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ba 370 (marketing) > chapter 1 > Flashcards

chapter 1 Flashcards

1
Q

(QUIZ) Which of these is not a responsibility of marketing?

Ensuring that a firm understands its customers
Finding the best ways of reaching those customers with product
information
Encouraging customers to make purchase decisions
Fulfilling product shipments

A

Fulfilling product shipments

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2
Q

QUIZ: True or False: The customer should ideally be at the center of the marketing process.

A

True

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3
Q

QUIZ: According to the most recent marketing mix, how many Ps are there in total?

6
10
4
7

A

7

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4
Q

QUIZ: Consider a candy bar sold in a vending machine. The vending machine would represent which of the Ps of the marketing mix?

Product
Process
Place
Promotion

A

Place

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5
Q

QUIZ: A restaurant’s decor would be considered which of the 7 Ps?

Product
Physical Evidence
Price
Place

A

Physical Evidence

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6
Q

QUIZ: How do the selling concept and the marketing concept differ?

The marketing concept focuses on creating a product around demand. The selling concept focuses on creating demand around aproduct.

They do not differ.

The marketing concept focuses on advertising while the selling
concept focuses on frontline employees.

The marketing concept focuses on creating demand for a product. The selling concept focuses on creating products around demand.

A

The marketing concept foouses on creating a product around demand. The selling concept focsues on creating demand around a product.

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7
Q

QUIZ: Which of these is NOT an example of price?

Frequent-customer discounts
odd pricing (.99)
Bundle pricing
All of these are examples of price

A

All of these are examples of price

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8
Q

QUIZ: Which of these is NOT true about the 7 Ps of marketing?

The customer is at the center
The 7 Ps focus on advertising
The mix of the 7 Ps can provide differentiation
The pieces are interdependent

A

The 7 Ps focus on advertising

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9
Q

QUIZ: Which of the 7 Ps of marketing is especially crucial in the services industry?

Process
Price
Place
Product

A

Process

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10
Q

QUIZ: True or False: The marketing mix framework shows that promotion is not all that marketing is.

A

True

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11
Q

QUIZ: Why are relationships important in marketing?

Happy customers are more immune to competing offers.
Happy customers are willing to pay more for solutions from the brands they love
Happy customers will readily advocate for their favorite brands through word-of-mouth marketing.
All of these are reasons why relationships are important in marketing.

A

All of these are reasons why relationships are important in marketing.

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12
Q

Marketing is a very strategic function inside a company and is responsible for

A

ensuring that a firm understands its customers
find the best ways of reaching those customers with product information
encouraging customers to make purchase decisions
turning customers into brand loyalists

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13
Q

is marketing and advertising the same?

A

no! advertising is just one component of markwting but they are not synonymous to each other

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14
Q

define marketing

A

marketing is the activity, set of institutions and processes for creating, communicating, delivering anf exchanging offerings that have value for customers, clients, partners and society at large

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15
Q

define marketing concept

A

the marketing concept puts marketing at the befinning of the process not the end.

management orientation that focuses on identifying and satisfying consumer needs

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16
Q

is marketing a specialized activity?

A

no! it encompasses the entire business and the concern and responsibility for marketing must oermeate all areas of the enterprise

17
Q

what is the selling concept?

A

the tendency to focus on selling CURRENT products and services to customers

FOCUS ON CREATING DEMAND AROUND A PRODUCT

starting point: the company
focus: exsistint products
outcome: short term profits through sales volume

18
Q

what is the marketing concept?

A

it is a management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long term profability.

first finding out what the customer wanted and then providing them it

FOCUS ON CREATING A PEODUCT AROUND DEMAND

starting point: customer segment
focus: customer needs
outcome: long term profits through customer satisfaction

19
Q

what is marketing management?

A

marketing management is the proceds of setting marketing goals, the planning and execution of activities to meet these goald and measuring progress toward their achievement

20
Q

what is the marketing mix

A

the building blocks that a marketer can adjust to affect the overall marketing strategy of a product

21
Q

the 4 Ps of marketing

A

product
place
price
promotion

22
Q

product

A
  • product quality
  • packaging
  • other attributed (flavor, color)

the charactetistics of the product
a product is a good or service that satusfies a customer’s needs

23
Q

place

A
  • physical storefront
  • website
  • kiosk

the means of getting the good or service to the customer. where is it distributed?

24
Q

price

A
  • package pricing
  • volume discounts
  • cost-based
  • odd-pricing
  • bundle pricing

the amount being charged for the good or service. this includes promitiond and discounts

25
Q

promotion

A
  • advertising (tv, social media)
  • public relations
  • sponsorships
  • direct mailers or buzz marketing

any communication from a marketer to inform and persuade the customer of the product value

26
Q

the 7 Ps of marketing

A
  • product
  • place
  • price
  • promotion
  • PHYSICAL EVIDENCE
  • PEOPLE
  • PROCESS
27
Q

physical evidence

A
  • decor
  • lighting
  • music
  • candles
  • signage
  • uniforms

the tangible elemenwts in the place that the good or service is sold

sees, hears, smells when purchasing

28
Q

people

A
  • customer facing employees
  • customer service representatives
  • salespeople

the human actors WHO PROVIDE the goods and services to the customer. even with technology there are always people who provide

29
Q

process

A
  • blueprint or outlines
  • supply chain
  • marketing research
  • content creations
  • distribution channels and layout

espeically crucial in the services industry

the flow of activities involved in providing goods, serviced and ideas to the customer.

30
Q

important notes about the 7 Ps

A
  • the customer is at the center
  • the pieces are interdependent
  • the mix of the 7 Ps can provide differntiation (what makes a product unique)

ba 370 (marketing) (16 decks)

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