Ch 1 Strategic Marketing Flashcards

0
Q

What is the importance of customers

A

Customers are the focal point of all marketing activities

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1
Q

Define marketing

A

Process of creating, distributing, promoting, pricing goods, services and ideas to facilitate satisfying exchange relationships with customers to develop and maintain favorable relationships with stakeholders in a dynamic environment

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2
Q

Defined target market

A

A specific group of customers on whom an organization focuses its marketing efforts

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3
Q

What are the components of strategic marketing

A

Customer, product, distribution, promotion, price, economic forces, political forces legal and regulatory forces, technology forces, sociocultural forces competitive horses.

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4
Q

DeFine marketing

A

Four marketing activities – product, pricing, distribution, and promotion – that a firm can control to meet the needs of customers within its target market

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5
Q

What is a primary goal of a marketing manager

A

To create and maintain the right mix of marketing elements to satisfy customers needs of a general product type

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6
Q

What is the product variable of the marketing mix

A

It deals with researching customers needs and wants and designs a product that satisfies them

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7
Q

Define product

A

A good, a service, or an idea

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8
Q

Describe a good

A

A physical entity you can touch

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9
Q

Define a service

A

The application of human and mechanical efforts to people or objects to provide intangible benefits to customers

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10
Q

Defined ideas

A

Include concepts, philosophies, images, and issues

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11
Q

Describe the distribution variable

A

To satisfy customers, products must be available at the right time and in convenient locations. A marketing manager makes products available in the quantities desired to as many target market customers as possible

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12
Q

Describe the promotion variable

A

Relates to activities used to inform individuals or groups about the organization and its products

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13
Q

Describe the price variable

A

Relates to decisions and actions associated with establishing pricing objectives and policies and determining product prices

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14
Q

What variable is a critical component of the marketing mix? Why?

A

The price variable, because customers are concerned about the value obtained an exchange

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15
Q

What is an important element of managing long-term customer relationships and implementing the marketing concept

A

Value

16
Q

Define value

A

The customer subjective assessment of benefits relative to cost in determining the worth of a product (customer value = customer benefits - customer costs)

17
Q

Describe customer benefits

A

Includes anything a buyer receives in an exchange

18
Q

Describe customer costs

A

Include anything a buyer must give up to obtain the benefits the product provides