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MKT > Chapter 1: Why Marketing Matters > Flashcards

Chapter 1: Why Marketing Matters Flashcards

1
Q

Marketing

A

The act of creating, communicating, and delivering value to an audience.

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2
Q

What is the role of a marketer?

A

To manage customer relationships with an organization

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3
Q

Customer Value

A

The value a customer gains from a product, compared to how much it cost to obtain it.

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4
Q

What benefits can consumers get from a product or service?

A

Monetary or Nonmonetary benefits

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5
Q

Perceived Benefits

A

Positive outcomes of a product or service

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6
Q

How does a company create value?

A

A company creates value when the product or service being produced is equal or greater than its production costs.

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7
Q

What is key to producing value?

A

The key to producing value is catering to a consumers wants and needs.

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8
Q

___% of new products fail

A

80

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9
Q

Why do new companies fail?

A

New companies often fail because they do not communicate their value to potential customers.

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10
Q

Supply Chain

A

A supply chain is comprised of several interlocked companies that help products reach a consumer.

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11
Q

Who is involved in the supply chain?

A

Manufacturers, wholesalers, retailers, transportation companies.

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12
Q

Logistics

A

Logistics plan, implement and control the flow of goods and knowledge all the way to consumers.

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13
Q

In the 1920s companies used a marketing strategies called

A

Production Orientation

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14
Q

Describe Production Orientation

A

Production Orientation focuses on create quality goods efficiently.

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15
Q

Sales Orientation

A

Persuading consumers to buy new products and

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16
Q

Sales Orientation was important to what era?

A

The Great Depression

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17
Q

When did the sales orientation method end?

A

At the end of WWII

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18
Q

Describe the Marketing Concept

A

Believed that prolonged success comes from a company-wide effort to please consumers

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19
Q

Describe Customer Orientation

A

The concept of customer orientation states that everyone in a company should assess and satisfy consumer needs

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20
Q

Describe Relationship Marketing

A

Relationship marketing is a method of marketing where organizations cultivate relationships with their consumer bases.

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21
Q

How can a company foster a relationship with their customers?

A

A company can foster a relationship with their customers by using user data to customize their shopping experience.

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22
Q

Exchange

A

The act of trade between a buyer and a seller

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23
Q

What is the process of exchange between a buyer and seller?

A

Creating -> Communicating -> Delivering

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24
Q

Needs

A

States of depriviation

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25
Q

Wants

A

Needs shaped by culture

26
Q

The Housing Crisis of 2007 was caused by what?

A

Marketers who encouraged consumers to buy homes they couldn’t afford.

27
Q

Marketing Mix

A

What a organization can do to influence consumer demand

28
Q

What are the 4 P’s of Marketing?

A

Product, Price, Promotion and Place

29
Q

Product

A

Products are goods, services or ideas.

30
Q

Price

A

Price is how much money, time, or effort that is exchanged.

31
Q

Revenue

A

Revenue is how much is earned from selling a good.

32
Q

Place

A

Places are the locations used by a company to make products available to consumers.

33
Q

Why would a consumer by a substitute product?

A

Consumers will purchase a substitute product if the product they are after is unavailable.

34
Q

Locations, transpotation, logistics and supply chains are examples of what aspect of the marketing mix?

A

Place

35
Q

Promotion

A

Promotion is the communication of a products value to the consumer

36
Q

Advertising, sales promotion, personal selling, and public relations are examples of what aspect of the markeing mix?

A

Promotion

37
Q

Give examples of promotion

A

Promotion includes commercials, coupons, sponsored events, and giveaways.

38
Q

The marketing mix is successful when…..

A

The four P’s value is maximized

39
Q

Why is social media a great tool for promotion?

A

It is accessible to a wide audience and is cheap to use.

40
Q

Companies can grow by

A

expanding into international markets

41
Q

Globalization

A

Globalization is the interconnectedness of the global economy.

42
Q

NAFTA

A

North American Free Trade Agreement

43
Q

Describe NAFTA

A

NAFTA relaxed trade restrictions between the U.S, Canada, and Mexico.

44
Q

Global Marketing

A

Global Marketing is addressing customers, markets, and competition on a global scale.

45
Q

Brand

A

Brands are the names, terms, symbols, and designs a firm uses.

46
Q

Marketing Analytics

A

Marketing Analytics are metrics that helps marketers analyze the outcome of a marketing initiative.

47
Q

Ethics

A

Ethics are societal moral standards

48
Q

Who published the marketing code of ethics?

A

The American Marketing Association

49
Q

What ethical norms should marketers follow?

A

Do no harm
Foster Trust in the Marketing System
&
Embrace Ethical Values

50
Q

What Ethical Values should marketers have?

A

Honesty, Responsibility, Fairness, Respect, Transparency, and Citizenship

51
Q

Ethical decisions should be made because

A

It builds trust between consumers and firms, and showcases good business practices

52
Q

What is Step 1 of the Ethical Decision-Making Framework?

A

‘Determine the unbiased facts

53
Q

What is Step 2 of the Ethical Decision-Making Framework?

A

Identify the ethical issue

54
Q

What is Step 3 of the Ethical Decision-Making Framework?

A

Identify affected stakeholders

55
Q

What is Step 4 of the Ethical Decision-Making Framework?

A

Consider alternative solutions

56
Q

What is Step 5 of the Ethical Decision-Making Framework?

A

Consider how decisions affect stakeholders

57
Q

What is Step 6 of the Ethical Decision-Making Framework?

A

Discuss decisions with stakeholders

58
Q

What is Step 7 of the Ethical Decision-Making Framework?

A

Make Decision

59
Q

What is Step 8 of the Ethical Decision-Making Framework?

A

Analyze decisions outcome overtime

60
Q

Nonprofit Organization

A

A organization that makes profit for the general public

61
Q

Hospitals, Charities, Universities, Zoos and Churches are examples of what?

A

Nonprofits

MKT (8 decks)

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