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Marketing > Chapter 1 ( her pwr point) > Flashcards

Chapter 1 ( her pwr point) Flashcards

1
Q

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

A

Marketing

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2
Q

What are 2 things marketing seeks to do?

A
  • Discover needs and wants of customers
  • Satisfy customers
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3
Q

The trade of things of value between a buyer and seller so that each is better off after the trade is known as

A

Exchange

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4
Q

T/F- An exchange HAS to be payment of money

A

False, it DOESN’T have to be
can even be a barter

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5
Q

Who markets?

A

Everyone and every organization

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6
Q

What are the 3 types of products that are marketed?

A

Goods
Services
Ideas

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7
Q

What type of marketing is B2C and what type of user is it?

A

Business to consumer ( end or ultimate user)

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8
Q

What type of marketing is B2B and what type of user is it?

A

Business to business
(organizational buyer/user)

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9
Q

What type of marketing is C2C?

A

Consumer to consumer

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10
Q

slide 9?

A
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11
Q

What are the 4 requirements for marketing to occur?

A
  • Two + parties with an unsatisfied need
  • a DESIRE and ABILITY to be satisfied
  • A way for the parties to communicate
  • Something to exchange
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12
Q

What occurs when someone is deprived of a basic necessity?

A

Need

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13
Q

What is a need that is shaped by a person’s knowledge, culture, and personality?

A

Want

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14
Q

Quantity demanded across all consumers in a market for a given good
- marketing efforts help drive this term also

A

Demand

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15
Q

The example: I physically need water to survive describes what term?

A

Need

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16
Q

The example: I want clean, safe to drink, good tasting water can be described as what term?

A

Want

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17
Q

The example: Customers created demand for Smartwater since it is vapor distilled with added electrolytes fro taste describes what term?

A

Demand

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18
Q

Potential customers; people with both desire and ability to buy something can describe?

A

A Market

19
Q

One or more specific groups of potential consumers toward which an organization directs its marketing program is known as a

A

Target Market

20
Q

What is a local example of a market?

A

Gnat’s
El Som

21
Q

What is an example of a Target Market?

A

Chick-fil-a

22
Q

The customers perception of benefits of a product or service against the costs of acquiring and consuming it is known as the

A

Value

23
Q

The benefits or customer value received by users of product is known as

A

Utility

24
Q

What are the 5 types of utility?

A

Form
Place
Time
Possession
Information

25
Q

Which form of utility determines what type of product or production of good will be used?

A

Form Utility

26
Q

Which form of utility determines WHERE available customer will need it

A

Place Utility

27
Q

Which form of utility determines WHEN available customers need it

A

Time Utility

28
Q

Which form of utility determines ease of being able to purchase it and take possession?

A

Possession Utility

29
Q

Which form of utility determines any data that helps consumers make buying decisions

A

Information Utility

30
Q

Look at slide 17

A
31
Q

What are the 4 P’s of the marketing mix?

A

Product
Price
Promotion
Place

32
Q

T/F- the 4 P’s of the marketing mix are controllable

A

True

33
Q

The cluster of benefits that an organization promises customers to satisfy their needs is known as

A

Customer Value Proposition

34
Q

T/F- The customer value proposition development is a statement that describes a company’s key selling points to encourage more purchases

A

True

35
Q

T/F- Communications for the customer value proposition include headlines, short explanation, bullet points, and visual components

A

True

36
Q

How do you create an effective CVP?

A

By analyzing product’s benefits, evaluation customer preferences and using clear language

37
Q

What is an example of a customer value proposition?

A

Uber

38
Q

Why is marketing important?

A
  • Can be entrepreneurial
  • Expands global presence
  • Enriches society
  • Pervasive across channel members
39
Q

The focus on creating and marketing the highest-quality offerings or on what company is good at doing is known as a

A

Product Orientation

40
Q

What are some examples of product orientation?

A

McDonalad’s
Cars?

41
Q

The focus on responding to customers needs and wants can be described as

A

Marketing Orientation

42
Q

How do you employ a marketing orientation?

A
  • Continuously collect info about needs
    ( Marketing Research)
  • Share information across departments
  • Use it to create value or (products)
43
Q
A

Marketing (31 decks)

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