TOPIC 1 AND Half Of TOPIC 2

Question 1

The organized effort of individuals to produce and sell goods that satisfies society’s needs for a profit

Answer 1

Business

Question 2

Marketing is all about managing ______ _______ _______.

Answer 2

Profitable Customer Relationship

Question 3

Social and Managerial process by which individuals and organizations obtain what they NEED and WANT through CREATING and EXCHANGING VALUE with others.

Answer 3

Marketing

Question 4

What are the 2 goals of marketing?

Answer 4

• Attract new customers by promising superior value
• Keep and Grow current customers by delivering satisfaction

Question 5

Concept: Supply Creates its own demand

Answer 5

Production concept

Question 6

Focus on producing MORE of the product and making sure that it is AVAILABLE to the customer everywhere easily.

Answer 6

Production Concept

Question 7

High Demand but lower prices

Answer 7

Production Concept

Question 8

Concept: Idea that will favor products that are available and highly affordable, therefore the organization focuses on improving production and distribution efficiency

Answer 8

Production Concept

Question 9

Concept: Offers the most quality, therefore the organization focuses on making continuous product improvement

Answer 9

Product Concept

Question 10

Try to sell what they make rather than what market WANTS.

Answer 10

Selling Concept

Question 11

Main focus is just to make money or profit

Answer 11

Selling Concept

Question 12

Consumers will not buy enough unless it undertakes a large-scale selling and promotion effort.

Answer 12

Selling Concept

Question 13

Doesn’t include building customer relationship

Answer 13

Selling Concept

Question 14

Philosophy that hold achieving organizational goals depends on knowing the needs and wants of target market and giving desired satisfactions better that competitors.

Answer 14

Marketing Concept

Question 15

This concept focus on building customer relationship

Answer 15

Marketing Concept

Question 16

Focuses on society’s well being as well (Affecting the environment)

Answer 16

Holistic Marketing Concept

Question 17

Focuses in making ACTUAL SALE of the product.

Answer 17

Selling Concept

Question 18

Sellers pay more attention to the specific products than the benefits and experiences. (Focuses on wants and loses sight of the needs)

Answer 18

Marketing Myopia

Question 19

What is do u call the view of Marketing Myopia

Answer 19

Myopic View

Question 20

The Marketing Process:
*Understand
*Design
*Construct
*Build
*Create

Answer 20

• Understand the customer needs and wants
• Design a customer-driven marketing strategy
• Construct a marketing program that delivers superior value
• Build profitable relationship
• Create profits and customer quality

Question 21

State of felt deprivation

Answer 21

Need

Question 22

3 types of needs

Answer 22

-Physical needs
-Social needs
-Individual needs

Question 23

Needs: Food, Clothing, Shelter

Answer 23

Physical needs

Question 24

Needs: Belonging, Affection

Answer 24

Social Needs

Question 25

Needs: Learning, Knowledge, Self-Expression

Answer 25

Individual Needs

Question 26

Form that a human need takes, as shaped by culture and individual personality

Answer 26

Wants

Question 27

Wants + Buying Power =

Answer 27

Demand

Question 28

Some combinations of products, services, information,or experiences offered to a market to satisfy a need or want.

Answer 28

Marketing Offer

Question 29

Activity or Benefit offered for sale that is essentially intangible and does not result in ownership.

Answer 29

Services

Question 30

Products: P-P-O-I-I

Answer 30

Person Place Organizations Information Ideas

Question 31

If performance is lower than expectations, the satisfaction is ____.

Answer 31

Low

Question 32

If performance is higher than expectations, the satisfaction is _____.

Answer 32

High

Question 33

Act of obtaining a desired object from someone by OFFERING SOMETHING IN RETURN.

Answer 33

Exchange

Question 34

A trade of values between two parties. (Usually include cash, credit, or check)

Answer 34

Transaction

Question 35

- The set of actual and potential buyers. - Share a need or want that can be satisfied through exchange relationship

Answer 35

Market

Question 36

The art and science of choosing target marketing and building profitable relationship with them.

Answer 36

Marketing Management

Question 37

Set of benefits/values a company promises to deliver to consumer to satisfy their needs. -How they position their brand in the market place.

Answer 37

Value Proposition

Question 38

What is the 2 winning marketing strategy?

Answer 38

- What customers will we serve? - How will we serve them?

Question 39

Divide the market into segments of CUSTOMERS.

Answer 39

Market Segmentation

Question 40

Select the SEGMENT to CULTIVATE.

Answer 40

Target marketing

Question 41

- Finding and Increasing demand - Changing/reducing demand

Answer 41

Demand Management

Question 42

Temporarily/Permanently reducing the number of customers or shifting their demand.

Answer 42

Demarketing

Question 43

Transforms the marketing strategy into ACTION.

Answer 43

The Marketing Plan

Question 44

What is the 4ps of Marketing?

Answer 44

Product Price Place Promotion

Question 45

OVERALL PROCESS of building and maintaining profitable relationship by delivering superior customer value and satisfaction.

Answer 45

Customer Relationship Management

Question 46

Customer Relationship Management: • A_____ customers • K_____ customers • G_____ customers

Answer 46

• Acquiring • Keeping • Growing

Question 47

Customer's EVALUATION of the difference between all the benefits and all of the costs of a marketing offer to those competing offers.

Answer 47

Customer's Perceived Value

Question 48

Dependent on the product's perceived performance.

Answer 48

Customer's Satisfaction

Question 49

Loyalty and Retention programs build relationship and may feature: Financial Benefits, Social Benefits, Structural Ties.

Answer 49

Customer Relationship

Question 50

Relating directly to profit customers, for the LONG TERM.

Answer 50

Focus

Question 51

Partner Relationship Marketing?

Answer 51

Marketing Partners helps CREATE CUSTOMER VALUE

Question 52

Entire stream of purchases over a lifetime of patrionage.

Answer 52

Customer Lifetime Value

Question 53

Combine discounted customer Lifetime values of company's current and potential buyer/customer.

Answer 53

Customer Equity

Question 54

The portion of the customer’s purchasing that a company gets in its product categories.

Answer 54

Share of customers

Question 55

Which customers, empowered by today's new digital technologies, interact with companies and with each other to shape their relationship and brands.

Answer 55

Customer-managed relationship

Question 56

Brand exchanges created by consumers themselves—both invited and uninvited. - Consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.

Answer 56

Consumer-generated marketing

Question 57

Concept: The idea that a company's marketing decisions should consider consumer's wants in LONG RUN INTEREST.

Answer 57

Societal marketing concept