Ch. 1 Study Guide Flashcards
What is marketing?
the activity for creating, communicating, delivering, and exchanging offerings that benefit customers, the organization, and society at large.
Marketing focuses on ___ and ____ consumer needs.
Discovering; Satisfying
What four factors are needed for marketing to occur?
- Two/more parties with unsatisfied needs
- A desire and ability on their part to have their needs satisfied
- A way for the parties to communicate
- Something to exchange
An organization can’t satisfy the needs of all consumers, so it must focus on subgroups which are its ____ _____.
target markets
What are the 4 marketing mix elements that make up the organization’s marketing program?
Price
Product
Promotion
Place - Distribution
What are the environmental forces?
- Laws and regulations
- The economy
- Other organizations
- Technology
- Society
What are the two key characteristics of the marketing concept?
- Strive to satisfy consumer needs
- Achieve organizational goals
What is the difference between organizational buyers and ultimate consumers?
Organizational Buyers: Purchase products for organizational use/resale
Ultimate consumers: purchase products for their households
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 is referred to as ______.
Marketing
What are the 4 Ps of the marketing mix?
- Product
- Price
- Promotion
- Place
What are the marketing manager’s controllable factors?
The marketing mix; 4 Ps
The marketing manager’s controllable factors - product, price, promotion, place - that can be used to solve a marketing problem are referred to as _____.
the marketing mix
Which of the following best describes a service?
a. The benefits organizations receive in exchange for selling products
b. thoughts about concepts, actions, or causes
c. comprise the subset of tangible features of products
d. intangible items
e. Physical objects
d. intangible items
The marketing mix refers to ______.
The marketing manager’s controllable factors; product, price, promotion, and place that can be used to solve a marketing problem.
In 1952, GE’s annual report stated, “The concept introduces marketing at the beginning rather than at the end of the production cycle and integrates marketing into each phase of the business,” this statement has come to be known as the ____ _____.
marketing concept
____ is 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
_____ is the element of the marketing mix that describes a means of getting the product to the consumer.
Place/Distribution
Which of the following is NOT an environmental force?
a. commercial
b. technological
c. regulatory
d. economic
e. social
a. commercial
All of the following are marketing mix strategies that Chobani used to sell yogurt EXCEPT ___.
a. air a Super Bowl commercial featuring a large bear looking for a snack
b. sponsor US Olympic and Paralympic teams
c. rely on word of mouth to reach new customers
d. use Facebook, YouTube, and other social media to promote Chobani yogurt.
e. price the Chobani yogurt line below its major competitors to increase sales and market share
e. Price Chobani yogurt line below its major competitors to increase sales and market share.
Exchange
the trade of things of value between a buyer and seller so that each other is better off after trade.
Market
consists of people with both the desire and ability to buy a specific offering.
Target market
one or more specific groups of potential consumers toward which an organization directs is marketing program.
Customer Value Proposition
the cluster of benefits that an organization promises to customers to satisfy their needs.
Environmental forces
the uncontrollable forces that affect marketing decision that consists of
social forces
economic forces
competitive forces
regulatory forces
Customer Value
the unique combination of benefits received by targeted buyers that include quality, convenience, on-time delivery, and both before sale and after sale service at a specific price.
Relationship marketing
links the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit.
Marketing program
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers.
Market segments
the relatively homogeneous groups of prospective buyers that
1. have common needs
2. will respond similarly to a marketing action.
Marketing concept
the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve organization’s goals.
Marketing orientation
occurs when an organization focuses its efforts on 1 continuously collecting information about customers’ needs, 2 sharing this information across departments, and 3 using it to create customer value.
Customer relationship management (CRM)
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.
Customer experience
the internal response that customer have to all aspects of an organization and its offerings
Societal marketing concept
the view that organizations should satisfy the needs of consumers in a way that provides for society’s well-being
Product
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.
Ultimate consumers
the people who use the products and services purchased for a household.
Organizational buyers
those manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale.
Utility
the benefits or customer value received by users of the product.
