Quiz 1 Flashcards

1
Q

How do marketers create value?

A

By making the product/service more appealing to customers

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2
Q

What is marketing

A

The ACTIVITY, set of INSTITUTIONS, and PROCESSES for… 1. Creating
2. Capturing
3. Communicating
4. Delivering
5. Exchanging
offerings that have VALUE for customers, clients, partners, and society at large

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3
Q

What is marketing put simply?

A

The satisfaction of needs and wants by exchanging value

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4
Q

The 4 P’s of Marketing

A
Product (Creates value)
Price (Captures value)
Promotion (Communicates value)
       - Informs, persuades, and reminds customer
Place/Distribution (Delivers value)
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5
Q

Why do we need marketers?

A

They facilitate exchange and help give us value

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6
Q

What do exchange facilitators do?

A

Satisfy needs and wants and create value

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7
Q

What is the core of marketing?

A

Creating value

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8
Q

Production Era

A

What resources do we have? What can we do to use/utilize them?

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9
Q

Sales Era

A

Supply was way more than demand

Really had to try to sell the product to the customer (create demand)

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10
Q

Market-Oriented Era

A

How can we satisfy customer’s needs and wants?

Most companies are oriented this way nowadays

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11
Q

What is customer satisfaction?

A

The feeling that a product or service has met a customers expectations. Performance vs. expectations

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12
Q

When is a customer satisfied?

A

When performance equals expectations

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13
Q

When is a customer delighted?

A

When performance exceeds expectations

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14
Q

When is a customer dissatisfied

A

When expectations exceed performance

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15
Q

What is customer value?

A

Comparison of benefits and costs

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16
Q

Marketing is the satisfaction of needs and wants through exchange (T/F)

A

True

17
Q

“Place” is the P concerned with creating value (T/F)

A

False

18
Q

The “promotion P” helps customers overcome the information gap

A

True

19
Q

If you are happy with a product, that means you are satisfied (T/F)

A

False

20
Q

The sales era preceded the production era (T/F)

A

False

21
Q

Successful companies are both information and relationship oriented (T/F)

A

True

22
Q

Building relationships with customers saves companies money (T/F)

A

True

23
Q

What is the primary ethical dilemma companies face?

A

Trying to balance short term profit with societies needs

Ex. Micro-Macro dilemma

24
Q

Corporate Social Responsibility (CSR)

A

Voluntary ACTIONS taken by a company to ADDRESS the ethical, social, and environmental IMPACTS OF ITS BUSINESS OPERATIONS and the concerns of its stakeholders

25
Q

Another way to describe CSR

A

Actions taken to increase positive effects and decrease negative effects the firm has on society

26
Q

CSR Elements

A

Economic (be profitable)

Legal (obey the law)

Ethical (do what is right)

Philanthropic (be a good citizen)