Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Marketing > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

marketing

A

activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

marketing simple definition

A

delivering value to customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

marketing focuses on or seeks to

A

1) discover the needs and wants of prospective customers
2) satisfy them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

exchange

A

trade of things of value between a buyer and a seller so that each is better off after the trade

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

4 factors for marketing to occur

A
  1. Two or more parties (individuals/ orgs) with unsatisfied needs
  2. Desire and ability satisfy these needs
  3. A way for the parties to communicate
  4. Something to exchange
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q
  1. two or more parties with unsatisfied needs
A

student wants Domino’s after studying for the their exam but doesn’t know that there is a Domino’s near them or that Domino’s has a mix-and-match offer waiting to be ordered.
There are two parties with unmet needs :
1. student (desires the meal)
2. dominos owner (need someone to place an order)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q
  1. A way for the parties to communicate
A

Domino’s location, website, store phone number

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q
  1. desire & ability to satisfy these needs
A

Student has time/money to place an order
Domino’s has desire to sell products & the ability to do so, since items are easily made/delivered to you

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

marketing objectives

A
  1. discover needs of prospective customers
  2. satisfy consumer needs
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

how to prevent product failure

A
  1. find out what consumers need and want
  2. produce what they need and want and dont produce things they dont need and want
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

showstoppers

A

factors that might doom the product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

need

A

person feels deprived of basic necessities (food, clothing, and shelter)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

want

A

need that is shaped by a persons knowledge, culture, and personality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What can an organization do to reconcile the different interests of various groups impacting the organization?

A

strike a balance between the varying interests of the different groups

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

effective marketing research

A

Listening to your customers in order to develop a better product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

According to Robert M. McMath, what two items will help marketers have a successful product launch?

A
  1. focus on what the customer benefit is
  2. learn from past mistakes
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

marketing manager that plans new products to meet consumer needs should

A

focus on how the new product will benefit consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

primary interest of marketers when focusing on a target market is

A

concentrating on the needs of some potential consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

place element of the marketing mix involves

A

the activities a firm undertakes to get a product to the consumer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Which of the four Ps represents the activities necessary to get a product to the customer where the customer wants it?

A

place

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q
  1. something to exchange
A

Student exchanges money for food & Domino’s exchanged food for money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Discovering the needs of prospective customers

A

Challenge: meeting consumer needs with new products
Key suggestions: focus on what the consumer benefit is & learn from past mistakes

According to Robert M. McMath, what two items will help marketers have a successful product launch?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

market

A

people with both the desire and the ability to buy a specific offering

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Satisfying consumer needs is accomplished by

A

designing a marketing program & focuses on target market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
target market
one or more specific groups of potential consumers toward which an organization directs its marketing program
25
marketing mix
The controllable factors (4P's) that can be used by the marketing manager to solve a marketing problem - price - product - place - promotion
26
marketing mix (4 P's)
- product - price - place - promotion
27
product (marketing mix)
a good, service, or idea to satisfy the consumer's needs marketing mix
28
price
what is exchanged for the product marketing mix
29
promotion
means of communication between the seller and buyer marketing mix
30
place
a means of getting the product to the consumer marketing mix
31
environmental forces
uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces
32
customer value
unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price
33
value formula
value = perceived benefits / price
34
three customer value strategies
1. best price (target) 2. best product (starbucks) 3. best service (Nordstrom)
35
relationship marketing
links the org to its individual customer, employees, suppliers, and other partners for their mutual long-term benefit
36
marketing program
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
37
market share
ratio of the firm's sales revenue to total industry sales revenue, including the firm -key indicator of a successful marketing program -how dominant you are in the industry
38
market share formula
sales of business / total sales in market * 100
39
market segments
relatively homogenous groups of prospective buyers that have (1) common needs and (2) will respond similarly to a marketing action
40
4 business orientations
1. product orientation 2. sales orientation 3. marketing orientation 4. market orientation
41
product orientation
places the emphasis upon the production process and the product itself -what company has and sells it directly to customers - producing and customers want it or not Ex: Ford only producing a black car, you get the car or not, you get no choice
42
sales orientation
people will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits Ex: Ford uses sales promotions & sells different cars in different colors
43
marketing orientation
considers the needs of customers when developing a marketing mix - Within the MARKETING DEPT Ex: marketing team thinks about the customer/what they want and sells it to them
44
market orientation
an organization wide commitment to researching and responding to customer needs - The ENTIRE ORGANIZATION/COMPANY -no matter what department you are in you're thinking about the customer Ex: McDonald's CFO says they care about the customer
45
4 stages of evolution towards a market orientation
1st Stage: Production Era 2nd Stage: Sales Era 3rd Stage: Marketing Concept Era 4th Stage: Customer Relationship Era
46
1st stage : production era
Early years up until 1920s Goods were comparatively scarce & buyers were willing to accept virtually any goods that were available & make due with them
47
2nd stage : sales era
1920s to 1960s Manufacturers produced more goods than buyers could consume, competition grew, firms hired more salespeople to find new buyers
48
3rd stage : Marketing Concept Era
Late 1950s Marketing became the motivating force among firms & introduced the marketing concept
49
4th stage : Customer Relationship Era
1980s & continues today Firms seek to satisfy the high expectations of customers New technologies increase value for customers/enhance customer relationships
50
Marketing concept
the idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization's goals
51
marketing orientation
focuses its efforts on (1) continuously collecting information about customers' needs, (2) sharing this information across departments, and (3) using it to create customer value
52
customer relationship management (CRM)
the process of 1) identifying prospective buyers, 2) understanding them intimately, and 3) developing favorable long-term perceptions of the organization and its offerings == buyers will choose them in the marketplace & become advocates after their purchase
53
customer experience
the internal response that customers have to all aspects of an organization and its offering
54
social responsibility
the idea that organizations are accountable to a larger society
55
societal marketing concept
the view that organizations should satisfy the needs of consumers in a way that provides for society's well-being
56
ultimate consumers
the people who use the products and services purchased for a household
57
organizational buyers
manufacturers, wholesalers, retailers, and government agencies that buy products and services for their own use or for resale
58
product
a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value
59
utility
The benefits or customer value received by users of the product
60
4 types of utility
- form - place - time - possession
61
form utility
the production of the product/way the product comes in Ex: music industry- vinyl, cassettes, CDs, streaming phones : going from big to small to big as more features were wanted
62
place utility
having the offering available where consumers need it Ex: Target providing products where you want it- curbside, delivery, in-store
63
time utility
having the offering available when needed Ex: Domino's says if your pizza is not out in two minutes next pizza is free
64
possession utility
the value of making an item easy to purchase through the provision of credit cards or financial arrangements Ex: payment method- cc, cash, buy now pay later

Marketing (22 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions