Chapter 1 / intro ppt

Question 1

definition of marketing

Answer 1

Creating profitable relationships with customers and exchanging value between buyers and sellers

Question 2

2 goals of marketing

Answer 2

attracting new customers

keeping / growing current customer base.

Question 3

According to text, marketing focuses on what two things?

Answer 3

Discovering the needs and wants of prospective customers

as well as satisfying these needs

Question 4

Marketing wheel: what are all of the departments inside?
(6)
Red Deer Has Real Important Moms from Media

Answer 4

research and development, human resources, information and systems, marketing, finance, and manufacturing

Question 5

What does the marketing wheel refer to as society?

Answer 5

other organizations,
shareholders (owners),
customers,
suppliers

Question 6

marketing wheel: what are environmental forces?

Answer 6

uncontrollable factors

demographic, sociocultural, economic, technological, competitive, regulatory

Question 7

marketing wheel: what are “alliances”?

Answer 7

the relationship between “other organizations” (society), the research and development department, and the manufacturing department.

Question 8

marketing wheel: what are “partnerships”?

they do not work with HR, but are more interested in money…

Answer 8

between finance department, manufacturing department

+

the suppliers.

Question 9

marketing wheel: what are the “relationships”?

Answer 9

the relationship between marketing department, information systems department, and the customers

Question 10

marketing wheel: what are “ownerships”?

ownerships are the people who have stakes

• owners need support
• owners need information

Answer 10

the relationship between HR department, information systems, and the shareholders

Question 11

3 steps of marketing process

Answer 11

1. identifying customer needs
2. managing the marketing mix to meet consumer needs
3. realize profits for a company

Question 12

In stage 3 of the marketing process for non for profits, what are we trying to realize instead of profits?

Answer 12

objectives

Question 13

What is the marketing mix and the components?

Answer 13

Product: a good service or idea to satisfy needs
Price: what is exchanged for the product
Promotion: a means of communication between the settler and buyer
Place: a means of getting the product to the consumer

Question 14

When is the marketing mix looked at in the marketing process?

Answer 14

stage 2, after we’ve identified the customer needs

Question 15

The 4 p’s in the 2nd stage of the marketing mix are also referred to as….

Answer 15

controllable factors that the marketing department can control.

Question 16

What is the definition of a need?

Answer 16

Needs occur when a person feels deprived of a basic necessity.

Question 17

What is the definition of a want?

Answer 17

A want is shaped by a person’s knowledge, culture, and personality.

Question 18

What is a market?

Answer 18

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

Question 19

What is value propostion?

Answer 19

The cluster of benefits that an organization promises to customers to satisfy their needs.

Looking at things like
differentiation from other brands

(quality, price, convenience, delivery)

Question 20

What is a target market?

Answer 20

segments of existing and potential consumers to which marketing is directed at

This offers Unique value.

Question 21

What is unique value?

Answer 21

differentiation for customers amongst different organizations

Question 22

What are the 3 types of products

Answer 22

Goods, services, and ideas

Question 23

What are the 5 marketing concepts?

pow ping smack moo shloop

Answer 23

production concept,

product concept,

selling concept,

marketing concept,

societal marketing concept

Question 24

What is the production concept?

Answer 24

focus is on production of whatever is being sold - no care for what is needed - if it is made it will sell mentality
ex) ford cars - don’t care about colour.

Question 25

what is a product concept?

Answer 25

focuses on customer and quality | providing flawless features.

Question 26

what is a selling concept?

Answer 26

when the focus is on the selling strategy to the customers - convincing people that they need to do this. creation of brand loyalty

Question 27

what is a societal marketing concept?

Answer 27

society first - strategy aims to take care of customers first and to put profits second.

Question 28

what is marketing myopia?

Answer 28

failing to see what you're really providing for the customer ex) starbucks being in real estate game

Question 29

How does the selling concept realize profits?

Answer 29

profit through sales and volume

Question 30

How does the marketing concept realize profits?

Answer 30

profits through customer satisfaction

Question 31

What is the societal marketing concept?

Answer 31

socially responsible and environmental

Question 32

Customer Relationship Management 3 methods of CRM

Answer 32

less expensive to maintain current custy Share of Wallet - % of money spent Customer Lifetime Value - sales over lifespan Corporate Social Responsibility - custys want value and good companies

Question 33

What is 'share of wallet'?

Answer 33

how much a customer regularly spends on a specific brand instead of competitors.

Question 34

What are the customer relationship groups?

Answer 34

butterflies, true friends, strangers, barnacles

Question 35

``` Customer relationship groups: butterflies true friends strangers barnacles ``` What are their loyalties and profitability?

Answer 35

Butterflies - short term loyalty, high profit True Friends - long term loyalty, high profit Strangers - short term loyalty, low profit Barnacles - long term loyalty, low profit

Question 36

What is customer perceived value?

Answer 36

perceived value of a customer when looking at all benefits from one firm to another value = benefit divided by price

Question 37

What is customer satisfaction?

Answer 37

if a product matches expectations from buyer

Question 38

textbook: what is a marketing orientation?

Answer 38

where an organization is continuously collecting information about the customer, sharing this info across departments, and using it to create customer value.

Question 39

textbook: what is the difference between ultimate consumers and organizational buyers?

Answer 39

ultimate consumers buy for house | organizational buyers buy for organizations and services.

Question 40

textbook: what is utility?

Answer 40

the benefits or customer value received by the user of a product

Question 41

what is partnership marketing?

Answer 41

formal association between brands

Question 42

what is also known as affinity marketing?

Answer 42

partnership marketing

Question 43

Analytics

Answer 43

takes metrics data and applies smart thinking to make insights - leads to better decisions

Question 44

Content marketing

Answer 44

creating and sharing expertise, information, or branded content that is designed to inform and engage with tools such as research papers, e books, etc.

Question 45

Dashboards

Answer 45

displaying data in insightful accessible way

Question 46

experiential marketing

Answer 46

creating opportunities for consumers to directly interact with brands

Question 47

relationship marketing

Answer 47

when organizations create long term links with customers, employees, suppliers, and other partners to increase loyalty and customer retention

Question 48

new practices of marketing (7)

Answer 48

1) digital marketing 2) augmented reality 3) experiential marketing 4) influencer marketing 5) partnership marketing 6) metrics 7) new marketing and ethical considerations

Question 49

according to textbook... what is the starting point o a marketing career?

Answer 49

educate yourself while creating a network of business professionals to contact upon graduation.