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Marketing > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Why study marketing

A
  1. Career Opportunities
  2. Important to business
  3. Important to society
  4. Affects you everyday
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2
Q

What is the average attention span?

A

eight seconds

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3
Q

What marketers do?

A

VALUE creating activities

  1. assess the NEEDS, wants and satisfaction of customers.
  2. Design and manage PRODUCT offerings
  3. Determine prices and PRICING policies
  4. Develop DISTRIBUTION (PLACES) strategies
  5. COMMUNICATE (PROMOTE) with present and potential customers.
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4
Q

What is the goal of business?

A

Profit

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5
Q

What is marketing

A

The science of probability changing behavior

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6
Q

Consumer

A

the entity (person or business) who converts the product to value

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7
Q

Product

A

a good, service, or idea (E.G place or person)

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8
Q

Consumption

A

process by which products are transformed into value.

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9
Q

Cost

A

negative results of consumption

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10
Q

Benefits

A

positive results of consumption

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11
Q

Exchange

A

acting out the decision to give up something to get something of GREATER VALUE.

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12
Q

What are the requirements of an exchange?

A
  1. at least two parties willing to deal.
  2. something of value
  3. communication and delivery
  4. freedom to accept or reject
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13
Q

What are the four Ps

A

are the essential interrelated components to create, communication and deliver VALUE.

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14
Q

Product

A

a good, service or an idea

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15
Q

Place

A
  1. product availability where and when customers want them
  2. all activities from raw materials to finished products (supply chain)
  3. Ensure products arrive in usable condition at designated places when needed.
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16
Q

Promotion

A

goal is to BRING ABOUT EXCHANGES with target markets by: Informing, educating, persuading, and reminding.
Also includes integration of: personal selling, advertising, sales promotion and public relations

17
Q

Price

A
  • is what (ONE OF THE THINGS) a buyer must give up to obtain a product.
  • higher prices communicate higher quality for SOME goods
  • Marketers often lower price via SALES PROMOTIONS in order to increase demand
18
Q

What is the most flexible of the 4 p’s

A

price, also a competitive weapon (maybe)

19
Q

Need

A

a gap between the ACTUAL and DESIRED state (Water)

20
Q

Want

A

a SPECIFIC DESIRE representing a way a consumer may go about addressing a recognized need. (Alcohol)

21
Q

Market orientation (outward)

A

identifying and satisfying the needs of consumers to ensure profitability.

22
Q

Diverse stakeholders

A

consumers, business buyers, sellers, investors, government agencies, and community residents.

23
Q

Market

A

consists of all consumers who share a COMMON NEED that can be satisfied by a specific product. They also have: Resources, Authority to purchase, willingness.

24
Q

Marketplace

A

any location or medium used to facilitate an exchange.

25
Q

What does management seek to maximize (triple bottom line)

A

financial, social, and environmental bottom lines.

26
Q

Sustainablity

A

creating products that meet present needs while ensuring future generations can have their needs met.

27
Q

Attention Economy

A

success measured by SHARE OF MIND rather than simple share of market.

28
Q

User to user-

A

USER- GENERATED CONTENT and mobile marketing change the dynamics of marketing.

29
Q

What is big data

A

employing data scientists to generate insights leading to innovations across the marketing mix.

30
Q

What is value

A

what you get - what you give

31
Q

Value

A

personal assessment of the NET WORTH obtained from an activity.

32
Q

What is creation of value?

A

marketing activities should CREATE VALUE through innovations that increase benefits and reduce costs to the customer.

33
Q

what is value from customers perspective?

A

is the difference between the PERCEIVED BENEFITS AND PERCEIVED COSTS.

34
Q

Value of the seller can take many forms

A

Brand value
Profit
Market share

35
Q

What is the economic value of a single customer?

A

more costly to acquire than retain

36
Q

How do marketers increase customer value?

A

Co-creation

37
Q

How do organizations survive over long terms?

A
  1. Satisfying customers current needs

2. enhance what is in society’s long-term interests

38
Q

What is the value cycle?

A
  1. Understand value
  2. Determine value
  3. Develop value
  4. Deliver value

Marketing (1 decks)

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