Marketing Concept 1.1-1.3

Question 1

What is marketing

Answer 1

a set of processes for creating, communicating, and delivering value to customers and managing customer relationships.

Question 2

Marketing Concept

Answer 2

Company wide customer orientation with the objective of achieving long run success.
give the customer what they want.

Question 3

Value

Answer 3

the enduring belief shared by a society.
A customer receives value from the product.
The seller receives value in a form of compensation; usually $$$

Question 4

Product

Answer 4

bundle of physical, service and symbolic attributes designed to satisfy a customers wants or needs.

Question 5

Needs

Answer 5

imbalance between a consumers actual and desired state.

Question 6

Customer Value

Answer 6

The relationship between benefits and the sacrifice necessary to obtain those benefits.

Question 7

Markets

Answer 7

A group of people with sufficient purchasing power, authority, and willingness to buy.

Question 8

Criteria for Value

Answer 8

benefits offered; quality

sacrifice required; price

Question 9

Value Equation

Answer 9

Value= benefits/ price

Question 10

Profitability

Answer 10

The ability to profit which is left over from the revenue (selling price of product) after expenses, and costs of bringing it to the market.

Question 11

High customer value

Answer 11

+high benefit -low price

Question 12

low customer value

Answer 12

+high price -low benefit

Question 13

Customer Relationship Marketing

Answer 13

creating a database in which companies can track their customers, and keeping up to date of a companies customer base ex) excel spreadsheets, intricate CRM systems.

Question 14

Customer Relationship Management

Answer 14

Combination of strategy and tools that drive relationship programs reorienting the entire organization to a concentrated focus on satisfying customers

Focuses on building loyalty derived from that data. 3-4 steps.

***Includes CRMarketing, sales and IT database

Question 15

Stakeholders

Answer 15

employees, unions, the community/society. COMPETITORS ARE NOT STAKEHOLDERS!

Question 16

Value Proposition

Answer 16

why a customer should buy a product

Question 17

Product quality

Answer 17

The features (look) and characteristics of a product that are desirable to a customer

Question 18

Pricing

Answer 18

exchange value of goods/ services

Question 19

Customer Service

Answer 19

All interactions between an organization and its customer before, during and after a transaction.

Question 20

Product ORIENTATION

Answer 20

high invention and production of goods.
What can we make/ do best
early 20th century
Although there are still companies operating like so

Question 21

Sales ORIENTATION

Answer 21

Companies fought over the market through the sales pitch.
Aggressive sales
mid 20th century

Question 22

Marketing ORIENTATION

Answer 22

Identifying and satisfying customer needs.
Focuses on the customer
late 20th century

Question 23

Corporate Social Responsibility

Answer 23

Ethical behavior for people, planet, and community. often results in higher costs and lower margins.

Question 24

CSR

Answer 24

1) ethical with people
2)ethical with the planet
3)giving back to the community
combines markets (customer) and social responsibility.

Question 25

Triple Bottom Line

Answer 25

1) Profit- have healthy profit
2) People- community, customers, being ethical to society
3) Planet- not harming the environment and/ or giving back to the environment.

Question 26

Altrustic

Answer 26

unselfish, selfless.

Question 27

Marketing order

Answer 27

The Market
Customer Needs
Marketing Activities
Profit Via Customer Satisfaction