ADM 2320 Flashcards
Midterm
What is marketing?
A set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships.
What are the four components of the marketing mix (4Ps)?
Product (creating value), Price (transacting value), Place (delivering value), and Promotion (communicating value).
What is a target market?
A customer segment to whom the firm is interested in selling its products and services.
What is a marketing exchange?
The trade of things of value between the buyer and the seller so that each is better off as a result.
What are the four orientations of marketing?
Product orientation, sales orientation, market orientation, and value-based orientation.
What is product orientation?
A focus on developing and distributing innovative products with little concern about whether the products best satisfy customer needs.
What is sales orientation?
A focus on selling as many products as possible rather than ensuring they meet consumer needs.
What is market orientation?
A strategy that starts with identifying what consumers want and need before designing and selling products.
What is value-based orientation?
A marketing approach focused on creating long-term relationships, balancing benefits and costs, and considering social and environmental responsibility.
What are the three components of a value-based marketing strategy?
People (consumer needs & wants), Profits (long-term relationships), and Planet (social and environmental responsibility).
What is the role of supply chain management in marketing?
Ensuring products are delivered to the right customers at the right time by coordinating supply chain activities.
What are the three types of marketing transactions?
B2B (business-to-business), B2C (business-to-consumer), and C2C (consumer-to-consumer).
What are the core functions of promotion in marketing?
Informing, persuading, and reminding potential buyers to influence their opinions or elicit a response.
Why is marketing important for firms?
It helps firms understand customer needs, expand their global presence, and create value for customers.
How does marketing enrich society?
By promoting corporate social responsibility, ethical business practices, and community engagement.
How do firms create and provide value to customers?
By building and maintaining a loyal customer base, establishing strong brand positioning, and leveraging influencers.
How does marketing occur in different settings?
It happens in profit and nonprofit entities, developing economies, and across entire industries.
What role does social media play in modern marketing?
It helps brands connect with customers, build relationships, and drive engagement.
What factors must businesses balance when setting prices?
Customer willingness to pay, perceived value, and costs of production.
How do firms become more value-driven?
By sharing information, balancing benefits and costs, building relationships, and using technology to engage customers.
Why is sharing information important for marketing success?
It helps firms understand customer preferences, forecast demand, and coordinate supply chain activities.
