EXAM 1 STUDY GUIDE Flashcards
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. This is known as
Marketing
What are the two goals of marketing?
To discover needs and wants of customers
To satisfy the needs and wants of customers
What are the 4 requirements for marketing to occur?
- Two+ parties with an unsatisfied need
- A desire and ability to be satisfied
- A way for the parties to communicate
- Something to exchange
Who engages in marketing?
Everyone and every organization
What are the 3 types of marketing?
Business to consumer (B2C)
Business to business
(B2B)
Consumer to consumer
(C2C)
What type of customer participates in a business to consumer exchange?
End or ultimate user
What type of customer participates in a business to business exchange?
An organizational buyer
What occurs when someone is deprived of a basic necessity?
Need
What occurs when a need is shaped by a person’s knowledge, culture, and personality
Want
What does the marketing mix consist of?
Controllable factors
Product
Price
Promotion
Place
What are the 4 P’s of the marketing mix?
Product
Price
Promotion
Place
When asked about controllable factors what else is it referencing?
the marketing mix
The key to discovering and satisfying the needs and wants of customers is
Exchange
A good, service, or idea can be described as a
Product
Something that can be exchanged is described as what P?
Price
Communication between the buyer and the seller is known as which P in the marketing mix?
Promotion
Hoe the product gets ti the consumer is known as which P in the marketing mix?
Place
What term consists of the controllable factors—
product, price, promotion, and place—that can be used by the
marketing manager to solve a marketing problem.
The Marketing Mix
What term consists of people with both the desire and ability to buy a specific offering
Market
What term consists of one or more specific groups of
potential consumers toward which an organization directs its
marketing program.
Target Market
Customer’s perception of benefits of a product or service against the costs of acquiring and consuming it
Value
the unique combination of benefits received by targeted buyers that includes quality, convenience,
on-time delivery, and both before-sale and after-sale service at a specific price is known as?
Customer Value
What term consists of the benefits or customer value received by users of the product.
Utility
What are the 5 types of utility?
Form Utility
Place Utility
Time Utility
Possession Utility