chapter 1 Flashcards
(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
Fulfilling product shipments
QUIZ: True or False: The customer should ideally be at the center of the marketing process.
True
QUIZ: According to the most recent marketing mix, how many Ps are there in total?
6
10
4
7
7
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
Place
QUIZ: A restaurant’s decor would be considered which of the 7 Ps?
Product
Physical Evidence
Price
Place
Physical Evidence
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.
The marketing concept foouses on creating a product around demand. The selling concept focsues on creating demand around a product.
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
All of these are examples of price
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
The 7 Ps focus on advertising
QUIZ: Which of the 7 Ps of marketing is especially crucial in the services industry?
Process
Price
Place
Product
Process
QUIZ: True or False: The marketing mix framework shows that promotion is not all that marketing is.
True
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.
All of these are reasons why relationships are important in marketing.
Marketing is a very strategic function inside a company and is responsible for
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
is marketing and advertising the same?
no! advertising is just one component of markwting but they are not synonymous to each other
define marketing
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
define marketing concept
the marketing concept puts marketing at the befinning of the process not the end.
management orientation that focuses on identifying and satisfying consumer needs
is marketing a specialized activity?
no! it encompasses the entire business and the concern and responsibility for marketing must oermeate all areas of the enterprise
what is the selling concept?
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
what is the marketing concept?
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
what is marketing management?
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
what is the marketing mix
the building blocks that a marketer can adjust to affect the overall marketing strategy of a product
the 4 Ps of marketing
product
place
price
promotion
product
- 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
place
- physical storefront
- website
- kiosk
the means of getting the good or service to the customer. where is it distributed?
price
- package pricing
- volume discounts
- cost-based
- odd-pricing
- bundle pricing
the amount being charged for the good or service. this includes promitiond and discounts
promotion
- 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
the 7 Ps of marketing
- product
- place
- price
- promotion
- PHYSICAL EVIDENCE
- PEOPLE
- PROCESS
physical evidence
- decor
- lighting
- music
- candles
- signage
- uniforms
the tangible elemenwts in the place that the good or service is sold
sees, hears, smells when purchasing
people
- 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
process
- 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.
important notes about the 7 Ps
- the customer is at the center
- the pieces are interdependent
- the mix of the 7 Ps can provide differntiation (what makes a product unique)
