Chapter 2 Flashcards
(30 cards)
What is Marketing?
The management task that links the business to the consumer by identifying and meeting the needs of customers profitably.
What are the Marketing Objectives?
- Sale growth: Increasing the volume of products or services sold.
- Market Share: Capturing a larger portion of the target market.
- Brand Awareness: Enhancing visibility and recognition in the market.
What is the link between Marketing Objectives and Corporate Objectives?
Marketing Objectives should align with overall corporate goals.
Marketing efforts contribute to corporate revenue and profitability. Both Marketing & Corporate Objectives should prioritize customer needs.
What is the Price Mechanism?
The Price Mechanism acts as a signaling system in a market economy.
How do prices function in the market?
Prices communicate information about consumer preferences and resource scarcity.
How do producers respond to price signals?
Producers respond to price signals, allocating resources efficiently.
What characterizes Consumer Markets (B2C)?
Consumer markets involve individual consumers who purchase goods and services for personal use.
What is the typical purchase volume in Consumer Markets?
Transactions in consumer markets often include smaller quantities and lower purchase volume.
Who typically makes purchase decisions in Consumer Markets?
Purchase decisions are typically made by individuals or families based on personal preferences.
What characterizes Industrial Markets (B2B)?
Industrial markets involve businesses or organizations buying goods and services for operational use or for incorporation into other products.
What is the typical purchase volume in Industrial Markets?
Transactions in industrial markets often involve larger quantities and higher purchase volume.
What is an advantage of B2C marketing?
B2C marketing often has a larger consumer base, allowing for high-volume sales.
How does B2C marketing leverage emotional connections?
It creates brand loyalty, leading to repeat purchases.
What is a distribution advantage of consumer products?
Consumer products can utilize a wide range of distribution channels.
What is a characteristic of consumer decision-making cycles?
Consumers have shorter decision-making cycles, enabling faster sales.
What is a disadvantage of B2C marketing?
The consumer market is highly competitive, requiring constant innovation.
Why are consumers often price-sensitive?
They demand competitive pricing strategies.
What challenge do marketers face with diverse consumer preferences?
Meeting diverse individual preferences can be challenging, requiring varied products.
How quickly do consumer trends change?
Consumer trends in preferences can change quickly, necessitating frequent adjustments in marketing strategies.
What is an advantage of B2B marketing?
B2B transactions often lead to long-term business relationships and repeat contracts.
What is a characteristic of decision-making in B2B marketing?
There are fewer decision-making individuals involved.
