Midterm 1 Flashcards
(31 cards)
What is Marketing?
the activity, institutions, and processes for creating, communicating, delivering, and exchanging value.
What are the typical elements that make up the marketing process?
- Two or more parties with an unsatisfied need.
- The desire to Satisfy that need.
- Ability to satisfy the need
- A place for the exchange to happen
What are the requirements for marketing to occur?
- Two or more parties with an unsatisfied need.
- The desire to Satisfy that need.
- Ability to satisfy the need
- Communication
- A place for the exchange to happen
what is marketed?
Products, Services, Ideas
4 types of utility
Form:
Place:
Time:
Possession:
What are the controllable and uncontrollable elements in
an organization?
controllable elements: 4 P’s
Uncontrollable: environmental
What are consumer “needs” and “wants”?
I need to eat. I want to eat a burger. Marketing kicks in to make people want your product when they need to be satisfied.
What is Customer Value?
The unique benefits target buyers receive include quality, convenience, on-time delivery, and both before and after-sale service at a specific price.
Customer value strategies
best price: Target / Walmart
Best service: Nordstrom’s
Best product: Starbucks
What is Customer Value Proposition?
Customer value proposition- Your promise to customers what your product will do for them. (Apple: to provide premium, high-quality, innovative, and user-friendly technology products and services that enrich the lives of its customers)
What are the different levels within an organization and what is the purpose of each of those levels?
Board of directors - manage visions
C suite- directs overall strategy
SBU- focus on one product or brand
What are the different types of organizations we define in marketing?
For-profit
nonprofit
government
What are marketing dashboards and marketing metrics? What are their purposes?
Visualize data in charts or other visuals to get a good idea of information. What’s working well, what needs to be improved, and where are the opportunities to improve or add additional support or funding?
What are visionary organizations?
an organization that can look into the future and attempt to see changes in the future and adapt in real-time. Visionary organizations follow the why, what, and how.
What elements make-up the visionary organizations?
Foundation: why
Direction: what
strategy: how
Strategic Marketing Process
Planning
Implementation
Execute
Evaluate
What is environmental scanning and what is its purpose?
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
What are the different stages in the consumer purchase decision process?
- problem recognition
- information search
- alternative evaluation
- purchase decision
- post-purchase behavior
What is consumer involvement? What are the three different types of consumer
involvement?
-high involvement
-moderate involvement
-limited involvement
What are the major psychological influences on consumer behavior?
motivation
personality
perception
learning
attitude
lifestyle
What are the major sociocultural influences on consumer behavior?
opinion leaders
word of mouth
reference groups
family structure
Selective Exposure
paying attention only to messages consistent with your beliefs and attitudes: only going to the Apple store to buy a smartphone.
Selective Comprehension
interpreting information that is consistent with your beliefs: snow pup is weak becuase it sounds weak, snow master is strong becuase it sounds strong
Selective Retention
retaining only information that you care about. Furniture salespeople send you home with a brochure to help you retain info
