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chapter 1 Flashcards

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1
Q

What is the definition of marketing according to the American Marketing Association (AMA)?

A

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

This definition emphasizes the multifaceted nature of marketing, including its role in value creation and exchange.

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2
Q

What does the term ‘marketplace’ refer to in broad terms?

A

The marketplace refers to the world of trade.

It encompasses all activities related to buying and selling.

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3
Q

How can the marketplace be segmented?

A

The marketplace can be divided into groups of people pertinent to an organization for particular reasons.

Segmentation helps in targeting specific audiences effectively.

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4
Q

What is a key step in selling clothing according to the text?

A

Identify people who might purchase their products.

This involves determining the target audience.

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5
Q

List some categories used to segment the marketplace for clothing.

A
  • Fashionable people looking for trendy clothing
  • Eco-conscious consumers interested in sustainable products
  • Activewear connoisseurs seeking workout outfits
  • Cost-focused consumers looking for the least expensive options

These categories help in tailoring marketing strategies.

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6
Q

What is the essence of marketing as described in the text?

A

Marketing is about an exchange—the trade of things of value between the buyer and the seller.

This highlights the mutual benefit in the marketing process.

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7
Q

What do sellers provide in the marketing exchange process?

A

Sellers provide products or services.

They also communicate and facilitate the delivery of their offerings.

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8
Q

What do buyers give in return during the marketing exchange?

A

Buyers give money and information to the seller.

This exchange is essential for completing the transaction.

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9
Q

Fill in the blank: Marketing involves creating, capturing, communicating, delivering, and exchanging offerings that have value for _______.

A

[customers, clients, partners, and society at large]

This highlights the broad impact of marketing.

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10
Q
A
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11
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A
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12
Q

What are the four interrelated decisions in marketing known as?

A

The marketing mix, or four Ps: product, price, place, and promotion

The four Ps are essential components in the marketing strategy.

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13
Q

What is the first P in the marketing mix?

A

Product

Product refers to the offerings developed to satisfy customer needs.

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14
Q

What is the fundamental purpose of marketing?

A

To create value by developing a variety of offerings to satisfy customer needs

This includes goods, services, and ideas.

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15
Q

Define goods in the context of marketing.

A

Items that you can physically touch

Goods are tangible products that fulfill customer needs.

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16
Q

How are services defined in marketing?

A

Intangible customer benefits produced by people or machines that cannot be separated from the producer

Services provide value without physical goods.

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17
Q

What are ideas in the context of marketing?

A

Thoughts, opinions, and philosophies; intellectual concepts that can be marketed

Ideas can also fulfill customer needs by influencing perceptions.

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18
Q

What is the second P in the marketing mix?

A

Price

Price encompasses everything the buyer gives up in exchange for the product.

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19
Q

What does price represent in marketing?

A

Everything the buyer gives up—money, time, and/or energy—in exchange for the product

Price must reflect the buyer’s perceived value.

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20
Q

What is the third P in the marketing mix?

A

Place

Place includes all activities necessary to get the product to the right customer.

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21
Q

What does place represent in the marketing mix?

A

All activities necessary to get the product to the right customer at the right time

This includes distribution strategies and location choices.

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22
Q

How does Starbucks exemplify the concept of place in marketing?

A

By constantly expanding its storefronts and using creative locations like kiosks in airports

This strategy ensures easy access for customers.

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23
Q

What does supply chain management refer to?

A

A set of approaches and techniques to integrate suppliers, manufacturers, warehouses, stores, and transportation intermediaries into a seamless operation.

This integration aims to produce and distribute merchandise in the right quantities, locations, and times while minimizing costs and satisfying customer service levels.

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24
Q

What is the focus of marketing channel management?

A

Developing and maintaining partners and relationships within the supply chain.

Marketing channel management ensures smooth operations and collaboration among supply chain partners.

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25
What is the fourth P in marketing?
Promotion. ## Footnote Promotion is essential for communicating the value of products and services to customers.
26
What is the definition of promotion in marketing?
Communication by a marketer that informs, persuades, and reminds potential buyers about a product or service. ## Footnote The goal of promotion is to influence opinions and elicit responses from consumers.
27
What are the two main processes of marketing mentioned?
Business-to-consumer (B2C) marketing and business-to-business (B2B) marketing. ## Footnote B2C marketing involves selling to consumers, while B2B marketing involves selling from one business to another.
28
True or False: Marketing only facilitates the sale of products or services to customers.
False. ## Footnote Marketing can also affect other stakeholders, including supply chain partners and society at large.
29
Who are the partners in the supply chain?
Wholesalers, retailers, and other intermediaries such as transportation or warehousing companies. ## Footnote These partners play crucial roles in the distribution and logistics of products.
30
Fill in the blank: The process of selling merchandise or services from one business to another is called _______.
Business-to-business (B2B) marketing.
31
What do firms spend billions of dollars on in the United States and worldwide?
Marketing initiatives ## Footnote This spending is crucial for the global economy.
32
What is the total digital advertising spending in the United States?
More than $165 billion ## Footnote This spending allows companies to offer free services to consumers.
33
What would happen to search engines without ad revenue?
They would have to pass on the costs of their operations to customers
34
What was the primary focus of firms around the turn of the 20th century?
Production orientation ## Footnote Firms believed a good product would sell itself.
35
What were manufacturers primarily concerned with before the mid-20th century?
Product innovation
36
How did the Great Depression and World War II affect consumer behavior?
Conditioned customers to consume less or manufacture items themselves
37
What significant change occurred in the market after World War II?
The United States entered a buyers’ market
38
What factors influenced purchasing decisions when consumers had choices?
* Quality * Convenience * Price
39
What did manufacturers and retailers begin to focus on after World War II?
What consumers wanted and needed
40
What discovery did firms make during the period of increased consumer choice?
Marketing
41
Fill in the blank: Without marketing jobs, the global economy would _______.
plummet
42
What does it mean for a firm to be market oriented?
It means the firm attempts to discover and satisfy their customers’ needs and wants.
43
What did better marketing firms recognize before the 21st century?
They recognized that there was more to good marketing than simply discovering and providing what consumers wanted and needed.
44
What is necessary for firms to compete successfully?
They must give their customers greater value than their competitors.
45
How is value defined in marketing?
Value reflects the relationship of benefits to costs, or what you get for what you give.
46
What approach have marketers used to build value?
They have used a relational orientation.
47
What is the focus of firms using a relationship approach?
They focus on the lifetime profitability of the relationship, not just individual transactions.
48
What is customer relationship management (CRM)?
CRM is a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm’s most valued customers.
49
Fill in the blank: Value reflects the relationship of benefits to _______.
[costs]
50
True or False: A market-oriented firm focuses primarily on transactions rather than relationships.
False
51
What are the four main activities that value-driven marketers undertake?
1. Building relationships with partners and customers 2. Using Marketing Analytics 3. Engaging in Social & Mobile Marketing 4. Addressing Ethical & Societal Dilemmas ## Footnote These activities help ensure that offerings have value.
52
What is the primary goal of value-driven marketers in introducing their products?
To ensure that their offerings have value by introducing them at the right place and time for customers ## Footnote This involves leveraging various elements of marketing.
53
How do firms utilize Marketing Analytics?
By gathering vast information about customers and competitors, analyzing it, and sharing it across their organization and with partner firms ## Footnote This can include promotion and social media services.
54
What does Social & Mobile Marketing involve?
Taking advantage of new technologies and connecting with customers through digital, virtual, and social media channels ## Footnote This is essential for modern marketing strategies.
55
What must marketers strive for when addressing Ethical & Societal Dilemmas?
To balance the benefits and costs of their offerings for themselves, customers, communities, the planet, and society as a whole ## Footnote This highlights the importance of ethical considerations in marketing.
56
Why is value central to marketing?
Value-oriented marketers measure the benefits customers perceive against the costs of their offerings ## Footnote This helps identify opportunities to satisfy customer needs better.
57
Fill in the blank: Value-oriented marketers constantly measure the _______ that customers perceive against the cost of their offerings.
[benefits] ## Footnote This measurement is crucial for developing long-term customer loyalty.
58
What do Adding Value boxes emphasize in the context of marketing?
The importance of leveraging marketing elements to build relationships and ensure offerings have value ## Footnote These boxes appear frequently throughout the book.
59
What do modern marketers rely on to define and refine their approaches?
Sophisticated data analytics ## Footnote This includes analyzing customer data to improve marketing strategies.
60
What challenges are associated with the growth of big data?
Inescapable challenges faced by organizations and firms ## Footnote These challenges impact how companies analyze and utilize data.
61
Which companies are mentioned as examples of data collection?
* Starbucks * CVS * Kroger * Netflix * Amazon ## Footnote These companies collect extensive data on consumer purchasing behaviors.
62
What advanced technology does Google use for inventory monitoring?
Cutting-edge AI capabilities ## Footnote This technology helps Google improve the retail experience for customers.
63
Why have marketers embraced new technologies such as social and mobile media?
To connect better with their customers and serve their needs more effectively ## Footnote This shift is crucial for adapting marketing strategies.
64
What is the forecasted social media ad spending for 2023?
$268 billion ## Footnote This reflects the growing importance of social media in marketing strategies.
65
How many people use social media worldwide as of the text's data?
Approximately 4.7 billion people ## Footnote This highlights the vast audience available for social media marketing.
66
What is the average time spent on social media daily?
2 hours and 28 minutes ## Footnote This statistic indicates the significant engagement users have with social media platforms.
67
True or False: Businesses take social and mobile media seriously in their marketing strategies.
True ## Footnote This includes incorporating advanced tools in marketing development.
68
What should marketing focus on besides financial profitability?
Good corporate citizenry ## Footnote This includes developing greener products, healthier food options, and safer products.
69
What marketing activities have many of America's best-known corporations undertaken?
Developing greener products, making healthier food options, improving supply chains ## Footnote These activities aim to reduce their carbon footprint.
70
What type of decisions are firms and entire industries making at a macro level?
Ethically based decisions that benefit society ## Footnote These decisions also consider the interests of all stakeholders.
71
True or False: Marketing should only prioritize financial profitability.
False ## Footnote Many corporations are considering broader impacts on society.
72
Fill in the blank: Companies are improving their supply chains to reduce their _______.
carbon footprint ## Footnote This is part of their commitment to corporate responsibility.

Marketing (2 decks)

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