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Marketing

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The creation and maintenance of satisfying exchange relationships

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Marketing Concept

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Using the needs of customers as the primary focus during planning, production, distribution, and promotion of a product or service

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Market

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The prospective customers a business wants to serve and the location of those customers

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Marketing Mix

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Blending the four marketing elements (product, distribution, price, and promotion) by the business.

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Product

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Anything offered to a market by the business to satisfy needs, including physical products, services, and ideas

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Production

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The business function that creates or obtains products or services for sale

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Price

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the actual amount customers pay and the methods of increasing the value of the product to the customers

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Relationship Marketing

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focuses on developing loyal customers who continue to purchase from the business for a long period of time

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Distribution (place)

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The locations and methods used to make the product available to customers

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Bartering

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Exchanging products or services with others by agreeing on their values without using money

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Which marketing function involves designing and developing products and services?

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Product/Service Management

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Which marketing function establishes the value of products and services?

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Pricing

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Which marketing function develops procedures so customers are able to locate, obtain, and use products and services?

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Distribution

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Which business function involves activities that make products and services available to consumers and ensure that satisfying exchanges occur?

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Marketing

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Which business function involves developing, implementing, and evaluating the plans and activities of a business?

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Management

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Which business function represents the ongoing activities designed to support the primary function of a business and keep it operating efficiently?

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Operations

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Which marketing mix element includes the methods used and information communicated to encourage customers to purchase and to increase their satisfaction?

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Promotion

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Which of the following is an approach to customer service that gives employees the authority to solve many customer problems?

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Employee empowerment

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T/F Millions of businesses today have marketing as their main activity.

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True

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T/F Marketing activities today are completed in much the same way they have always been done.

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False

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T/F Developing marketing skills can actually help you be a more effective consumer.

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True

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T/F Credit card companies are directly involved in marketing

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True

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T/F Marketing activities can be categorized within four functions.

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False

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T/F Marketing activities are completed by profit making businesses but not by not-for-profit businesses.

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False

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T/F A business is involved in marketing when it communicates the value of products to prospective customers.

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True

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Successful businesses develop an approach to marketing planning that responds to

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the needs of customers

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By studying marketing, you will learn

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how businesses use marketing to increase their effectiveness and profits

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Distribution includes

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determining the best procedure to be used so prospective customers can locate a product

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Marketing-information management includes

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Obtaining market information to improve decision making

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T/F All business activities contribute in specific ways to the success of the business

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True

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T/F Marketing is particularly important when businesses produce a low-quality product.

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False

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T/F Specialization of labor results in the production of large quantities of a product.

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True

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T/F Self-sufficient people bartered for goods they needed.

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False

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T/F Marketing has existed since businesses began exchanging goods.

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True

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T/F A money system was developed to assist with the exchange process.

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True

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T/F A new or small business does not need to coordinate its business functions.

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False

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Self-sufficient people have to overcome

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the need for a variety of goods and services to live

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In order to barter, both parties

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must want what the other party has

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Central markets were usually located

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where people frequently traveled

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Operations includes

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obtaining, transporting, and storing products, maintaining buildings and equipment, preparing and maintaining paperwork and computerized records.

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T/F Marketing has always been an important part of business.

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False

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T/F The most successful businesses are the ones that consider customers' needs as they produce and market their products and services.

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True

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T/F Today the biggest challenges facing most businesses is getting the products from the places where they are produced to prospective customers.

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False

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T/F The marketing concept works well for organizations such as colleges and hospitals as well as for businesses whose goal is to make a profit.

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True

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T/F A marketing mix is the blending of three marketing elements - product, distribution, and promotion.

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False

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T/F Companies that believe in the marketing concept cannot be concerned about the amount of profit they make.

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False

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T/F Price is the actual cost that a business incurred to produce and market the product.

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False

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As consumers increased their standard of living and had more money to spend, the demand for newer and better products

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increased

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In the past, businesses could be successful by

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producing more products, increasing the amount of advertising, and increasing selling efforts for the products

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Businesses that do not use the marketing concept

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often rely on advertising and promotion

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T/F During the production Era, production processes were very complex and many product choices were available.

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False

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T/F During the Sales Era, transportation systems were not well developed.

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False

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T/F During the Marketing Department Era companies increasingly relied on a variety of marketing activities to find ways to expand markets and sell more products

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True

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T/F There are some products that customers just won't buy.

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True

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T/F After changing a great deal in the first half of the 20th century, the role of marketing in businesses has remained the same since that time.

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False

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T/F Marketing includes distribution, pricing, credit, and customer service.

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True

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T/F Marketing can help the business be more profitable by coordinating activities and controlling costs.

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True

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The development sequence of the philosophy of marketing:

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Production Era, Sales Era, Marketing Department Era, Marketing Concept Era

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During the Marketing Concept Era:

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marketing became the work of more than one department

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Relationship marketing focuses on

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developing loyal customers who continue to purchase from the purchase from the business for a long period of time

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