Unit 5

Question 1

What is marketing?

Answer 1

The process of creating, communicating, and delivering products to meet organizational objectives and customer needs

Question 2

what are organizational objectives?

Answer 2

short term and long term goals that the organization seeks to accomplish, which allow it to become more successful

Question 3

what are customer needs?

Answer 3

states of felt deprivation -> some sort of need and need to address it in some way

physical, social, safety/wellbeing

Question 4

what is the marketing process?

Answer 4

series of marketing decisions and actions intended to maximize customer value

(subjective) customer value = customer benefit - customer cost

Question 5

What is marketing myopia?

Answer 5

Disconnect between organizations and their customers due to excessive focus on product rather than value

Question 6

What is customer-perceived value?

Answer 6

How much a customer believes a product or service is worth to them

Question 7

what is situation analysis?

Answer 7

• identity unfulfilled needs
• assess potential competitors
• assess internal capabilities

Question 8

what are markets?

Answer 8

customers who are willing and able to purchase our products

Question 9

what are target markets?

Answer 9

groups of customers most willing to buy a product

Question 10

what are users?

Answer 10

custoemrs who ultimately purchased and use the product

Question 11

What are the controllable decision-making areas in marketing strategy known as?

Answer 11

Marketing mix (4 P’s)

Question 12

what is a marketing mix?

Answer 12

controllable decision-making areas that inform an organization’s marketing strategy (4 P’s)

Question 13

What are the 4 P’s?

Answer 13

• Product
• place
• promotion
• price

Question 14

What does the ‘Place’ in the marketing mix refer to?

Answer 14

How product becomes accessible to customers

Question 15

what does ‘Product’ in marketing mix refer to?

Answer 15

• finalize what product to market
• features
• product design and packaging
• services potentially ties to our product

Question 16

what is product differentation?

Answer 16

distinguishing product from other products

Question 17

What does ‘Price’ refer to in the marketing mix?

Answer 17

what we ask for in exchange for possession or use of product

Question 18

What does ‘Place’ refer to in the marketing mix?

Answer 18

• how product becomes accessible to customers
• channel by which product sold (online, in store, both)

Question 19

what are customer relationships affected by?

Answer 19

value, satisfaction and engagement

Question 20

What is customer relationship management?

Answer 20

Overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Question 21

what is customer perceived value?

Answer 21

customer’s evaluation of the difference between all the benefits and all the costs of a marketing offers relative to competition

Question 22

what is customer satisfaction?

Answer 22

marketing metric that measures how well a company’s product meets or exceeds customer expectations

Question 23

what is customer engagement marketing?

Answer 23

Strategies brands use to build meaningful connections with their consumers

Question 24

What is consumer-generated marketing?

Answer 24

Brand exchanges created by consumers, where they play roles in shaping their brand experiences

can be risky

Question 25

What is the focus of product orientation in business philosophy?

Answer 25

Manufacturing quality products at affordable prices with little attention paid to customer needs

Question 26

What was the primary focus of sales between 1920-1930?

Answer 26

Selling existing products rather than developing new ones. ## Footnote Little attention was paid to customer needs and short-term selling was prioritized over long-term relationships.

Question 27

What is the hard sell?

Answer 27

Aggressive sales approach that uses forceful messaging to promote immediate purchase

Question 28

What characterizes the 'Hard Sell' approach?

Answer 28

Aggressive sales approach with: * Large volume of product information designed to overwhelm * Sense of urgency to promote immediate purchase ## Footnote It may be perceived as manipulative, leading to negative reactions from potential customers.

Question 29

What was the marketing orientation focus from 1950-1990?

Answer 29

* Focus on customer needs with research-driven programs and development of new products. * develop new products and improve existing ones ## Footnote This led to increased customer loyalty.

Question 30

Define Cause Marketing.

Answer 30

Cooperative effort between a for-profit and a non-profit organization for mutual benefit. ## Footnote An example is 'Save Lids to Save Lives'.

Question 31

What does the term 'Societal Marketing Concepts' refer to?

Answer 31

Producing products in a way that has minimal negative impact on society's well-being. ## Footnote This may involve substantial changes in organizational practices or products.

Question 32

What are key features of Social Media Marketing Orientation?

Answer 32

Key features include: * Creating shareable content * Encouraging user engagement * Increasing exposure and connection * Brand democratization ## Footnote Members of the general public are empowered to produce communication about a brand.

Question 33

what is brand democratization?

Answer 33

members of the general public are empowered to produce communication about a given brand

Question 34

What is Influencer Marketing?

Answer 34

Collaboration with individuals who have a social media following to promote products/brands. ## Footnote Influencers receive payment or perks for endorsements that serve as a form of social proof.

Question 35

what is social proof?

Answer 35

Evidence that people found value in product or service

Question 36

what is congruence?

Answer 36

product aligns with the reputation/identity of influencer

Question 37

What defines Competitive Forces in marketing?

Answer 37

Actors and forces outside marketing that affect marketing management's ability to build and maintain relationships with target customers.

Question 38

List the types of competitor types.

Answer 38

Competitor types include: * Direct: Similar products in the same category * Indirect: Products satisfying similar needs ## Footnote Examples include Coke and Pepsi for direct competition, and Coke vs. other beverages for indirect competition.

Question 39

What is a monopoly?

Answer 39

One organization serves the entire market with no viable substitutes available. ## Footnote Government regulations are typically in place to ensure fair treatment of customers.

Question 40

What is an oligopoly?

Answer 40

few large organizations control the market ## Footnote new organizations struggle to enter the market

Question 41

what is monopolistic competition?

Answer 41

numerous large and small organizations with similar products ## Footnote Ex. Cereal

Question 42

What is pure competition?

Answer 42

numerous small sellers providing a nearly identical product

Question 43

what is natural environment?

Answer 43

physcial environment and natural resources that are needed as inputs by marketers or that are affected by marketing activities

Question 44

what is political environment?

Answer 44

laws, government agencies, groups that influence/limit organizations and individuals in a given society

Question 45

What is the significance of demographic forces in marketing?

Answer 45

Understanding population characteristics such as age, ethnicity, and location to target marketing efforts effectively.

Question 46

What is green marketing?

Answer 46

Highlighting the environmental benefits of a 'green' product and the brand's environmental awareness efforts.

Question 47

What does it mean to engage in greenwashing?

Answer 47

Misleading the public to believe that a product or brand is environmentally friendly when it is not.