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Marketing Management > Week 1 (Chapter 1) > Flashcards

Week 1 (Chapter 1) Flashcards

1
Q

Negative Demand

A

Consumers dislike the product and may pay to avoid it

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2
Q

Nonexistent Demand

A

Consumers may be unaware of or disinterested in the product

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3
Q

Latent Demand

A

Consumers may share a strong need that cannot be satisfied by an existing product

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4
Q

Declining Demand

A

Consumers begin to buy the product less frequently or not at all

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5
Q

Irregular Demand

A

Consumer purchases vary on a seasonal, monthly, weekly, daily or hourly basis

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6
Q

Full Demand

A

Consumers are adequately buying all products put into the marketplace

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7
Q

Overfull Demand

A

More consumers would like to buy the product than can be satisfied

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8
Q

Unwholesome Demand

A

Consumers may be attracted to products that have undesirable social consequences

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9
Q

Stated Needs

A

What the customer says they want

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10
Q

Real Needs

A

The customer wants a car whose operating cost, not initial price, is low

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11
Q

Unstated Needs

A

The customer expects good service from the dealer

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12
Q

Delight Needs

A

The customer would like the dealer to include an onboard GPS navigation system

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13
Q

Secret Needs

A

The customer wants friends to see him or her as a savvy consumer

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14
Q

The Production Concept

A

Consumers prefer products that are widely available an inexpensive

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15
Q

The Product Concept

A

Consumers favor products offering the most quality performance or innovative features

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16
Q

The Selling Concept

A

Consumers and businesses, if left alone, won’t buy enough of the organization’s products

17
Q

The Marketing Concept

A

Don’t find the right customers for your products, find the right products for your customers

18
Q

The Holistic Marketing Concept

A

Everything matters: Development, design, implementation of marketing programs, processes and activities

19
Q

Marketing (definition)

A

Identifying and meeting human social needs profitably

20
Q

Marketing Management (definition)

A

Art and science of choosing target markets and getting, keeping, and groing customers through creating, delivering and communication superior customer value

21
Q

What is marketed? (10 entities)

A
  • Goods
  • Services
  • Events
  • Experiences
  • Persons
  • Places
  • Properties
  • Organizations
  • Information
  • Ideas
22
Q

Key Customer Markets

A
  • Consumer Markets
  • Business Markets
  • Global Markets
  • Nonprofit / Government
23
Q

Core Concepts of Marketing

A
  • Needs, wants and demands
  • Targeting, positioning, segmentation
  • Offering and brands
  • Value and satisfaction
  • Marketing channels
  • Supply chain
  • Competition
  • Marketing environment
  • Marketing planning
24
Q

Marketing Channels

A
  • Communication
  • Distribution
  • Service
25
Q

Marketing Environment

A
  • Demographic
  • Economic
  • Socio-cultural
  • Natural
  • Technological
  • Political / Legal
26
Q

Major Societal Forces

A
  • Network information technology
  • Globalization
  • Deregulation
  • Privatization
  • Heightened competition
  • Industry convergence
  • Retail transformation
  • Disintermediation
  • Consumer buying power
  • Consumer participation
  • Consumer resistance
27
Q

Company Orientations

A
  • Production
  • Product
  • Selling
  • Marketing
28
Q

Relationship Marketing

A
  • Customers
  • Employees
  • Marketing Partners
  • Financial Community
29
Q

Internal Marketing

A

The task of hiring, training, and motivating able employees who want to serve customers well

30
Q

Performance Marketing

A
  • Financial accountability
  • Social responsibility marketing
31
Q

Types of Corporate Social Initiatives

A
  • Corporate social marketing
  • Cause marketing
  • Cause-related marketing
  • Corporate philanthropy
  • Corporate community involvement
  • Socially responsible business practices
32
Q

New 4 P’s

A
  1. People
  2. Processes
  3. Programs
  4. Performance
33
Q

Marketing Management Tasks

A
  • Develop market strategies and plans
  • Capture marketing insights
  • Connect with customers
  • Build strong brands
  • Shape market offerings
  • Deliver value
  • Communicate value
  • Create long-term growth

Marketing Management (13 decks)

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