Quiz 1 Flashcards
How do marketers create value?
By making the product/service more appealing to customers
What is marketing
The ACTIVITY, set of INSTITUTIONS, and PROCESSES for… 1. Creating
2. Capturing
3. Communicating
4. Delivering
5. Exchanging
offerings that have VALUE for customers, clients, partners, and society at large
What is marketing put simply?
The satisfaction of needs and wants by exchanging value
The 4 P’s of Marketing
Product (Creates value)
Price (Captures value)
Promotion (Communicates value)
- Informs, persuades, and reminds customer
Place/Distribution (Delivers value)Why do we need marketers?
They facilitate exchange and help give us value
What do exchange facilitators do?
Satisfy needs and wants and create value
What is the core of marketing?
Creating value
Production Era
What resources do we have? What can we do to use/utilize them?
Sales Era
Supply was way more than demand
Really had to try to sell the product to the customer (create demand)
Market-Oriented Era
How can we satisfy customer’s needs and wants?
Most companies are oriented this way nowadays
What is customer satisfaction?
The feeling that a product or service has met a customers expectations. Performance vs. expectations
When is a customer satisfied?
When performance equals expectations
When is a customer delighted?
When performance exceeds expectations
When is a customer dissatisfied
When expectations exceed performance
What is customer value?
Comparison of benefits and costs
Marketing is the satisfaction of needs and wants through exchange (T/F)
True
“Place” is the P concerned with creating value (T/F)
False
The “promotion P” helps customers overcome the information gap
True
If you are happy with a product, that means you are satisfied (T/F)
False
The sales era preceded the production era (T/F)
False
Successful companies are both information and relationship oriented (T/F)
True
Building relationships with customers saves companies money (T/F)
True
What is the primary ethical dilemma companies face?
Trying to balance short term profit with societies needs
Ex. Micro-Macro dilemma
Corporate Social Responsibility (CSR)
Voluntary ACTIONS taken by a company to ADDRESS the ethical, social, and environmental IMPACTS OF ITS BUSINESS OPERATIONS and the concerns of its stakeholders
