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MARKETING REVIEWER: TOPIC 1, 2,3 > TOPIC 1 AND Half Of TOPIC 2 > Flashcards

TOPIC 1 AND Half Of TOPIC 2 Flashcards

1
Q

The organized effort of individuals to produce and sell goods that satisfies society’s needs for a profit

A

Business

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2
Q

Marketing is all about managing ______ _______ _______.

A

Profitable Customer Relationship

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3
Q

Social and Managerial process by which individuals and organizations obtain what they NEED and WANT through CREATING and EXCHANGING VALUE with others.

A

Marketing

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4
Q

What are the 2 goals of marketing?

A
  • Attract new customers by promising superior value
  • Keep and Grow current customers by delivering satisfaction
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5
Q

Concept: Supply Creates its own demand

A

Production concept

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6
Q

Focus on producing MORE of the product and making sure that it is AVAILABLE to the customer everywhere easily.

A

Production Concept

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7
Q

High Demand but lower prices

A

Production Concept

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8
Q

Concept: Idea that will favor products that are available and highly affordable, therefore the organization focuses on improving production and distribution efficiency

A

Production Concept

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9
Q

Concept: Offers the most quality, therefore the organization focuses on making continuous product improvement

A

Product Concept

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10
Q

Try to sell what they make rather than what market WANTS.

A

Selling Concept

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11
Q

Main focus is just to make money or profit

A

Selling Concept

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12
Q

Consumers will not buy enough unless it undertakes a large-scale selling and promotion effort.

A

Selling Concept

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13
Q

Doesn’t include building customer relationship

A

Selling Concept

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14
Q

Philosophy that hold achieving organizational goals depends on knowing the needs and wants of target market and giving desired satisfactions better that competitors.

A

Marketing Concept

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15
Q

This concept focus on building customer relationship

A

Marketing Concept

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16
Q

Focuses on society’s well being as well (Affecting the environment)

A

Holistic Marketing Concept

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17
Q

Focuses in making ACTUAL SALE of the product.

A

Selling Concept

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18
Q

Sellers pay more attention to the specific products than the benefits and experiences. (Focuses on wants and loses sight of the needs)

A

Marketing Myopia

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19
Q

What is do u call the view of Marketing Myopia

A

Myopic View

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20
Q

The Marketing Process:
*Understand
*Design
*Construct
*Build
*Create

A
  • Understand the customer needs and wants
  • Design a customer-driven marketing strategy
  • Construct a marketing program that delivers superior value
  • Build profitable relationship
  • Create profits and customer quality
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21
Q

State of felt deprivation

A

Need

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22
Q

3 types of needs

A

-Physical needs
-Social needs
-Individual needs

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23
Q

Needs: Food, Clothing, Shelter

A

Physical needs

24
Q

Needs: Belonging, Affection

A

Social Needs

25
Q

Needs: Learning, Knowledge, Self-Expression

A

Individual Needs

26
Q

Form that a human need takes, as shaped by culture and individual personality

A

Wants

27
Q

Wants + Buying Power =

A

Demand

28
Q

Some combinations of products, services, information,or experiences offered to a market to satisfy a need or want.

A

Marketing Offer

29
Q

Activity or Benefit offered for sale that is essentially intangible and does not result in ownership.

A

Services

30
Q

Products: P-P-O-I-I

A

Person
Place
Organizations
Information
Ideas

31
Q

If performance is lower than expectations, the satisfaction is ____.

A

Low

32
Q

If performance is higher than expectations, the satisfaction is _____.

A

High

33
Q

Act of obtaining a desired object from someone by OFFERING SOMETHING IN RETURN.

A

Exchange

34
Q

A trade of values between two parties. (Usually include cash, credit, or check)

A

Transaction

35
Q
  • The set of actual and potential buyers.
  • Share a need or want that can be satisfied through exchange relationship
A

Market

36
Q

The art and science of choosing target marketing and building profitable relationship with them.

A

Marketing Management

37
Q

Set of benefits/values a company promises to deliver to consumer to satisfy their needs.
-How they position their brand in the market place.

A

Value Proposition

38
Q

What is the 2 winning marketing strategy?

A
  • What customers will we serve?
  • How will we serve them?
39
Q

Divide the market into segments of CUSTOMERS.

A

Market Segmentation

40
Q

Select the SEGMENT to CULTIVATE.

A

Target marketing

41
Q
  • Finding and Increasing demand
  • Changing/reducing demand
A

Demand Management

42
Q

Temporarily/Permanently reducing the number of customers or shifting their demand.

A

Demarketing

43
Q

Transforms the marketing strategy into ACTION.

A

The Marketing Plan

44
Q

What is the 4ps of Marketing?

A

Product
Price
Place
Promotion

45
Q

OVERALL PROCESS of building and maintaining profitable relationship by delivering superior customer value and satisfaction.

A

Customer Relationship Management

46
Q

Customer Relationship Management:
• A_____ customers
• K_____ customers
• G_____ customers

A

• Acquiring
• Keeping
• Growing

47
Q

Customer’s EVALUATION of the difference between all the benefits and all of the costs of a marketing offer to those competing offers.

A

Customer’s Perceived Value

48
Q

Dependent on the product’s perceived performance.

A

Customer’s Satisfaction

49
Q

Loyalty and Retention programs build relationship and may feature: Financial Benefits, Social Benefits, Structural Ties.

A

Customer Relationship

50
Q

Relating directly to profit customers, for the LONG TERM.

A

Focus

51
Q

Partner Relationship Marketing?

A

Marketing Partners helps CREATE CUSTOMER VALUE

52
Q

Entire stream of purchases over a lifetime of patrionage.

A

Customer Lifetime Value

53
Q

Combine discounted customer Lifetime values of company’s current and potential buyer/customer.

A

Customer Equity

54
Q

The portion of the customer’s purchasing that a company gets in its
product categories.

A

Share of customers

55
Q

Which customers, empowered by today’s new digital technologies, interact with companies and with each other to shape their relationship and brands.

A

Customer-managed relationship

56
Q

Brand exchanges created by consumers themselves—both invited and uninvited.
- Consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.

A

Consumer-generated marketing

57
Q

Concept: The idea that a company’s marketing decisions should consider consumer’s wants in LONG RUN INTEREST.

A

Societal marketing concept

MARKETING REVIEWER: TOPIC 1, 2,3 (5 decks)

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