Chapter 1 Flashcards
marketing and customer value
Definition of marketing
Marketing is made up of every process involved in moving a product or service from your organization to the consumer.
The total potential profits a company earns from its current and potential customers is known as
customer equity
the value proposition
customer value
the marketing process
customer equity
4Ps of marketing?
Product
Price
Place (distribution)
Promotion
DiJuan, a marketer for a soft drink company, ensures that his company’s products are available in numerous locations—vending machines, convenience stores, restaurants, and supermarkets. Which element of the 4Ps is DiJuan addressing?
place
You’re a marketer trying to determine which trade shows you might want to include in your marketing mix. Which element of the marketing mix would address this concern?
promotion
You want to target a market more narrowly than simply using demographic data. You are also considering segmenting on people’s attitudes and interests. Which domain of the macroenvironment is most likely to be a relevant data source for your decision-making?
Economic factors
Natural factors
Political and legal factors
Social factors
Social factors
If you wanted to fill a gap in the marketplace, you would have to carefully consider ________ to see what is already available on the market.
the competition
the customers
the public
the resellers
the competition
Which of the marketing eras or concepts is most closely related to sustainability and environmental consciousness?
Production concept
Marketing concept
Societal marketing concept
Sales concept
Societal marketing concept
________ is/are the benefit(s) to the customer or consumer relative to the cost of the product or service.
Value
The exchange process
Stated needs
Expectations
value
Customer relationship management is accomplished by all of the following EXCEPT ________.
establishing and tracking customer interactions
finding ways of improving customer satisfaction from prior customer experiences
communicating with customers in a personalized way
offering the lowest price of all the companies on the market
offering the lowest price of all the companies on the market
Starbucks’ coffee are more expensive than McDonald’s. Which element of the 4Ps is the previous statement addressing?
price
Customers can purchase Starbucks Coffee in the Starbucks Coffee House stores and merchandises in Walmart. Which element of the 4Ps is the previous statement addressing?
place
Starbucks utilized TV commercials and social media platforms, such as Instagram. Which element of the 4Ps is the previous statement addressing?
promotion
Based on Evolution of Marketing concept, please discuss the differences between product oriented and customer-oriented.
When a company is product-oriented, this company defines its industry and competitors based on the product form. When a company is customer-oriented, this company defines its industry and competitors based on how its product/service meets customers’ needs and wants.
Based on the Evolution of marketing concept discussion, please select the most appropriate answer.
When a railroad company is product -oriented, this company defines itself as being in the railroad industry and its competitors are other railroad companies.
When a railroad company is product -oriented, this company defines itself as the transportation industry, and its competitors are any forms of transportation, such as cars, airplanes, and ships
When a railroad company is customer -oriented, this company defines itself as being in the railroad industry and its competitors are other railroad companies.
When a railroad company is product -oriented, this company defines itself as being in the railroad industry and its competitors are other railroad companies.
The five forces which shape the strategy are?
Government forces; competitive forces; demographic forces; psychographic forces; behavioral forces
The threat of new entrants; bargaining power of customers; The bargaining power of suppliers; The threat of substitute products; Jockeying for position among current competitors
Strengths; weaknesses; opportunities; threats; competition
The threat of new entrants; bargaining power of customers; The bargaining power of suppliers; The threat of substitute products; Jockeying for position among current competitors
the six major sources of barriers to entry are:
(1) financial (2) high cost to enter a market, (3)regulatory (4) laws restricting trade, (5) operational (trying to attract loyal customers) or (6) inaccessibility of trade channels.
(1) economies of scale (2) product differentiation (3) capital requirements (4) cost disadvantages independent of size, (5) access to distribution channels, and (6) government policy.
(1)Economies of scale (2) Product differentiation (3)Capital requirements (4) Switching costs (5) Access to distribution channels (6)Cost disadvantages independent of scale
(1) economies of scale (2) product differentiation (3) capital requirements (4) cost disadvantages independent of size, (5) access to distribution channels, and (6) government policy.
kind of circumstance customers (buyers) have high bargaining power.
1) When purchases made are in large volumes or concentrated in bulk.
2) The products within the industry are undifferentiated
3) The buyers present a credible threat of integrating backward. Integrating reversely to make the industry’s product.
kind of circumstance suppliers have high bargaining power.
(1) It is controlled by a small amount of companies and is more focused than the industry it sells to.
(2) The product is unique and distinctive, or if it has fixed costs by changing providers.
(3) It poses a credible threat of integrating forward into the industry’s business.
Referring to the substitute products discussion, the three examples of substitute products or services for Clarion Inn Hotel are
Airbnb, local bed and breakfast establishments, and campgrounds.
La Quinta Inn, Holiday Inn and Suites, and Ramada Inn
Airbnb, local bed and breakfast establishments, and campgrounds.
Referring to the Jockeying for position among current competitors discussion, the three examples of current competitors for Clarion Inn Hotel are
Airbnb, local bed and breakfast establishments, and campgrounds.
La Quinta Inn, Holiday Inn and Suites, and Ramada Inn
La Quinta Inn, Holiday Inn and Suites, and Ramada Inn
