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Marketing > Chapter 1: Marketing Overview > Flashcards

Chapter 1: Marketing Overview Flashcards

0
Q

What activities does marketing involve?

A

Creating
Communicating
Delivering
Exchanging offerings

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1
Q

What is marketing?

A

It is an activity

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2
Q

Marketing is about

A

Delivering benefits

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3
Q

Who benefits in marketing?

A

Customers
Organisation
Stakeholders
Society

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4
Q

Why is marketing an activity?

A

It is a conscious effort
Requires both
Art (creativity and innovation)
Science (logic and processes)

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5
Q

What is created?

A

Value

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6
Q

How is value created?

A

By matching consumers with products and services

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7
Q

Marketers need to communicate to

A

Raise awareness

Let consumers know about P&S offered to them

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8
Q

Marketers need to deliver

A

Value

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9
Q

How do marketers deliver value?

A

Ensure P&S are as useful as promised

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10
Q

What does exchanging involve?

A

Physically meeting with consumers
Exchanging things of value
Pass products or services
Get payment

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11
Q

What are offerings?

A

P&S that will be valuable to the consumer

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12
Q

Offerings satisfy

A

The needs that the consumer has

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13
Q

How do customers benefit?

A

Satisfaction of needs

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14
Q

How does the organisation benefit?

A

P&S sold in return for cash

Increase company profits

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15
Q

Who are stakeholders?

A

Government
Public
Shareholders

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16
Q

How do stakeholders benefit?

A

Government:
Taxes

Public:
Profits given to needy

Shareholders:
Profits

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17
Q

How does the society benefit?

A

Research and development brings knowledge
Operations will add more employment
Revenues earned contribute to economy

18
Q

Marketing is all about

A

Discovering and satisfying needs

19
Q

A need occurs when an individual is

A

Deprived of basic necessities

20
Q

A want is a

A

Preference for specific objects to satisfy want

21
Q

Marketing is limited to shaping wants it cannot

A

Create need

22
Q

What are the requirements for marketing to occur?

A

2 or more parties with unsatisfied needs
Both parties have desire and ability
There is a way for communication
Both parties can make an exchange

23
Q

Challenges of marketing include

A

Consumer not knowing what he wants or needs

Meet consumer needs and earn profit at same time

24
Q

To find out about what consumes need or want, marketers conduct

A

Market research

25
Q

What is a market?

A

Made up of potential consumer

Having desire and ability to buy a specific product

26
Q

People who do not make the market include

A

People who do not have time, authority and money
Those unaware of their needs
Those who are unaware of product

27
Q

What is a target market?

A

One or more specific groups of potential consumers towards which
An organisation directs its marketing program

28
Q

Why do companies need to target?

A

Different consumers have different needs

Company does not have enough resources to satisfy all

29
Q

What are the 4Ps in marketing?

A

Product
Price
Place
Promotion

30
Q

What is product?

A

Good service idea

satisfy consumer need

31
Q

Price is what is

A

Exchanged for the product

32
Q

Promotion is the

A

Means of communication between buyer and seller

33
Q

Place is referred as

A

Distribution

Getting product to consumer where exchange can take place

34
Q

What are the forces affecting marketing decision?

A 
Environmental
Social
Economic 
Technological
Competitive 
Regulatory
35
Q

Marketing aims to create a marketing program that connects with customers. They build

A

Long-term customer relationships

36
Q

How are customer relationships built?

A

They deliver customer value

37
Q

Strategies to deliver customer value include

A

Best price
Best product
Best service

38
Q

How did customer relationship change?

A

Production era
Sales era
Marketing era
Customer relationship era

39
Q

Consumers benefit from marketing utilities such as

A

Form utility
Place utility
Time utility
Possession utility

40
Q

What is form utility?

A

Value to customer that is from production or alteration of good and service

41
Q

What is place utility

A

Value of having g&s available when needed

42
Q

What is time utility

A

Value of having g&s when needed

43
Q

What is possession utility?

A

Value of making g&s easy to purchase so that consumers can use it

Marketing (9 decks)

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