marketing test 1 Flashcards
What is an accurate description of modern marketing
- marketing is the creation of value for customers
- marketing involves managing profitable customer relationships
- marketing involves satisfying customers’ needs
marketing is building value-ladem exchange relationships with customers
According to management guru Peter Ducker, “the aim of marketing is to…”
make selling unnecessary
Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through…
creating and exchanging value with others
According to the five-step model of the marketing process, whatis the final step in creating value for customers?
capturing value from customers to create profit and customer equity
According to the five-step model of the marketing process, a compnay should…
undeerstand the marketplace and customer needs and wants
___ are humans needs that are shaped by culture and individual personality
wants
When backed by buying power, wants become…
demands
Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg’s want now has become a…
demand
A ___ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want
market offering
Which term refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs?
marketing myopia
___ is the act of obtaining a desired object from someone by offering something in return
exchange
Consumer research, product development, communication, distribution, pricing, and service are all core ___ activites
marketing
When are sellers most effective?
when they focus more on the benefits and experinces produced by their products and services
Dan has been directed to study the forces close to a comapny that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instnace, Dan has been directed to study the ___ of the company
microenviroment, which consists of the actor close to the company that affect it ability to serve its customers–the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
Sam has been directed to study the demographic, economic, politcal, and cultural forces that affect an organization. In this instance, Sam has been directed to study the ___ of the organization
macroenviroment, consists of the larger societal forces that affect the microenvironment—demographic, economic, natural technological, political, and cultural forces
Sparex Inc. is a manufacturer of metal bolts that are used by Boilex Inc. to manufacture heavy machineries. In this instance, Sparex acts as a…
supplier
Johnathan works for a firm that assists comapnies in promoting, distributing, and selling their products to end cunsumers. The firm Jonathan works for is a…
marketing intermediary
What is true in regard to media publics
this group carries news, features, and editorial opinion
A customer organization in Ohio has challenged the marketing decision of a local firm alleging it to be against the larger social interest. In this instnace, the firm is challenged by a ___ public
citizen-action
Price & Malone Corp., a company based in Houston, caters to a market of indivduals and households that buy goods and services for persoanl consuption. Prices & Malone caters to a ___ market
consumer
Rachel works for a furniture comapny in Ireland. She is responsible for buying and selling goods at a profit to small retailers. Rachel most likely operates in a ___ markert
reseller
The marketing team of 7 Star Inc., a conmpany manufactoring smartphones, is currently studying the size, density, location, age, and occupation of its target market. Which of the following environments is being studied in this scenario?
demogrpahic enviroment
The single most important demographic trend in the U.S. is the…
changing age structure of the population
Among the generational groups in the U.S. population, the ___ are still the wealthiest generation in U.S. history today
baby boomers
Which generation is the most educated to date?
Gen X
Mary Adams is helping her coampany develop a marketing program for a new product line. The program is desinged to appeal most to less materialistic comsumer groups who are likely to prize experience, not acquisition. The marketing program is most likely designed to appeal to which of the following demographic groups?
Gen X
Which generational group is the most comfortable with digital technology and embraces that technology?
Millennials
Marketers target Gen Z because they
spend an estimated minimum of $43 billion annually of their own money
Gen Alphas are kids born after 2012 and marketers view them as
an important gateway to their parents
Amazon
does much more than just sell goods online. It engages customers and creates satisfying customer experiences
What is marketing?
a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Needs, Wants & Demands
N - are states of felt deprivation
W - are the form human needs take as they are shaped by culture and individual personality
D - are human wants that are backed by buying power
Marketing offerings
are some combination of products, services, information, or experiences offered to a market to satisfy a need or want
Marketing myopia
paying more attention to the specific products than to the benefits and experiences produced
Exchange
the act of obtainig a desired object from someone by offering something in return
marketing actions try to create, maintain, and grow desirable exchange relationships
Modern Marketing System
Suppliers give to companies and competitors who give to marketing intermediaries who give to final consumers who in return give back to companies and competitors
Marketing management
the art and science of choosing target markets and building profitable relationships with them
- what customers will we serve (target market)
- how can we best serve these customers (values propostion)
Socail Marketing
The company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long run interests, and society’s long-run interests – consumers, company, and society
The marketing mix is comprised for the four P’s
product, price, promotion, place
Intergrated marketing program
a comprehensive plan that communicates and delivers intened value
Customer relationship management
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
Customer-perceived value
the difference between total customer perceived benefits and customer cost
Costumer satisfaction
the extent to which perceived performance matahces a buyers expectations
Customer lifetime value
the value of the entire stream of purchases that the customer would make over a lifetime of patonage
Rule #1
the customer is always right
Rule #2
if the customer is ever wrong, reread #1
Customer equity
the total combined customer lifetime values of all the comapny’s customers
Butterflies
are potentially profitable but not loyal customers
True friends
are profitable and loyal customers
Social marketing
the company’s marketing decisions should consider consumers’ wants, the company’s requirments, consumers’ long-run intrest, and society’s long-run intrest
In your opinion does zyn meet every angle of the societys concept, explain
yes,
society: it serves the customers needs by giving them nicotine without having to so vape/smoke
consumers: zyns satisfy the costmer needs by giving them a way to enjoy nictone anywhere at anytime
company: because the company has such a good relationship with and satisfys its customers the comapny makes more than enoguh profits
Microsoft
has undergone a dramatic transformation to better align itself with the new digital world. More than just making the software that makes P C s run, Microsoft now wants to empower every person and every organization on the planet to achieve more, regardless of what device or operating system they use.”
The marketing enviroement
include the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers
Marketing intermediaries
are firms that help the company to promote, sell, and distribute its goods to final buyers
Publics
any group has an actual or potential interest in or impact on an ogranization’s ability to achieve its objectives
financial, media, government, local, general
Demography
the study of human populations–size, density, lcoation, age, gender, race, occupation, and other statistics
Demographic enviroment
involves people, and people make up markets
the changing american family, geographic shifts in population, a better-educated, more white-collar, more professional population, increasing diversity
Demographic trends
include changing age and family structures, geogrpahic population shifts, educational characteristics, and population diversity
Generations
Baby Boomers – born 1946 to 1964
Generation X – born between 1965 and 1980
Millennials – born between 1981 and 1996
Generation Z – born between 1997 and 2012
Generation Alpha – born after 2012
General marketing
is important in segmenting people by lifestyle or life stage instead of age
Targeting consumers with disabilites…
Toyota’s: “start your impossible” campaign included ads highlighting inspirational real-life stories of athletes who overcame mobility challenges, such Paralympic gold medalist alpine skier Lauren Woolstencroft
The economic enviroment
Consumers adopted a new back-to-basics sensibility in their lifestyles and spending patterns. To serve the tastes of these more financially frugal buyers, companies like Target are emphasizing the “pay less” side of their value propositions
The natural environment
Is the physical environment and the natural resources that are needed as inputs by markets or that are affected by marketing activities
The technological enviroment
- Most dramatic force in changing the marketplace
- New products, opportunities
- Concern for the safety of new products
The political and social enviroment
- Increased emphasis on ethics and socially responsible actions
- Cause-related marketing
Cause-related marketing: Ben and Jerry’s three part “linked prosperity” mission drives it to make fantastic ice cream (product mission), manage the company for sustainable financial growth (economic mission), and use the company “in innovative ways to make the world a better place” (social mission). Both Ben and Jerry’s and id its products are “made of something better”
The cultural enviroment
Consists of institutions and other forces that affect a society’s basic values, perceptions, and behaviors
Aerie
AerieREAL campaign pledges that it will use only unretouched images and videos of real women in its ads and other marketing content> The cause of body positivity and inclusivity is an integral part of the brand’s identity
Core beliefs and values
are persistent and are passed on from parents to children and are reinforced by schools, churches, businesses, and government
Secondary beliefs and values
beliefs and values are more open to change and include people’s views of themselves, others, organizations, society, nature, and the universe
NIMBY
not in my back yard- people want a new shopping center and more actives in their town, but not by their house. they don’t want the comotion around them they just the benifits
PETA
people for the ethical treatment of animals- stop animal testing
AARP
american association of retired people- nonprofit that helps people over the age of 50 who are in social or economic risk
