10.1 marketing basics Flashcards
What are some less obvious examples of marketing activities?
- storing products in warehouses and distribution centers
- moving products to the places where they will be sold or used
- establishing and accepting credit and arranging means of online payment
is budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business’ products and services
financial analysis
involves determining the best ways for customers to locate, obtain, and use the products and services of an organization
distribution
What are some examples of marketing?
- see or hear advertisements for products and services
- see brand names on the packages of food you eat
- see brand names on the clothes you and friends wear
- read product descriptions on a company’s website
- interact with salesperople in your favorite retail store
What happens if a product does not appeal to consumers?
the business will be forced to cut the price, which will lead to lower profits and even losses
persons, companies, and organizations that buy products for the operation of a business, for incorporation into other products and services, or for resale to their customers
business consumers
What are the two types of consumers that businesses can develop products for?
- final consumers
- business consumers
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
marketing
the designing, developing, maintaining, improving and acquiring products and services that meet consumer needs
product and service management
if a product appeals to a group of customers with unsatisfied needs, it has a real chance to ____
succeed
many new businesses ____ because the owners have an idea for a product but fail to consider customers and their needs
many new businesses fail because the owners have an idea for a product but fail to consider customers and their needs
the reasons consumers decide what products and services to purchase
buying motives
if customers do not see a need for a product or believe they have other choices that are better or less costly, the product will likely ______ (succeed/not succeed)
if custoemrs do not see a need for a product or believe they have other choices that are better or less costly, the product will likely NOT succeed
includes a range of activities and a number of businesses in the US economy
marketing
the blending of four marketing elements - product, distribution, price & promotion
marketing mix
the second step in developing a marketing strategy
What are the 2 steps in a marketing strategy?
- identify a target market
- create a marketing mix
the best definition of marketing is:
- promotion and selling
- producing and distributing products and services to customers
- finding customers and convincing them to buy your products
- none of the above is correct
none of the above
marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large
Which of the 7 marketing functions involve careful shipping, handling and storing of products?
distribution
is communicating information about products and services to potential customers
promotion
persons who buy products and services mostly for their own use
final consumers
what is an example of an emotional buying motive?
- buying a home security system to protect your family
- buying gift or card for a holiday
_____ companies such as trucking, railroad, and air freight move products from producers to consumers
transportation companies such as trucking, railroad, and air freight move products from producers to consumers
What are the 5 steps in the consumer decision making process?
- recognize a need
- gather information
- select and evaluate alternatives
- make a purchase decision
- determine the effectiveness of the decision
What does a successful marketing mix do?
satisfies the needs and wants of the target market
What is an example of a rational buying motive?
- when you buy a new car, you consider fuel use and repair costs to get the most cost effective one
- when choosing a college, you compare cost of tuition and reputation of the college
Marketing ____ include advertising agencies and marketing research firms
marketing businesses include advertising agencies and marketing research firms
a company’s plan that identifies how it will use marketing to achieve its goals
marketing strategy
considers the needs of customers when developing a marketing mix
marketing orientation
purchases guided by facts and logic
rational buying motives
_____ services companies issue and manage credit cards
fianancial services companies issue and manage credit cards
they can also provide loans to businesses for purchasing raw materials and finished goods
Does the consumer decision making process always take the same length of time to complete?
- no, the length of time it takes to complete the process and the information used to complete each step is very different from one consumer to another
Which of the 7 marketing functions involve salespeople talking to customers in stores, on telephone, videoconferencing or online chats?
selling
the two steps in a marketing strategy are:
- developing a product and promoting it to consumers
- identifying a target market and developing a marketing mix
- conducting marketing research and planning production
- pricing a product and distributing it to customers
identifying a target market and developing a marketing mix
the setting and communicating the value of products and services
pricing
purchases guided by feelings, beliefs, and attitudes
emotional buying motives
which of the following is an example of a rational buying motive?
- love
- fear
- economy
- self-image
economy
marketing activities usually cost ___ percent or more of the selling price of a product or service
marketing activities usually cost 50% or more of the selling price of a product or service
What are the 7 marketing functions?
- product and service management
- distribution
- selling
- marketing information management
- financial analysis
- pricing
- promotion
What do businesspeople do with a marketing orientation?
- businesspeople don’t assume they know what customers want
- they use research to study customers and their needs
- the results of the research are used to plan a marketing mix designed to satisfy those needs
- example - cruise ship company
Which of the 7 marketing functions includes companies receiving loans from banks for expansion?
financial analysis
obtaining, managing, and using market information to improve business decision making and the performance of marketing activities
marketing-information management
a specific group of consumers who have smiliar wants and needs
target market
first step in marketing strategy
is communicating directly with potential customers to determine and satisfy their needs
selling
shipping and _____ companies provide express pickup and delivery of documents and packages
shipping and delivery companies provide express pickup and delivery of documents and packages
Which of the 7 marketing functions include tv commercials, coupons, internet and direct mail?
promotion
understanding the motives of consumers helps businesses plan a ______
marketing mix
the specific sequence of steps consumers follow to make a purchase
consumer decision-making process
wholesalers and ____ participate in the distribution, storage, and sale of products to connect manufacturers and their customers
wholesalers and retailers participate in the distribution, storage, and sale of products to connect manufacturers and their customers
Which of the 7 marketing functions develop new products?
product and service management
