marketing

Question 1

define marketing

Answer 1

• The process by which companies create
  value for customers and build strong
  relationships in order to capture value from
  customers in return

Question 2

needs vs wants

Answer 2

needs: state of deprivation: water, food
wants: spediic good or srvices which are direded in terms of culture, personality

Question 3

what is the exchange process

Answer 3

• giving an object/service in exchange for value in return

Question 4

define transaction

Answer 4

• exchange of value between parties

Question 5

what is a utility

Answer 5

how much power a good/svice has in order to satusfy a need

Question 6

The product vs selling vs marketing concept

Answer 6

S–> only focus is on salees: how much is sols
P–< focus mostly on the rpoduct
M: focus on generating value to customers, cratign long-term customer relationships

Question 7

define relationship marketing

Answer 7

• focuses on developing +maintainign relationship swith customers, suppliers, partners

Question 8

define customer loyalty

Answer 8

when customer continuen to purchase from your brand

Question 9

describe the marketing concept

Answer 9

• focuses on RELATIONSHIP MARKETING: focusing on building long-term relationships (customers, suppliers etc)

Question 10

3 challenges in contemporary marketing

Answer 10

1. involve the customer in the marketing process
2. make data-driven decisions
3. condct mkt activities (concern on ethics)
   4.

Question 11

describe marketing rserach activities

Answer 11

• -Observation, surveys, interviews, focus groups, process data collection, experiments, ethnographic research, neuromarketing studies

Question 12

define consumer markets

Answer 12

individuals/households that buy goods and services for personal use.

Question 13

types of consumers decision process

Answer 13

1. cognitive decision making–> rational, data driven
2. habitual–> buying the same
3. affective–> affected by mood

Question 14

define customer relationship management

Answer 14

info system that organises, all interactions that a company has with customers

Question 15

define cognitive dissonance

Answer 15

• when a persons beleifs dont match their behaviors–> eg regret buying something

Question 16

define the strategc marketing planning

Answer 16

• examine current marketing situation
• asses opportunities +set objectives
• develop marketing strategy

Question 17

different types of market oportuntiies

Answer 17

1. market penetration: same product, current market
2. market development: current product, new market
3. product development: create new product for current markets
4. diversification: new products, new markets

Question 18

Market share

Answer 18

• firms portion of total sales in a market

Sales/total sales of all firms

Question 19

how to develop a marketing startegy

Answer 19

1. segmentation, targeting, positioning, differentiation

Question 20

define market segmentation

Answer 20

The division of a diverse market into smaller, relatively homogeneous groups with similar needs, wants, and purchase behaviours

Question 21

types of segmentation

Answer 21

• demographics
• psychographics
• geographics
• behavioral

Question 22

types of targetting

Answer 22

• undifferentiated (mass)
• differentiated
• concentrated
• individual

Question 23

define targetting

Answer 23

segment company chooses to sell a particalr prosuct

Question 24

define positioning

Answer 24

• product has to occupy a space in minds of consumers

Question 25

marketing mix

Answer 25

• product, price, place promotion

Question 26

describe the product life cycle

Answer 26

• introduction
• growth
• maturity
• decline

Question 27

define brand equity

Answer 27

• value company builds for a brand

Question 28

define trademarks

Answer 28

• brands having legal protection so owners have exclusive right of their use.

Question 29

fixed vs variable costs

Answer 29

F–> costs remaining constant
V–> costs increasing with numbers of units produced