deck 1

Question 1

what is a need?

Answer 1

someone is deprived of basic necessities (food, clothing, shelter etc.)

Question 2

what is a want?

Answer 2

A
a need shaped by a person’s knowledge, culture and personality

Question 3

what are the 4 P’s?

Answer 3

• product (a good or service which will satisfy the customer needs and wants)
• place (the means of getting the product to the consumer)
• price (what is exchanged for the product)
• promotion (the means of communication between the buyer and the seller)

Question 4

what type of factors are the 4 P’s?

Answer 4

• they are all controllable factors
• can be changed by the marketing manager
• when combined together they create a cohesive marketing programme

Question 5

what are environmental forces?

Answer 5

• influence the marketing activity
• include social, economic, technological, competitive and regulatory
• competition is an uncontrollable factor

Question 6

what is customer value?

Answer 6

The 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.

Question 7

What is CLV (customer lifetime value)?

Answer 7

how much money a customer will bring your brand throughout their entire time as a paying customer.

Question 8

What is relationship marketing?

Answer 8

Links the organisation to it’s individual customers, employees, suppliers, and other partners for their mutual long-term benefit.

Question 9

what is form utility?

Answer 9

giving you the product the way you want it

• By transforming raw materials into finished products

Question 10

what is place utility?

Answer 10

giving you the product where you want it

• By getting the product to the desired location

Question 11

what is time utility?

Answer 11

giving you the product when you want it

• Storing products until they are needed or by opening at convenient times

Question 12

what is possession utility?

Answer 12

helping you purchase, use and enjoy the product

• Advice, installation, finance, and other services can make it possible for you to possess the value in the product

Question 13

what are the four utilities?

Answer 13

• form
• place
• time
• possession

Question 14

what is the utility sentence?

Answer 14

Marketing creates its utilities by bridging space (place utility) and hours (time utility) to provide products (form utility) for consumers to own and use (possession utility).