Lecture 1 Flashcards
What is the role of marketing?
A set of business practices designed to plan for and present an organization’s products or services in ways that build effective customer relationships.
What are the core aspects of marketing?
- Need: basic necessities
- Want: how to fulfill that need
- Satisfying customer needs & wants
What is a target market?
A customer segment to whom the firm is interested in selling its products and services.
What is the marketing exchange?
An exchange can occur between any two parties, not simply a buyer and seller.
What does the term ‘price’ refer to in marketing?
Everything the buyer gives up in exchange for the product, including money, energy, and time.
What is the significance of the marketing mix?
Marketing mix decisions are essential for creating, promoting, and delivering value.
What are the four orientations of marketing?
- Product Orientation
- Sales Orientation
- Market Orientation
- Value-based Orientation
What is product orientation?
Focus on developing and distributing innovative products with little concern about whether they satisfy customers’ needs.
What is sales orientation?
View marketing as a selling function where companies try to sell as many products as possible.
What is market orientation?
Start by focusing on what consumers want and need before designing products.
What is value-based orientation?
Focus on the triple bottom line: People, Profits, and Planet.
What must firms do to become value driven?
- Share information
- Balance benefits and costs
- Build customer relationships
Fill in the blank: Promotion is ____________ by a marketer that informs, persuades, and reminds potential buyers.
communication
What activities are included in place within the marketing mix?
All activities necessary to get the product to the right customer when they want it.
What is the primary goal of supply chain management?
To examine activities necessary to deliver products to customers.
How does Zara keep up with the latest trends?
By implementing sophisticated information technology into its customer tracking and supply chain functions.
Why is sharing and coordinating information critical for firms?
It helps in forecasting sales and coordinating deliveries.
What are the key benefits of balancing benefits with costs?
- Understand key benefits
- Focus on key benefits
- Eliminate cost of less strategic benefits
What percentage of North American companies use social media for marketing purposes?
91%
Which of the following would NOT be considered part of a supply chain? A) consumer B) retailer C) manufacturer D) customer service representative
D) customer service representative
True or False: Marketing is equally important to both large firms and small ventures.
True
How can marketing be entrepreneurial?
By helping small businesses grow into successful ventures.
