Exam 1 Flashcards
This is to study chapters 1, 2, 9, and 10.
What is Marketing Myopia?
Paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.
This concept emphasizes the importance of understanding customer needs over just the products.
What can happen to firms that exhibit Marketing Myopia?
They will have trouble if a new product comes along that serves the customer’s need better or less expensively.
This highlights the risk of not adapting to changing customer needs.
How can firms overcome Marketing Myopia?
Developing broader marketing-oriented business ideas focusing on customer need satisfaction.
This approach encourages firms to prioritize understanding and meeting customer needs.
True or False: Marketing Myopia can lead to a company’s failure in the marketplace.
True.
Companies that do not adapt to customer needs risk losing market relevance.
What is the definition of marketing?
The process for creating, communicating, and delivering value to customers
Value is what customers are paying for.
What are the two basic elements of a marketing strategy?
The target market and the marketing mix variables
The marketing mix variables include product, price, distribution, and promotion.
What are the four variables of the marketing mix often referred to as?
The 4 P’s of marketing: product, price, place, and promotion.
What does ‘product’ refer to in the marketing mix?
A good, service, or idea, including aspects like customer service, package design, and brand names.
What is the role of price strategy in marketing?
The method of setting profitable and justifiable prices.
What is distribution in the context of marketing?
Decisions involving modes of transportation, warehousing, inventory control, order processing, and selection of marketing channels.
How is promotion defined in marketing?
Communication to a firm’s buyers about their products.
What characterizes the production orientation era of marketing?
Manufacturers stressed on production of quality products before looking for customers.
What is the focus of the sales orientation era?
Creative advertising and personal selling to persuade consumers to buy.
What defines the marketing era since the 1950s?
A consumer orientation focused on satisfying the needs and wants of consumers.
What is the relationship era in marketing?
Developing long-term, value-added relationships with customers and suppliers.
What distinguishes the social era of marketing?
Using the Internet and social media to connect with customers.
What is the difference between transaction-based marketing and relationship marketing?
Transaction-based marketing focuses on simple exchange processes while relationship marketing emphasizes long-term relationships.
What is mobile marketing?
Marketing messages sent to wireless devices, such as phones and tablets.
What is the primary goal of a successful customer-driven organization?
Defining its target market.
Fill in the blank: The four variables of the marketing mix are _______.
[product, price, distribution, promotion]
What is the overall process of anticipating conditions and determining the best way to achieve organizational objectives called?
Planning
This encompasses all levels of management.
Define marketing planning.
The process devoted specifically to achieving marketing objectives.
What is a marketing plan?
A written plan that outlines the strategic marketing goals of an organization.
What is the mission of a company?
The essential purpose that differentiates one company from others.
