Exam 1 Concept Review Flashcards
Rooted in social economic behavior, ______________ helps explain why and how parties come together to buy, sell or barter goods. Certain conditions must exist for an exchange to take place.
What is the Exchange Theory?
Why is the Exchange Theory relevant?
The ___________ is relevant because the role of the marketer is to facilitate conditions so that exchanges may take place. Marketers must be able to position the seller by using the marketing mix and understand the buyer so that value may be exchanged.
The ________ is the complete set of benefits created by the firm, assessed relative to cost, by the market.
What is the Value Proposition?
Why is the Value Proposition relevant?
The ___________ is relevant because it is a basis of competition. The market evaluates each firm’s offering and determines which is most appealing
______ is the ratio between benefits and costs from the perspective of the customer.
= benefits/cost
What is Value?
Why is Value relevant?
____________ is relevant because at a rudimentary level consumers are motivated by value. The firm controls both the benefits, by adapting their product offering, and cost, by adjusting price.
The ________ is a collection of consumers with similar tastes and interests
What is the Market?
Why is the Market relevant?
The _______ is relevant because we define it as a specific group of consumers that the firm will seek to satisfy - it is a fundamental concept in marketing
The ________ is a collection of firms that, together, satisfy a collection of similarly defined customers
What is the Industry?
Why is the Industry relevant?
The ________ is relevant because competition and the make-up of this is identified by the individual firms that compete for the consumers that are in a defined market. We must know our competitors and their value propositions in order to differentiate our own offerings from theirs
The _______________ moves from broad to narrow and focuses on the key steps needed to perform comprehensive strategic marketing planning. It begins with environmental/macro marketing concepts and finishes with micromarketing functional activities
What is the Strategic Marketing Planning Model?
Why is the Strategic Marketing Planning Model relevant?
The ____________ is relevant because the role of the marketer is to facilitate conditions so that exchanges may take place. Marketers must be able to position the seller by using the marketing mix and understanding the buyer so that value may be exchanged.
