Week 2 Marketing Trends for 21st century

Question 1

are movements in the market that are new or different reactions, which eventually lead to change, either in a negative or positive way for business.

Answer 1

MARKET TRENDS

Question 2

Businesses can anticipate and analyze _________________ to improve their practices, attract the right target audience, adjust budgets, focus their marketing efforts, and more.

Answer 2

MARKET TRENDS

Question 3

An example of a trend is the music technology market. Many years ago, people started listening to music on the radio. Then boomboxes took center stage. Next, people bought iPods to listen to their favorite tunes. And more recently, people have been installing music streaming apps on their smartphones.

Answer 3

MARKET TRENDS

Question 4

can easily make or break a business. Catching the trend early and analyzing it could keep you ahead of the competition and protect your market share.

Answer 4

MARKET TRENDS

Question 5

is occurring at an accelerating rate; today is not like yesterday, and tomorrow will be different from today.

Answer 5

Change

Question 6

Continuing today’s strategy is risky; so is
turning to a new strategy. Therefore, tomorrow’s successful companies will have to need three certainties:

1. Global forces will continue to affect everyone’s business and personal life.
   2.Technology will continue to advance and amaze us.
2. There will be a continuing push toward deregulation of the economic sector.

Answer 6

Change

Question 7

_______ deals with identifying and meeting human and social needs.

Answer 7

Marketing

Question 8

One of the shortest definitions of _________ is “meeting needs profitably.”

Answer 8

marketing

Question 9

is the conscious effort to achieve desired exchange
outcomes with target markets.

Answer 9

Marketing management

Question 10

_______________ is a process of controlling the marketing aspects, setting the goals of a company, organizing the plans step by step, taking decisions for the firm, and executing them to get the maximum turn over by meeting the consumers’ demands.

Answer 10

Marketing management

Question 11

5 FUNCTIONS MANAGEMENT

Answer 11

1. Planning
2. Organizing
3. Leading
4. Staffing
5. Controlling

Question 12

When you think of _______________ in a management role, think about it as the process of choosing appropriate goals and actions to pursue and then determining what strategies to use, what actions to take, and deciding what resources are needed
to achieve the goals.

Answer 12

planning

Question 13

This process of establishing worker relationships allows workers to work together to achieve their organizational goals.

Answer 13

organizing

Question 14

This function involves articulating a vision, energizing employees, inspiring and motivating people

Answer 14

Leading

Question 15

Recruiting and selecting employees for positions within the company (within teams and departments).

Answer 15

staffing

Question 16

Evaluate how well you are achieving your goals, improving performance, taking actions. Put processes in place to help you establish standards, so you can measure, compare, and make decisions.

Answer 16

controlling

Question 17

one of the oldest in business, holds that consumers
prefer products that are widely available and inexpensive.

Answer 17

The Production Concept

Question 18

Managers of _____________-oriented businesses concentrate on achieving high production
efficiency, low costs, and mass distribution.

Answer 18

The Production Concept

Question 19

This orientation makes sense in developing countries, where consumers are more interested in obtaining the
product than in its features. It is also used when a company wants to expand the market.

Answer 19

The Production Concept

Question 20

Texas Instruments is a leading exponent of this concept. It concentrates on
building production volume and upgrading technology in order to bring costs
down, leading to lower prices and expansion of the market.

Answer 20

The Production Concept

Question 21

This orientation has
also been a key strategy of many Japanese companies.

Answer 21

The Production Concept

Question 22

Other businesses are guided by the _______________, which holds that consumers
favor those products that offer the most quality, performance, or innovative
features.

Answer 22

product concept

Question 23

Managers in these organizations focus on making superior products and improving them over time, assuming that buyers can appraise quality and
performance.

Answer 23

product concept

Question 24

______________-oriented companies often design their products with little or no customer input, trusting that their engineers can design exceptional products.

Answer 24

product concept

Question 25

The organization must, therefore, undertake an aggressive selling and promotion
effort.

Answer 25

The Selling Concept

Question 26

This concept assumes that consumers must be coaxed into buying, so the
company has a battery of selling and promotion tools to stimulate buying.

Answer 26

The Selling Concept

Question 27

The ___________ is practiced most aggressively with unsought goods—goods that buyers normally do not think of buying, such as insurance and funeral plots.

Answer 27

selling concept

Question 28

The _______________ is also practiced in the nonprofit area by fund-raisers, college
admissions offices, and political parties. Most firms practice the selling concept
when they have overcapacity.

Answer 28

selling concept

Question 29

Their aim is to sell what they make rather than
make what the market wants.

Answer 29

selling concept

Question 30

______________ holds that the key to achieving organizational goals consists of the company being more effective than its competitors in creating,
delivering, and communicating customer value to its chosen target markets.

Answer 30

The Marketing concept

Question 31

The marketing concept rests on four pillars:

4: - —–, ———, ———-, ——–

Answer 31

target market
profitability
customer needs
integrated marketing

Question 32

Companies do best when they choose their ____________________(s) carefully and prepare tailored marketing programs.

Answer 32

target market

Question 33

The ultimate purpose of the marketing concept is to help
organizations achieve their objectives.

Answer 33

profitability

Question 34

In the case of private firms, the major objective is profit; in the case of nonprofit and public organizations, it is
surviving and attracting enough funds to perform useful work.

Answer 34

profitability

Question 35

A company can carefully define its target market yet fail to correctly understand the ________________.

Clearly, understanding __________________ and
wants is not always simple.

Answer 35

Customer Needs

Question 36

Some customers have _______ of which they are not fully conscious; some cannot articulate these needs or use words that require some interpretation.

Answer 36

Customer Needs

Question 37

We can distinguish among five types of needs:

Responding only to
the stated need may shortchange the customer.

Answer 37

(1) stated needs,
(2) real needs,
(3) unstated needs,
(4) delight needs, and
(5) secret needs.

Question 38

When all of the company’s departments work together to serve the customers’ interests, the result is ____________________.
takes place on two levels.

Answer 38

• Integrated Marketing

Question 39

First, the various marketing functions—sales force, advertising, customer service, product management, marketing research—must work together.

All of these functions
must be coordinated from the customer’s point of view.

Second, marketing must be
embraced by the other departments.

Answer 39

• Integrated Marketing

Question 40

is marketing directed at people outside the company.

Answer 40

External Marketing

Question 41

is the task of hiring, training, and motivating able employees who
want to serve customers well. In fact, ____________________________ must precede external marketing.

Answer 41

Internal marketing

Question 42

It makes no sense to promise excellent service before the company’s staff is ready to
provide it.

Answer 42

Internal marketing

Question 43

holds that the organization’s task is to determine the needs, wants, and interests of a target market and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the well-being of both the individual consumer and society .

Answer 43

The Societal Marketing Concept

Question 44

Given these changes, companies are doing a lot of soul-searching, and many highly respected firms are adjusting in a number of ways.

Answer 44

Company Responses and Adjustments

Question 45

Company Responses and Adjustments Given these changes, companies are doing a lot of soul-searching, and many highly respected firms are adjusting in a number of ways. Here are some current trends:

Answer 45

1.Reengineering
2.Outsourcing
3.E-commerce
4.Benchmarking
5. Alliances
6. Partner-Suppliers
7. Market-Centered
8. Global and local
9. Decentralized

Question 46

From focusing on functional departments to reorganizing by key processes, each managed by multidiscipline teams.

Answer 46

Reengineering

Question 47

From making everything inside the company to buying more products from outside if they can be obtained cheaper and better. Virtual companies ____________ everything, so they own very few assets and, therefore, earn extraordinary rates of
return.

Answer 47

outsourcing

Question 48

• From attracting customers to stores and having salespeople call on
  offices to making virtually all products available on the Internet.

Answer 48

E-commerce

Question 49

Business-to-business
purchasing is growing fast on the Internet, and personal selling can increasingly be
conducted electronically.

Answer 49

E-commerce

Question 50

From trying to win alone to forming networks of partner firms.

Answer 50

Alliances

Question 51

From relying on self-improvement to studying world-class performers
and adopting best practices.

Answer 51

Benchmarking

Question 52

• From using many suppliers to using fewer but more reliable

Answer 52

Partner-Suppliers

Question 53

From organizing by products to organizing by market segment.

Answer 53

Market-centered -

Question 54

• From being local to being both global and local.

Answer 54

Global and local

Question 55

From being managed from the top to encouraging more initiative and
“entrepreneurship” at the local level.

Answer 55

Decentralized

Question 56

Marketer Responses and Adjustments
As the environment changes and companies adjust, marketers also are rethinking their
philosophies, concepts, and tools. Here are the major marketing themes at the start of the
new millennium: (10)

Answer 56

1.Relationship marketing
2.Customer lifetime value
3. Customer share
4. Target marketing
5. Individualization
6. Customer database
7. Integrated marketing communications
8. Channels as partners
9. Every employee is a marketer
10. Model-based decision making

Question 57

From focusing on transactions to building long-term, profitable customer relationships. Companies focus on their most profitable customers,
products, and channels.

Answer 57

Relationship marketing

Question 58

From making a profit on each sale to making profits by managing customer lifetime value. Some companies offer to deliver a constantly needed product on a regular basis at a lower price per unit because they will enjoy the customer’s business for a longer period.

Answer 58

Customer lifetime value

Question 59

From a focus on gaining market share to a focus on building _________________.

Companies build __________________ by offering a larger variety of goods to their existing customers and by training employees in cross-selling and up-selling.

Answer 59

Customer share

Question 60

From selling to everyone to trying to be the best firm serving well- defined ______________.__________________ is being facilitated by the proliferation of special-interest magazines, TV channels, and Internet newsgroups.

Answer 60

Target-Marketing

Question 61

From selling the same offer in the same way to everyone in the target market to individualizing and customizing messages and offerings.

Answer 61

Individualization

Question 62

From collecting sales data to building a data warehouse of
information about individual customers’ purchases, preferences, demographics, and profitability.

Companies can “data-mine” their proprietary databases to detect different
customer need clusters and make differentiated offerings to each cluster.

Answer 62

Customer Base

Question 63

• From reliance on one communication tool
  such as advertising to blending several tools to deliver a consistent brand image to
  customers at every brand contact.

Answer 63

Integrated marketing communications

Question 64

From thinking of intermediaries as customers to treating them
as partners in delivering value to final customers.

Answer 64

Channels as partners

Question 65

From thinking that marketing is done only by
marketing, sales, and customer support personnel to recognizing that every employee must
be customer-focused.

Answer 65

Every employee is a marketer

Question 66

• From making decisions on intuition or slim data to
  basing decisions on models and facts on how the marketplace works.

Answer 66

Model-based decision making