Chapter 1 Flashcards

0
Q

Needs

A

States of felt deprivation

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1
Q

What is marketing

A

The process by which companies create value for customers and build strong relationships in order to capture value from customers in return

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2
Q

Wants

A

The form humans needs take as they are shaped by culture and individual personality

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3
Q

Demands

A

Human wants that are backed by buying power

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4
Q

Example of needs vs wants

A

Americans need food to live but want French fries from mcdonalds

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5
Q

Exchange

A

The act of obtaining a desired object from someone by offering something in return

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6
Q

Market

A

The set of actual and potential buyers of a product or service

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7
Q

Production concept

A

Easily avaliabile and inexpensive. Therefore they should focus on improving the production and distribution efficiency.

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8
Q

Disadvantage of production concept

A

Can lead to market myopia

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9
Q

Product concept

A

Good quality products will sell itself. Therefore the organization should focus its energy to making improved products

A good product doesn’t need marketing

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10
Q

Disadvantage of product concept

A

Making the best mouse trap when really customers are looking for a different solution.

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11
Q

Selling concept

A

Aggressive selling and promotion

Overcapacity- when supply is higher than demand

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12
Q

Disadvantage of selling concept

A

Focuses too much on creating sales transactions instead of developing long relationships with the customers

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13
Q

The marketing concept

A

Knowing the needs and wants of target markets and delivering desired satisfactions better than the competitors.

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14
Q

Disadvantage of marketing concept

A

Customers don’t know what they want or what is even possible

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15
Q

Societal marketing concept

A

Understanding society’s well being and sustainable market. Should consider consumer wants the company’s requirements and consumers and society’s long run interest.

16
Q

Micro marketing

A

Perspective of company/organization

17
Q

Macro marketing

A

Big picture, how practiced in countries and society.

18
Q

Characteristics of micro marketing

A

How can we improve sales? Grab more customers from the company? Applies to non profit and profit organizations. Marketing from companies point of view.

19
Q

Characteristics of macro marketing

A

Broader view of marketing. Views marketing as a social process that matches supply with demand to satisfy society’s objectives NOT specific companies, focuses on society’s concern.

20
Q

Macro marketing systems

A

Planned economy and market orientated economy

21
Q

Utiltiy

A

Value that comes from satisfying human needs

22
Q

Production values utility

A

Form- creating tangible products from raw materials

Task-Intangible services

23
Q

Marketing values utility

A

Time-insuring customers get their products at the right time
Place-at the right place
Possession-transfers ownership

24
Customer value
Benefits received-cost * know how to calculate this
25
Customer satisfaction
Products perceived performance-expectations *know how to calculate this
26
Marketing management philosophies
``` Production concept Product concept Selling concept Marketing concept Societal marketing concept ```
27
Marketing decision variables
Product Pricing Promotion Place
28
Transaction
Actual terms of exchange specified times, prices,place etc
29
Consumer generated marketing
Brand exchanges created by the consumers themselves. Consumers are playing a role in shaping their own brand experince and those of other consumers
30
Partner relationship management
Working closely with others inside and outside the company to jointly bring more value to customers
31
Macro-micro dilemma
What is good for some consumers/companies isn't necessarily good for society. Ex. Cigarettes, snow skiing, disposable packages
32
Planned economy
Control what is produced and how much is
33
Market oriented economy
Prices are set freely by supply and demand
34
5 economic utilties
Form task time place and possession