proposition, | marketplace offereing that fairly and accurately sums up the value that will be realized if good or service is purchased. |
| Consumer generated value, | everyday people functioning in marketing roles |
| Value chain , | activities involved in desiging, producing,marketing and supporting a product. |
| players of value chain logistics, | inbound-materials operations-convert materials outbound- shipping marketing- promoting service- additional support |
| Lifetime value of customer, | amount customer spends subtracted by amount it cost to amintain realionship |
| Distinctive competency, | firm compared to competiors |
| Differential benefit, | properties of products that set them apart from competiors products by providing unique consumer benifits |
Created by:
moorea6
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