chap 4 Flashcards
A study and discussion of the scope and fields of _ _ underscore the value of marketing and product planning for product promotion, the need to plan for new products and to plan for new marketing techniques.
marketing management
This process includes the establishment of price and developing pricing policies, the creation of a system, objectives, limitations of surveying the market as well as the management of personal selling, and the coordination of advertising activities with the other areas of marketing and selling.
marketing management
The development of policies affecting decisions to change product lines, control marketing operations, opening of new markets, or folding existing ones are initiatives within the area of_ _ and _
marketing management and operations.
Businesses continue to face the challenges and opportunities presented by
globalization,
technological advancement,
better communication, and
market deregulation.
_ _ is the entire process of product creation, promotion, selling, delivery, and continuous development.
Marketing management
Within these processes are (10) … to satisfy different types of customers and various entities.
created goods,
services,
experiences,
events,
persons,
places,
properties,
organizations,
information, and
ideas
A _is any individual, organization, or group, which has an existing or potential transaction or exchange, beginning with a customer and ending with another customer.
market
At the core of marketing activities is the _and delivery of _customer value in the form of a _ product or in the provision of a _.
creation ; superior ; manufactured; service
Various marketing concepts intertwine within the marketing management process.
production concept of marketing
product concept of marketing
selling concept of marketing,
profit concept of marketing,
modern marketing concept, and
social marketing concept.
The _ holds that customers are inclined to choose products, which are available and are affordable.
Hence, marketing management efforts should concentrate on efficient production and distribution activities.
production concept of marketing
The _holds that customers are inclined to choose products that provide the best quality, performance, and features.
Hence, marketing management efforts should be devoted to continuous product improvement.
product concept of marketing
The _puts importance on the sales efforts that must be exercised for customers to buy the product or service.
Hence, substantial marketing management efforts should address selling and promotions challenges, using aggressive tools to drive up the sales of products and services.
selling concept of marketing
The __emphasizes that profitability is the responsibility of marketing even if the production and operations side determine the cost of manufacturing products and rendering of service.
Hence, marketing management efforts are maximized at making sure that the right product is brought to the right people, at the right time, with the right price, through the right distribution channel, and using the right promotion. Cost must be minimized at every level so that profit is realized at every level and every function.
profit concept of marketing
The _puts the customer at the center of any marketing effort, valuing his/her satisfaction, unique needs and preferences, and expectations.
Hence, marketing management efforts must be focused on creating the unique selling proposition of the product or service to meet customer requirements.
modern marketing concept
The _ underscores the need for marketing activities to support and ensure social wellbeing.
Hence, marketing management efforts must concentrate in addressing societal concerns such as pollution, scarcity, false advertising, cheap labor in manufacturing places, and inflation.
social marketing concept
integration of the marketing variables of _ _ _ _ and additionally for service customers are _ _ _ _
product, price, place, promotion, ;
people, physical evidence, and process.
The scope of marketing management extends in the ..
planning,
organizing,
implementation and control of product pricing, publicity, distribution, and after sales service.
_ aims to pursue customer conversion to arrest declining product demand, develop markets against latent demand, remarket products and services to overturn faltering demand, and maintain marketing foothold in areas where full demand already exists.
marketing management
product decisions involve determining product features such as _ _ _ _ _
These features are altered according to the identified place of the product in the product cycle of introduction, growth, maturity, and decline.
size,
color,
materials,
form,
composition,
packaging,
product line, and
product purpose.
Determinants of actions, as far as is concerned, would include situation about competitors, differentiation in the extent of buyer awareness, and in the depth of buyer involvement in the product.
The task of _is to persuadé customers to act through making a purchase that is based on any or a combination of personal selling, advertising. sales promotion, point of purchase or product display, public relations campaign, and publicity.
promotion
_is determined and played around based on production cost, level of demand, degree of competition, buyer behavior and market psychology.
Price
_in service marketing account for the skills and personality of people involved in the marketing process, and whether these skills and personality can impact customer relationships and promote customer loyalty.
People
_in service marketing management considers cost efficiency in logistics, delivery, and schedule as well as the kind of experience from the service obtained.
Process
_ _ includes packaging and design for differentiation, information, and adding value to the service and its corollary products.
Physical evidence
_ are value-maximizing entities who form an expectation of value and eventually act on it.
_ will buy from the firm whom they perceive to offer the best customer value, which is the difference between total customer value and total customer cost.
Customers
A _ _ is a function of the product’s perceived performance and the buyer’s expectations.
buyer’s satisfaction
T/F The key to retaining customers is relationship marketing. To keep customers happy, marketers can add financial or social benefits to the products or services, or create structural ties between the company and its customers.
true
_is the totality of features and characteristics of a product or service that bears on its ability to satisfy stated or implied needs.
Total __ is the key to value creation and customer satisfaction.
Quality
Marketing managers have two responsibilities in quality-centered companies.
First, they must participate in formulating strategies and policies designed to help the company win through total quality excellence.
Second, they must deliver marketing quality alongside production quality.
