bus 103 ch 1 – Flashcards
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Production and marketing of goods and services are two basic functions that create utility
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false
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The expanded concept of marketing activities permeates all functions in businesses and not-for profit organizations
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true
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The utility of a product or service is its:
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want-satisfying power
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buyer's market is characterized by
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more goods and services than buyers to buy them
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strong market orientation
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generally improves market success and overall performance
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The term 'bottom line' is a reference to
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overall company profitability
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What is the ultimate objective of relationship marketing
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Turn customers into advocates
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An example of interactive marketing would be
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buyer-seller communication through the Internet, and virtual reality kiosks.
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Which of the following is an exchange function of marketing?
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Buying
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4 types of utility
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form, time, place, ownership
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nontraditional marketing
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person, place, cause, event, organization
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marketing mix
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product, promotion, place, price or distribution
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stakeholders
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person that has a stake in the company
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business 2 functions
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marketing and innovation
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marketing process
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understanding the customer, designing the customer, constructing a marketing program, building profitable and customer relationships
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Marketing
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An organizational function and set of processes for creating, communicating, and delivering value to customers
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5 eras of marketing
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Production, sales, marketing, relationship, social
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Marketing myopia
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Managements failure to recognize the scope of its business
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Social marketing
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Online social media as a communications channel for marketing messages
