Exam 1 Flashcards
(26 cards)
1
Q
Is marketing selfish?
A
- the best success comes form when marketing is selfless and focuses on the customer
- social marketing
- behaviour change
- when focusing on the people it benefits everyone
- drives innovation
2
Q
5 steps to marketing
A
- Make something worth creating
- find a small group of people that would care- a niche
- tell a story the group of people would care about
- spread the word
- show up consistently
3
Q
things marketers know
A
- you can change the world
- you can’t appeal to everyone
- humans tell themselves stories
- when can group people together
4
Q
What is marketing?
A
- the process companies use to create value and build relationships w/ customers
5
Q
what are the goals of marketing?
A
- attract new customers by creating value
- keep and grow current customers by delivering satisfaction
6
Q
Finely hats
A
- this is an example of the way a company creates value for a small group of people that care about the stories and experience put into this hats
- the string, creates an interest of consumers that need it with the activity they partake in
- they build a strong customer relationship by having great customer service and interest with them on tiktok
- they are also very passionate and confident about the product they are selling and producing
7
Q
Marketing process
A
- understand the Markey place
- design a customer driven marketing strategy
- create a program that delivers superior value
- build a profitable relationship
- capture value from the customer to create profit and customer equity
8
Q
Needs
A
- state of deprivation
- water, food, shelter
9
Q
wants
A
- a human needs to participate in cultural and societal standards - Tims
10
Q
demand
A
- something that high value and many want
11
Q
Market offerings
A
- products, services information, or experiences offered to a market to satisfy a need to a want
12
Q
Market Myopia
A
- the mistake of paying more attention to a product rather than the benefits and experiences the customer might need
13
Q
Market
A
- potential buyers of the product or a service
14
Q
Market management
A
- science of choosing target markets and building profitable relationships with them
15
Q
Production concept
A
- customers will favour products that are available and highly affordable
-focus on improving production and distribution efficiency
16
Q
product concept
A
- customer will favour products that offer the most quality performance
- should focus on product improvement
17
Q
selling concept
A
- will not buy enough of the firms product unless the firm undertakes a large-scale selling and promotion efforts
-insurance
18
Q
Marketing concept
A
- knowing the needs and wants of target market and delivering the desired satisfactions better than competitors - airlines
19
Q
show the processes of selling concept
A
- factory
- existing products
- selling and promoting
- profits through Sales volume
20
Q
show the process of marketing concept
A
- market
- consumer needs
- integrated marking
- profits through customer satisfaction
21
Q
Societal marketing concept
A
- Marketing decisions should be considered consumers wants - consumers long-run interest and society’s long run interest
21
Q
Societal marketing concept
A
- Marketing decisions should be considered consumers wants - consumers long-run interest and society’s long run interest
22
Q
customer relationship management
A
- the benefits and the differences between all the benefited and all the costs relative to those competing offers
23
Q
Customer- perceived value
A
- products perceived performance matches the buyers expectation
24
Customer lifetime value
the entire stream of purchases a customer makes over a lifetime
25
Share of customers
the portion of the customers purchasing that company gets in its product categories
