Q Flashcards
(18 cards)
Define marketing
The process of creating value for customers and building strong customer relationships in order to capture value from customers in return.
What is customer value?
The difference between the benefits a customer perceives from a product and the costs incurred to obtain it.
Differentiate between sales orientation and market orientation
Sales orientation focuses on selling existing products, while market orientation focuses on meeting customer needs and wants.
What is relationship marketing?
A strategy designed to foster customer loyalty, interaction, and long-term engagement.
List the five marketing philosophies
- Production philosophy
- Product philosophy
- Sales philosophy
- Marketing philosophy
- Societal philosophy
What is ethical behavior in marketing?
Conducting marketing activities in a manner that is fair, honest, and respectful to consumers and society.
Define CSR
Corporate Social Responsibility; the practice of integrating social and environmental concerns into business operations.
What is the CSR pyramid?
A model that outlines the different levels of corporate social responsibility, from economic to ethical responsibilities.
What are the four strategies in Ansoff’s Strategic Opportunity Matrix?
- Market penetration
- Market development
- Product development
- Diversification
Identify the quadrants of the BCG Matrix
- Stars
- Cash Cows
- Question Marks
- Dogs
What does SWOT Analysis stand for?
Strengths, Weaknesses, Opportunities, Threats.
How do companies enter global markets?
- Exporting
- Licensing
- Direct investment
- Joint ventures
List the steps in Consumer Decision-Making
- Need recognition
- Information search
- Evaluation of alternatives
- Purchase
- Post-purchase behavior
What are influencing factors in consumer decision-making?
- Culture
- Social influences (reference groups, family)
- Psychological factors (perception, motivation)
What are the marketing environment factors?
- Social
- Economic
- Technological
- Political/legal
Explain demographic trends in marketing
Changes in population characteristics over time that influence consumer behavior and marketing strategies.
What are key differences in business marketing versus consumer marketing?
- Fewer customers
- Larger order sizes
What are the types of business buying decisions?
- New buy
- Modified rebuy
- Straight rebuy
