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PRELIMS SEM2 > MARKETING > Flashcards

MARKETING Flashcards

1
Q

The activity of institutions, and processes of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

A

MARKETING

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2
Q

States of felt deprivation and is something that a person must have in order to live and survive.

A

NEEDS

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3
Q

Something that a person desires to have.

A

WANTS

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4
Q

Human wants that are supported by buying power.

A

DEMANDS

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5
Q

Anything that can be offered to a market to satisfy a need or want.

A

PRODUCT

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6
Q

Is the act of obtaining a desired object from someone by offering something in return.

A

EXCHANGE

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7
Q

A trade between two parties that involves at least two things of value, agreed-upon conditions, a time of agreement, and a place of agreement.

A

TRANSACTION

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8
Q

Is the process of creating, maintaining, and enhancing strong, value-laden relationships with customers and other stakeholders.

A

RELATIONSHIP MARKETING

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9
Q

Composed of people with both desire and ability to buy a product or service.

A

MARKET

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10
Q

What are the five core concepts of marketing?

A
  1. NEEDS, WANTS, DEMANDS
  2. PRODUCTS AND SERVICES
  3. VALUE, SATISFACTION, QUALITY
  4. EXCHANGE, TRANSACTIONS, RELATIONSHIPS
  5. MARKETS
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11
Q

States of felt deprivation, part of human makeup.

A

NEEDS

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12
Q

2 Types of Needs

A

PHYSICAL NEEDS AND SOCIAL NEEDS

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13
Q
  • The form needs take (e.g. food => hamburger)
  • Shaped by culture and personality
A

WANTS

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14
Q

When wants are backed by buying power

A

DEMANDS

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15
Q

– Anything that can be offered to satisfy a need or a want.
- Physical products, services, experiences, persons, places, organizations, information, ideas

A

PRODUCTS

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16
Q

Just one kind of a product

A

SERVICES

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17
Q
  • Difference between “____ gained by owning and using a product” and “cost of obtaining the product”
  • gained not necessarily monetary
  • Similarly, cost of obtaining not necessarily monetary
A

CUSTOMER VALUE

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18
Q

– Perceived performance relative to expectations

A

CUSTOMER SATISFACTION

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19
Q

– Closely related to satisfaction
– no defects, ability to satisfy customer needs

A

QUALITY

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20
Q
  • Obtaining a desired object from someone by offering something in return
A

EXCHANGE

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21
Q
  • A trade of values between two parties
    – Monetary transactions and barter transactions
A

TRANSACTION

22
Q
  • Going beyond short-term transactions
    – Long-term relationships with valued customers, partners, etc
A

RELATIONSHIP (MARKETING)

23
Q

Company and all its supporting stakeholders

A

MARKETING NETWORK

23
Q
  • Place (virtual or physical) where buyers and sellers meet
    – The set/place of actual and potential buyers of a product
A

MARKET

23
Q

The sellers of a product is labeled as the ____.

A

INDUSTRY

24
Q

According to ________, marketing people are involved with ten types of entities.

A

PHILIP KOTLER

25
Q

What are the 10 types of entities?

A
  1. GOODS
  2. SERVICES
  3. EVENTS
  4. EXPERIENCES
  5. PERSONS
  6. PLACES
  7. PROPERTIES
  8. ORGANIZATION
  9. INFORMATION
  10. IDEA
26
Q

Constitute the major part of a country’s production and marketing effort. Companies market billions of food products, and millions of cars, refrigerators, television and machines.

A

GOODS

27
Q

Include the work of airlines, hotels, car rental firms, beauticians, software programmers, management consultants, and so on.

A

SERVICES

28
Q

Can be trade shows, company anniversaries, entertainment award shows, local festivals, health camps, and so on.

A

EVENTS

29
Q

By offering a mix of both goods and services. A product is promoted not only by communicating features but also by giving unique and interesting _______ to customers.

A

EXPERIENCES

30
Q

Due to a rise in testimonial advertising, celebrity marketing has become a business. All popular personalities such as film stars, TV artists, and sportspersons have agents and personal managers.

A

PERSONS

31
Q

Cities, states, regions, and countries compete to attract tourists.

A

PLACES

32
Q
  • Can be categorized as real or financial _____.
  • Are bought and sold through marketing.
A

PROPERTIES

33
Q

Actively work to build image in the minds of their target public. Marketers of the services need to build the corporate image, as exchange of services does not result in the ownership of anything.

A

ORGANIZATIONS

34
Q

Can be produced and marketed as a product. Educational institutions, encyclopedias, non-fiction books, specialized magazines and newspapers market information.

A

INFORMATION

35
Q
  • Every market offering includes a basic ___.
  • Products and services are used as platforms for delivering some ____ or benefit.
  • Social marketers widely promote ____.
A

IDEA

36
Q

A department of management that tries to design strategies that will build profitable relationships with target consumers.

A

MARKETING

37
Q
  • Consumers will favor products that are available and highly affordable.
A

PRODUCTION CONCEPT

38
Q
  • Proposes that customers, be individual or organizations will not buy enough of the organization’s products unless they are persuaded to do so through selling effort.
A

SELLING CONCEPT

39
Q

The management focuses on creating sales transactions rather than on building long-term, profitable customer relationships.

A

SELLING CONCEPT

40
Q
  • Companies adopting this orientation run a major risk of focusing too narrowly on their operations and losing sight of the real objective.
A

PRODUCTION CONCEPT

41
Q

Assumes that customers prefer products that offer high quality. It is focus on continuously improving the products’ features through innovations.

A

PRODUCT CONCEPT

42
Q

Achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

A

MARKETING CONCEPT

43
Q
  • Here marketing management takes a “customer first” approach.
  • Customer focus and value are the routes to achieve sales and profits.
A

MARKETING CONCEPT

44
Q

The goal of _______is to create strong, even emotional, customer connections to a brand that can lead to ongoing business, free word-of-mouth promotion and information from customers that can generate leads.

A

RELATIONSHIP CONCEPT/MARKETING

45
Q

Focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales.

A

RELATIONSHIP CONCEPT/MARKETING

46
Q

Marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and society’s well-being

A

SOCIETAL MARKETING CONCEPT

47
Q

The_______ puts Human welfare on top before profits and satisfying the wants.

A

SOCIETAL MARKETING CONCEPT

48
Q

What are the different concepts of marketing?

A
  1. PRODUCTION CONCEPT
  2. SELLING CONCEPT
  3. PRODUCT CONCEPT
  4. MARKETING CONCEPT
  5. RELATIONSHIP CONCEPT/MARKETING
  6. SOCIETAL MARKETING CONCEPT

PRELIMS SEM2 (6 decks)

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