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MKTG 800 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

A societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging goods and services of value with others

A

Marketing according to Philip Kotler

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2
Q

Set of activities, set of institutions and processes for
creating, communicating, delivering and exchanging
offerings that have value for customers, clients, partners
and society at large.

A

Marketing according to Philip Kotler

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3
Q

An organizational function and a set of processes for
creating, communicating, delivering value for customers
and for managing customer relationships in ways that
benefit the organizations and its stakeholders.

A

Marketing according to Philip Kotler

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4
Q

The performance of business activities that directs the flow of goods and services from producer to consumer or user.

A

Marketing according to Philip Kotler

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5
Q

the study, planning,
implementation and control of programs intended to form,
make and preserve equally beneficial exchanges and
relationships with the target markets for the reason of
reaching organizational objectives.

A

Marketing Management

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6
Q

the process of planning, executing, and tracking the marketing strategy of an organization. This includes the marketing plan, campaigns, strategies and tactics used to create and meet the demand of target customers to drive profitability
(Dickerson, 2022).

A

Marketing Management

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7
Q

The group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by the law to acquire the
product.

A

Market

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8
Q

The physical market where goods and services are
traditionally bought and sold.

A

Marketplace

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9
Q

The virtual market where transactions are conducted
online

A

Market Space

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10
Q

THREE TYPES OF MARKET
(COBI)

A

● CONSUMER MARKET ●BUSINESS MARKET ●INSTITUTIONAL MARKET

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11
Q

consumer market is also known as?

A

B2C market (business to consumer market)

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12
Q

It is the end consumers of various merchandise like
products that are purchased by the consumer for their
own or household usage that constitutes the consumer
market.

A

consumer market

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13
Q

business market is also known as?

A

B2B (business to business)

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14
Q

A market where output of one form goes either as raw material, or as processed goods, or as consumable goods into another industry.

A

business market

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15
Q

Buyers buy goods to resell at some point of time for profit

A

business market

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16
Q

The purchase is done by institutions, organizations.

A

Institutional Market

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17
Q

it is not for profit making. It is not for reselling to any third party.

A

institutional market

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18
Q

TEN TYPES OF ENTITIES THAT CAN BE MARKETED (GSEEPPPOII)

A

1.GOODS
2.SERVICES
3.EXPERIENCES
4.EVENTS
5.PERSONS
6.PLACES
7.PROPERTIES
8.ORGANIZATIONS
9.INFORMATIONS
10.IDEAS

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19
Q

Physical goods constitute the bulk of most countries’ production and marketing effort.

A

Goods

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20
Q

Particularly food, commodities, clothing, and housing

A

Goods

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21
Q

Include airlines, hotels, and maintenance and repair people, as well as professionals such as accountants, lawyers, engineers, and doctors.

A

services

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22
Q

By orchestrating several services and goods, one can create, stage, and market experiences.

A

experience

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23
Q

Marketers promote time-based events, such as the Olympics, trade shows, sports events, and artistic performances.

A

events

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24
Q

Celebrity marketing has become a major business.

A

persons

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25
Q

Artists, musicians, CEOs, physicians, high-profile lawyers and financiers, and other professionals draw help from celebrity marketers.

A

persons

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26
Q

Place marketers include economic development specialists, real estate agents, commercial banks, local business associations, and advertising and public relations agencies.

A

places

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27
Q

are bought and sold, and this occasions a marketing effort by real estate agents (for real estate) and investment companies and banks (for securities).

A

properties

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28
Q

Universities, museums, and performing arts organizations boost their public images to compete more successfully for audiences and funds.

A

organizations

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29
Q

actively work to build a strong, favorable image in the mind of their publics.

A

organizations

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30
Q

Among the marketers of information are schools and universities; publishers of encyclopedias, nonfiction books, and specialized magazines; makers of CDs; and Internet Websites.

A

informations

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31
Q

Every market offering has a basic idea at its core

A

ideas

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32
Q

In essence, products and services are platforms for delivering some idea or benefit to satisfy a core need.

A

ideas

33
Q

FUNCTIONS OF MARKETING
(CUFIHPROCDIE)

A

1.CUSTOMER
2.FINANCE
3.HUMAN RESOURCES
4.PRODUCTION
5.COMPETITION
6.DECISION
7.IDEA
8.ECONOMY

34
Q

Companies need to get the attention of customers through marketing its goods or services.

A

customer

35
Q

Manufacturing goods and providing services to customers entails cost.

A

finance

36
Q

Are the ones who produce the products or render the service.

A

human resource

37
Q

Must have marketing knowledge to attract customers.

A

human resource

38
Q

Without marketing items produced would not sell and inventories may turn out yield less.

A

production

39
Q

With marketing, company would be more noticeable and customers would choose to the company than the rest of its competitors.

A

competition

40
Q

Manufacturers find it easier and dependable to make use of marketing to their advantage particularly on what to manufacture or trade.

A

decision

41
Q

The changes in marketing go along with the fast transformation in tastes and preferences of consumers

A

idea

42
Q

“Nothing happens in our country until somebody sells something”. If the marketing function would not be pressured, the economy would become weak.

A

economy

43
Q

SCOPE OF MARKETING

A

1.A consumer wants and needs
2.Consumer Behavior
3.Product Planning and Development
4.Branding
5.Packaging
6.Channels of Distribution
7.Pricing Policies
8.Sales Management
9.Promotion
10.Finance
11.After-sales service

44
Q

states of felt deprivation.

A

human needs/needs

45
Q

Three types of Needs (ELI)

A

EXISTING NEED/ LATENT NEED/ INCIPIENT NEED

46
Q

Any need of customers which is short-term and is readily obtainable is known as existing need.

A

existing need

47
Q

A need of a customer which is there but has not manifested itself because such a product has not been launched.

A

latent need

48
Q

A type of need which people want but there is no product to satisfy the need.

A

incipient need

49
Q

form of human needs influenced by culture and individual personality

A

wants

50
Q

the choices to gratify a particular need. Every need can be satisfied by using different options.

A

wants

51
Q

want for particular products that are supported by the ability andwillingness or readiness to buy them

A

demand

52
Q

type of demand

A

1.Negative Demand
2.No Demand
3.Latent Demand
4.Declining Demand
5.Irregular Demand
6.Full Demand
7.Overfull Demand
8.Unwholesome Demand

53
Q

the product may be helpful but the customer does not like it.

A

negative demend

54
Q

customers are unaware or uninterested in the product.

A

no demand

55
Q

demand which the customer realizes later.

A

latent demand

56
Q

there is still a demand for the product but decreases over a period of time.

A

declining demand

57
Q

demand which is not steady

A

irregular demand

58
Q

market are pleased with the products and people feel like buying from the same company.

A

full demand

59
Q

occur when the companies manufacturing capacity is inadequate but the demand is above the supply.

A

overfull demand

60
Q

a demand in which customers should not be using the product, yet the customers desires the product badly.

A

unwholesome demand

61
Q

an overall ability of a product to gratify need and want.

A

utility

62
Q

It is a guiding concept to select the product

A

utility

63
Q

The power of product to satisfy a particular need

A

utility

64
Q

means the price of the product or the monetary value of a product.

A

cost

65
Q

The charges a customer has to pay to avail certain services can be said as a cost.

A

cost

66
Q

is the difference between the customer gains from owning a product and using a product and the cost of obtaining the product.

A

customer value

67
Q

refers to what a customer wants in a product or service.

A

desired value

68
Q

is the benefit that a customer believes he received from a product after it was purchased.

A

perceived value

69
Q

person’s feeling of delight or displeasure as a result of comparing a products perceived performance in relation to his or her expectation.

A

satisfaction

70
Q

MARKETING MANAGEMENT TASKS

A

1.CONVERSIONAL MARKETING
2.SIMULATIONAL MARKETING
3.DEVELOPMENTAL MARKETING
4.REMARKETING
5.SYNCHROMARKETING
6.MAINTENANCE MARKETING
7.DEMARKETING
8.COUNTER-MARKETING

71
Q

cause demand to rise from negative to positive

A

conversional marketing

72
Q

No demand state of a product exists when people are indifferent to such product.

A

simulational marketing

73
Q

marketing must look for ways to connect the benefits of products with the people’s natural needs and interests.

A

simulation marketing

74
Q

Process of effectively transforming latent demand into an actual demand.

A

developmental marketing

75
Q

A marketer’s job in this situation is to think for ways to revitalize the products so that the demand would no longer be declining

A

remarketing

76
Q

When a product’s current timing pattern of demand is marked by seasonal or volatile fluctuations

A

synchromarketing

77
Q

The marketing dispute in this type of demand is to continue the same intensity of interest in the product in the company

A

maintenence marketing

78
Q

reducing the demand.

A

Demarketing

79
Q

typically uses negative messages to stop people from using a product.

A

Counter-marketing

MKTG 800 (2 decks)

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