Chapter 1 ( her pwr point) Flashcards
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is known as
Marketing
What are 2 things marketing seeks to do?
- Discover needs and wants of customers
- Satisfy customers
The trade of things of value between a buyer and seller so that each is better off after the trade is known as
Exchange
T/F- An exchange HAS to be payment of money
False, it DOESN’T have to be
can even be a barter
Who markets?
Everyone and every organization
What are the 3 types of products that are marketed?
Goods
Services
Ideas
What type of marketing is B2C and what type of user is it?
Business to consumer ( end or ultimate user)
What type of marketing is B2B and what type of user is it?
Business to business
(organizational buyer/user)
What type of marketing is C2C?
Consumer to consumer
slide 9?
What are the 4 requirements for marketing to occur?
- Two + parties with an unsatisfied need
- a DESIRE and ABILITY to be satisfied
- A way for the parties to communicate
- Something to exchange
What occurs when someone is deprived of a basic necessity?
Need
What is a need that is shaped by a person’s knowledge, culture, and personality?
Want
Quantity demanded across all consumers in a market for a given good
- marketing efforts help drive this term also
Demand
The example: I physically need water to survive describes what term?
Need
The example: I want clean, safe to drink, good tasting water can be described as what term?
Want
The example: Customers created demand for Smartwater since it is vapor distilled with added electrolytes fro taste describes what term?
Demand
Potential customers; people with both desire and ability to buy something can describe?
A Market
One or more specific groups of potential consumers toward which an organization directs its marketing program is known as a
Target Market
What is a local example of a market?
Gnat’s
El Som
What is an example of a Target Market?
Chick-fil-a
The customers perception of benefits of a product or service against the costs of acquiring and consuming it is known as the
Value
The benefits or customer value received by users of product is known as
Utility
What are the 5 types of utility?
Form
Place
Time
Possession
Information
Which form of utility determines what type of product or production of good will be used?
Form Utility
Which form of utility determines WHERE available customer will need it
Place Utility
Which form of utility determines WHEN available customers need it
Time Utility
Which form of utility determines ease of being able to purchase it and take possession?
Possession Utility
Which form of utility determines any data that helps consumers make buying decisions
Information Utility
Look at slide 17
What are the 4 P’s of the marketing mix?
Product
Price
Promotion
Place
T/F- the 4 P’s of the marketing mix are controllable
True
The cluster of benefits that an organization promises customers to satisfy their needs is known as
Customer Value Proposition
T/F- The customer value proposition development is a statement that describes a company’s key selling points to encourage more purchases
True
T/F- Communications for the customer value proposition include headlines, short explanation, bullet points, and visual components
True
How do you create an effective CVP?
By analyzing product’s benefits, evaluation customer preferences and using clear language
What is an example of a customer value proposition?
Uber
Why is marketing important?
- Can be entrepreneurial
- Expands global presence
- Enriches society
- Pervasive across channel members
The focus on creating and marketing the highest-quality offerings or on what company is good at doing is known as a
Product Orientation
What are some examples of product orientation?
McDonalad’s
Cars?
The focus on responding to customers needs and wants can be described as
Marketing Orientation
How do you employ a marketing orientation?
- Continuously collect info about needs
( Marketing Research) - Share information across departments
- Use it to create value or (products)
