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BBUS 320 Marketing > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Definition - Marketing

A

Creating and capturing customer value

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

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2
Q

2 Goals of Marketing

A

Attract new customers by promising superior value

Keep and grow current customers by delivering satisfaction

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3
Q

Fig. 1.1 - A Simple Model of the Marketing Process

A

Study from book

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4
Q

Five Core Customer and Marketplace Concepts

A
  1. Needs, wants & demands
  2. Market offerings (products, services & experiences)
  3. Value & satisfaction
  4. Exchanges & relationships
  5. Markets
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5
Q

Difference between needs, wants & demands

A

Needs - States of felt deprivation
Wants - the form human needs take as they are shaped by culture and individual personality
Demands - human wants that are backed up by buying power

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6
Q

What are Market Offerings?

A

Some combination of products, services, information or experiences offered to a market to satisfy a need or want.

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7
Q

Definition - Marketing Myopia

A

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

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8
Q

Elaborate on customer Value & Satisfaction

A

Customers form expectations about the value and satisfaction that various market offerings will deliver. All about setting expectations at the correct level.

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9
Q

Elaborate on customer Exchanges & Relationships

A

Exchange-the act of obtaining a desired object from someone by offering something in return
Relationships: Marketing actions build and maintain exchange relationships with target audiences involving an idea, product, service or other object.They build strong relationships by consistently delivering superior customer value.

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10
Q

Definition - Markets

A

The set of all actual and potential buyers of a product or service

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11
Q

Fig. 1.2 - A Modern Marketing System

A

Study from book

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12
Q

What two things must you know to design a customer-driven marketing strategy?

A
  1. What customers will we serve (what’s our target market)?

2. How can we serve these customers best (what’s our value proposition)?

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13
Q

Definition - Marketing Management

A

The art and science of choosing target markets and building profitable relationships with them

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14
Q

Definition - Market Segmentation

A

Dividing the market into segments of customers

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15
Q

Definition - Target Market

A

Selecting one or more segments to cultivate

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16
Q

Definition - Value Proposition

A

Benefits or values a company promises to deliver to consumers to satisfy their needs

17
Q

Organizations design and carry out their marketing strategies under what five alternate concepts?

A
  1. Production concept, 2. Product concept, 3. Selling concept, 4. Marketing concept, 5. Social Marketing concept
18
Q

Definition - The Production Concept

A

Consumers will favour products that are available and highly affordable
The organization should focus on improving production and distribution efficiency

19
Q

Definition - The Product Concept

A

Consumers will favor products that offer the most quality, performance, and features.
The organization should devote its energy to making continuous product improvements.

20
Q

Definition - The Selling Concept

A

Consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort

21
Q

Definition - The Marketing Concept

A

Achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

22
Q

Fig. 1.3 - The Selling and Marketing Concepts Contrasted

A

Study from book

23
Q

Definition - The Social Marketing Concept

A

A company’s marketing decisions should consider consumer’s wants, the company’s desires, consumers’ long-run interests and society’s long-run interest
Calls for sustainable marketing–socially and environmentally responsible marketing that meets the present needs of consumers while also preserving the ability of future generations to meet their needs

24
Q

Fig. 1.4 - The Considerations Underlying the Societal Marketing Concept

A

Study from book

25
Q

Definition - Value Proposition

A

Benefits or values a company promises to deliver to consumers to satisfy their needs

26
Q

Definition - Value Proposition

A

Benefits or values a company promises to deliver to consumers to satisfy their needs

27
Q

Organizations design and carry out their marketing strategies under what five alternate concepts?

A
  1. Production concept, 2. Product concept, 3. Selling concept, 4. Marketing concept, 5. Social Marketing concept
28
Q

Organizations design and carry out their marketing strategies under what five alternate concepts?

A
  1. Production concept, 2. Product concept, 3. Selling concept, 4. Marketing concept, 5. Social Marketing concept
29
Q

Definition - The Production Concept

A

Consumers will favour products that are available and highly affordable
The organization should focus on improving production and distribution efficiency

30
Q

Definition - The Production Concept

A

Consumers will favour products that are available and highly affordable
The organization should focus on improving production and distribution efficiency

31
Q

Definition - The Product Concept

A

Consumers will favor products that offer the most quality, performance, and features.
The organization should devote its energy to making continuous product improvements.

32
Q

Definition - The Product Concept

A

Consumers will favor products that offer the most quality, performance, and features.
The organization should devote its energy to making continuous product improvements.

33
Q

Definition - The Selling Concept

A

Consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort

34
Q

Definition - The Selling Concept

A

Consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort

35
Q

Definition - The Marketing Concept

A

Achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

36
Q

Fig. 1.3 - The Selling and Marketing Concepts Contrasted

A

Study from book

37
Q

Definition - The Social Marketing Concept

A

A company’s marketing decisions should consider consumer’s wants, the company’s desires, consumers’ long-run interests and society’s long-run interest
Calls for sustainable marketing–socially and environmentally responsible marketing that meets the present needs of consumers while also preserving the ability of future generations to meet their needs

38
Q

Fig. 1.4 - The Considerations Underlying the Societal Marketing Concept

A

Study from book

BBUS 320 Marketing (1 decks)

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