Chapter 1 questions Flashcards
Product, Price, Place, promotion
What are the 4 marketing Mix
Product, Promotion, Place, Price
The role of marketing
Focusing on customers needs/wants, creating costumer value target market
Price
what is exchanged for a product, including the expected regular for the retail or sale price
Product
All of the attributes that make up a good, service, or idea. ______ elements include areas such as product design, features, colouring etc
Place
A way to where your product reaches your customers, including the distribution channels, retail formats, and merchandising used to sell old product
promotion
refers to tools needed in order to communicate with customers about a product including advertising, public relations. etc
What are the marketing process (3 steps)
Identifying customer’s needs, managing the costumer mix to meet the customer’s needs, and realizing revenues/profits
What can be marketed
Good, service or idea
Good
A product which you can touch and own.
The evaluation of Business philosophies
Production orientation stage, Sales orientration stage, marketing orientation stage, and relationship marketing stage
service
A product that is intangible (you connot touch)
Idea
An idea that typically looks for support
What is a market
A market that adressess costumers needs/ gaining knowledge about a costumers need.
(The evaluation of Business philosophies) what is/happend the in Production orientation stage
Focusing organizational efforts on the manufacture of goods.
(The evaluation of Business philosophies) What is the sales orientation stage
Focusing on organizational efforts on selling as many products as possible
(The evaluation of Business philosophies) What is the relationship stage
When organization creates a long term link with customers, employers, suppliers, and other partners to increase loyalty and customer retention
(The evaluation of Business philosophies) Marketing orientation
Focusing on organizational efforts to collect and use information about customers needs In order to create customer value
What is CRM
CRM, also known as Customer Relationship Management, is The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Share of wallet
The percentage of costumer’s purchases that a company has In specific product categories
Customer Lifetime Value
The potential sales that will be generated by a customer if that customer remains loyal to that company for a lifetime.
corporate social responsibility (CSR)
When organizations voluntarily consider the well-being of society by taking responsibility for how their businesses impact consumers, customers, suppliers, employees, shareholders, communities, the environment, and society in general.
greenwashing
The deceptive use of marketing practices to give the impression that a good, service, or organization is environmentally friendly.
Societal marketing concept
Marketing programs that focus on the consumer and the well-being of society.
