Marketing

Question 1

what is the marketing concept?

Answer 1

the achievement of corporate goals through meeting + exceeding customer needs better than competition

Question 2

what is meant by customer orientation?

Answer 2

focus upon providing customer satisfaction

Question 3

what is meant by integrated effort?

Answer 3

marketing responsibility of all staff and beyond

Question 4

what is meant by goal achievement belief?

Answer 4

belief that corporate goals can be achieved through customer satisfaction

Question 5

what are the perceived benefits/

Answer 5

-product benefits
-service benefits
-image benefits

Question 6

how is customer benefits calculated?

Answer 6

perceived benefits - perceived sacrifices

Question 7

what are the perceived sacrifices?

Answer 7

-monetary costs
-time costs
-energy costs
-psychological costs
-environmental + social costs

Question 8

what is value co-creation?

Answer 8

a joint, collaborative, concurrent, peer-like process of producing new value, both materially and symbolically, through the voluntary contributions of multiple actors resulting in reciprocal well-being

Question 9

what does value co-creation?

Answer 9

collaboration or partnership with a
client / consumer as a co-creator of value

Question 10

what is customer value proposition (CVP)?

Answer 10

a clear statement of a differential benefits offered by a product or service

Question 11

what are the reasons for long customer relationships with firms?

Answer 11

CVP + USP

Question 12

what is social marketing?

Answer 12

seeks to develop and integrate marketing concepts with other approaches to influence behaviour that benefit individuals and communities for the greater social good

Question 13

what is social marketing practice guided by?

Answer 13

ethical principles

Question 14

what are consumer products for?

Answer 14

personal or household use

Question 15

what are organisational products used for?

Answer 15

-the operation of a business of a business or organisation
-to manufacture other products
-for resale to others

Question 16

what are the roles in the consumer buying process?

Answer 16

1. initiator
2. influencer
3. decider
4. buyer
5. user

Question 17

what are the roles in organisational buying and decision making units or buying centres?

Answer 17

1. initiator
2. influencer
3. decider
4. buyer
5. gatekeeper

Question 18

how does information processing see consumption as?

Answer 18

a rational process based on need recognition

Question 19

how does consumer culture theory see consumption as?

Answer 19

as a much less rational process more socio cultural and experiential activity

Question 20

what does information processing refer to?

Answer 20

the process by which a stimulus is received, interpreted, stored in memory and later retrieved. It comes
from cognitive psychology. It sees consumption as a rational process: the consumer recognizes a need and then engages in a series of steps to fulfil this need.

Question 21

what are the types of consumer decisions? (high involvement)

Answer 21

• extended problem solving e.g buying a car
  -limited problem solving e.g buying a carpet

Question 22

what are the types of consumer decisions? (low involvement)

Answer 22

-variety seeking behaviour e.g buying cookies
-habitual problem solving e.g buying a table of salt

Question 23

what are the consumer buying decision process?

Answer 23

1. need recognition/ problem awareness
2. information search
3. evaluation of alternatives
4. purchase
5. post-purchase evaluation