Ch 1 ACCESS power point Flashcards
Delivering value to customers is the main goal of
Marketing
What does marketing seek to do?
Discover needs and wants of customers
Satisfy customers
What is the key to achieving customers and to discover their wants and needs?
Exchange
the trade of things of value between a buyer and a seller so that each is better off after the trade is known as
Exchange
A ________ consists of people with both the desire and the ability to buy a specific offering.
Market
What are the diverse elements that influence marketing actions?
- Mission and objectives determine the business and goals
- Management establishes goals
- marketing works with other departments to provide customer-satisfying products
- Society
- Environmental forces shape marketing actions
Figure 1-1 slide 8
What are the 4 things needed for marketing to occur?
- Two+ parties with unsatisfied needs.
- A desire and ability to be satisfied.
- A way for the parties to communicate.
- Something to exchange.
T/F- 40% of new products fail
True
T/F- It takes 3,000 ideas to generate one commercial success
True
A ________ ________ consists of one or more specific groups of potential consumers toward which an organization directs its marketing program.
Target Market
What term consists of the controllable factors— product, price, promotion, and place—that can be used by the marketing manager to solve a marketing problem.
Marketing Mix
Which 4 P’s focuses on the good, service, or idea?
Product
Which 4 P’s focuses on something to exchange?
Price
Which 4 P’s focuses on the communication between buyer and seller?
Promotion
Which 4 P’s focuses on how the product gets to the consumer?
Place
What are the 5 uncontrollable environmental factors?
Social
Competitive
Economic
Regulatory
Technological
The uncontrollable forces that affect a marketing decision and consist of social, economic, technological, competitive, and regulatory forces is known as
Environmental Forces
The marketing program focuses on how customer relationships are built. What are the 3 requirements?
Gaining loyal customers
Creating customer value
Customer value strategies:
Best Price
Best Servie
Best Product
The unique combination of benefits
received by targeted buyers that includes quality, convenience,
on-time delivery, and both before-sale and after-sale service at
a specific price is known as
Customer Value
What term links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.
Relationship Marketing
T/F- Relationship marketing converts needs into products by creating marketing programs and/or marketing segments
True
What term focuses on meeting the needs of a customer
Marketing Concept
What term focuses on creating customer value
Market Orientation
When companies develop codes of conduct, policies, and guidelines this is known as
Ethics
The view that organizations should satisfy the needs of consumers in a way that provides for society’s well- being is known as the
Societal Marketing Concept
Who buys and uses what is marketed?
Ultimate consumers
Organizational Buyers
Who benefits from the market?
Consumers who buy
Organizations that sell
society as a whole
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers is known as
Marketing Programs
What term can be described as the relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will
respond similarly to a marketing action.
Market Segments
the idea that an organization should
(1) strive to satisfy the needs of consumers and (2) while also trying to achieve the organization’s goals.
This is know as
Marketing Concept
when an organization focuses its efforts
on
1) continuously collecting information about customers’ needs
2) sharing this information across departments
3)using it to create customer value.
this is known as the
Market Orientation
the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of
the organization and its offerings so that buyers will choose them in the marketplace and become advocates after their purchase. This is known as
Customer Relationship Management
the internal response that customers have to all aspects of an organization and its offering is known as
Customer experience
a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else
of value.
Product
What term consist of the people who use the
products and services purchased for a household. Also called consumers, buyers, or customers.
Ultimate Consuners
What term can be described as those manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and
government agencies that buy products and services for their own use or for resale.
Organizational Buyers
What term consists of the benefits or customer value received by users of the product
Utility
