Final - 02 Intro to MKT

Question 1

define makreting

Answer 1

Marketing- The process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return.

Question 2

Summarize the marketing process briefly

Answer 2

In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the rewards of creating superior
customer value. By creating value for consumers, they in turn capture value from consumers in the form of sales, profits, and long-term customer equity.

Question 3

define needs

Answer 3

Needs - States of felt deprivation.

—> Marketers did not create these needs; they are a basic part of the human makeup.

Question 4

define wants

Answer 4

Wants are the form human needs take as they are shaped by culture and individual
personality. An American needs food but wants a Big Mac, french fries, and a soft drink.

— Wants are shaped by one’s society and are described in terms of objects that will satisfy those needs

Question 5

define demand

Answer 5

Human wants that are backed by buying power.
— Given their wants and resources, people demand products with benefits that add up to the most value and satisfaction.

Question 6

define market offering

Answer 6

Market offerings - Some combination of products, services, information, or experiences offered to a
market to satisfy a need or want.

Question 7

define CRM

Answer 7

Customer relationship
management - The overall process of building and maintaining profitable customer
relationships by delivering superior customer value and satisfaction

Question 8

define customer lifetime value

Answer 8

Customer lifetime value -
The value of the entire stream of
purchases that the customer would make over a lifetime of patronage.

Question 9

what are the goals of marketing? (gonz)

Answer 9

Goals of marketing:

1) attract new customers by promising superior value
2) grow current customers by delivering satisfaction

Question 10

define market penetration (product/market expansion techniques)

Answer 10

Market penetration = Company growth by increasing sales of current products to current market segments without changing the product

Question 11

define market development (product/market expansion techniques)

Answer 11

Market development = Company growth by identifying and developing new market segments for current company products

Question 12

define diversification (product/market expansion techniques)

Answer 12

Diversification = Company growth through starting up or acquiring businesses outside the company’s current products and markets.

Question 13

define product development (product/market expansion techniques)

Answer 13

Product development - Company growth by offering modified or new products to current market segments.

Question 14

define marketing strategy

Answer 14

Marketing strategy -
The marketing logic by which the company hopes to create customer value and achieve profitable customer
relationships

Question 15

DEFINE MARKETING MIX

Answer 15

Marketing mix -
The set of tactical marketing tools— product, price, place, and promotion— that the firm blends to produce the response it wants in the target market.

Question 16

define marketing implementation

Answer 16

Marketing implementation -

Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.

Question 17

define ROI

Answer 17

Return on marketing investment (or marketing ROI) is the net return from a marketing investment divided by the costs of the marketing investment. It measures the profits generated by investments in marketing activities. Marketing ROI can be difficult to measure. In measuring financial ROI, both the R and the I are uniformly measured in dollars. But there is, as of yet, no consistent definition of marketing ROI.

Question 18

define microenviroment

Answer 18

Microenvironment –The actors close to the company that affect its ability to serve its customers— the company, suppliers, publics, marketing intermediaries, customer markets, competitors, and publics.

Question 19

define macro enviroment

Answer 19

Macroenvironment - The larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces

Question 20

define marketing enviroment

Answer 20

Marketing environment -
The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful
relationships with target customers.

Question 21

define market intermediaries

Answer 21

Marketing intermediaries –

Firms that help the company to promote, sell, and distribute its goods to final buyers

Question 22

is the Changing Age Structure of the Population a macro or micro marketing environment factor?

Answer 22

macro -
The demographic environment is of major interest to marketers because it involves people, and people make up markets.

example: The Baby Boomers. The post–World War II baby boom produced 78 million baby
boomers, who were born between 1946 and 1964

Question 23

describe what a millennial is

Answer 23

Millennials. Both the baby boomers and Gen Xers will one day be passing the reins to the
Millennials (also called Generation Y or the echo boomers). Born between 1977 and 2000, these children of the baby boomers number 83 million, dwarfing the Gen Xers and larger even than the baby boomer segment One thing that all the Millennials have in common is their utter fluency and comfort with digital technology. They don’t just embrace technology; it’s a way of life. The Millennials
were the first generation to grow up in a world filled with computers, cell phones,
satellite TV, iPods, and online social networks.

Question 24

define micromarketing

Answer 24

Micro-Marketing
- Performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client.

Question 25

define macromarketing

Answer 25

Macro-Marketing
- Social process that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society

Question 26

define the macro micro dilemma

Answer 26

The Micro-Macro Dilemma appears when what is “good” for some Firms and Consumers may not be good for Society as a whole. Despite the main objective of Marketing:
- “Satisfying needs generating value” (usually, for a profit), the Marketing Manager should be concerned with Social Responsibility (S.C.R.), which may require difficult trade-offs. —> E.g. Some products (alcohol, cigarettes…) are BAD for consumers in the long term.

Question 27

what are the universal functions of marketing top content (gonz)*

Answer 27

Universal MK Functions, to overcome this discrepancies are: 
 1) Buying
 2) Selling
 3) Transporting
 4) Storing
 5) Standardization and Grading
 6 ) Financing
7) Risk Taking
8) Market Information