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
What type of utility deals with what type of product or production of good is valued?
Form Utility
What type of utility focuses on the value of availability and location of where consumers need them
Place Utility
What type of utility values convenience/ availability of getting the product/service in a timely matter
Time Utility
What type of utility values the ease of being able to purchase of the item or how easy it is to take possession of the item after purchase
Possession Utility
What type of utility values data that helps consumers make buying decisions
Information Utility
A cluster of benefits that an organization promises customers to satisfy their needs can be described as
Customer Value Proposition
when an organization focuses its efforts
on (1) continuously collecting information about customers’
needs, (2) sharing this information across departments, and (3)
using it to create customer value. This is known as
Market Orientation
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace is known as
Product Orientation
How do you employ marketing orientation?
By continuously collecting information about needs (Marketing Research)
Sharing information across departments
Using it to create value within the product or service
A road map for the entire organization for a specified future period of time, such as one year or five years is known as a
Business Plan
What type of plan focuses on decisions pertaining to all the functional departments and future growth strategies of a company and includes goals and missions for the organization?
Business plan
A road map for the marketing action of an organization for a specified time period. This is an integral part of the business plan.
Marketing Plan
An organization’s long-term course of action designed to deliver a unique customer experience while achieving its goals is known as
Strategy
The statements of an accomplishment of a task to be achieved, often by a specific time is known as a
Goal or Objective
The detailed, day-to-day operational marketing actions for each element of the marketing mix that contributes to the overall success of marketing strategies are known as
Marketing Tactics
the means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it is known as
Marketing Strategy
Specific action taken to support marketing strategies is known as
Marketing tactics
The action/ implementation that contributes to the success is known as a
Tactic
The key indicators for measuring the success of your objectives is known as
Key Performance Indicators (KPI)
Why is strategy needed?
- A business cannot be all things to all people
-Limited resources available - Need to decide where to focus
What organizational term focuses on the why the business exists and determines the core values, mission, and culture within the organization?
Organizational Foundation
What organizational term focuses on what the business does and what are the long term and short term goals/ objectives of the organization?
Organizational Direction