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