Ch 11 – Building Customer Relationships Through Effective Marketing – Flashcards
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The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services.
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marketing
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A business philosophy that involves the satisfying customers' needs, while also achieving a firm's goals.
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marketing concept
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Value is added through converting raw materials into finished goods.
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form utility
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The individuals in a market who share common characteristics.
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market segment
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Income that is left after savings, food, clothing, and housing are paid.
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discretionary income
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A combination of marketing elements designed to reach a target market.
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marketing mix
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A plan of actions intended to accomplish a marketing goal.
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marketing strategy
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The decision-making process that is used when purchasing personal-use items.
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consumer buying behavior
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Marketing activities that focus on a particular group, such as teenagers.
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target market
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The marketing objectives for a product are established.
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marketing plan
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T/F Marketing is a process that fulfills consumers' needs.
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True
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T/F Financing and risk taking are physical distribution functions of marketing.
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False
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T/F The first step in implementing the marketing concept is to provide a product that satisfies customers.
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False
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T/F Markets are classified as consumer markets or business-to-business markets.
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True
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T/F The marketing mix is composed of product, price, distribution, and promotion.
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True
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T/F When Toyota focuses its advertising for the Corolla on the population between the ages of 20 and 34, it is targeting a specific market.
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True
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T/F The four common bases of market segmentation are demographic, strategic, geographic, and discretionary.
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False
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T/F Pricing is an uncontrollable element of the marketing environment.
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False
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T/F Advertising Age and Hoover's are important resources for marketing research.
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True
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T/F Understanding factors that affect buying behavior helps marketing managers to predict consumer responses to marketing strategies and helps to develop a market mix.
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True
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Which facilitating function of marketing is riddled with thefts, obsolescence, and lawsuits? a. Risk taking b. Standardizing c. Financing d. Information gathering e. Selling
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a. Risk taking
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When fresh vegetables are shipped to Oklahoma from Mexico, which utility is added? a. Form b. Place c. Price d. Possession e. Time
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b. Place
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Sales orientation was predominate during the a. late 1800s. b. 1920s. c. 1940s. d. late 1950s. e. 1970s.
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b. 1920s
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To implement the marketing concept, the firm must mobilize its marketing resources to a. price the product at a level that is acceptable to buyers. b. provide a product that will not satisfy the firm's objectives. c. minimize promotion. d. reduce the number of distribution sites. e. obtain incorrect marketing information.
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a. price the product at a level that is acceptable to buyers.
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Women in the market can be classified as a. market segmentation. b. a marketing mix. c. a market segment. d. an independent market. e. a producer market.
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c. a market segment.
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What element of the marketing mix provides information to consumers? a. Product b. Price c. Promotion d. Distribution e. Quality
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c. Promotion
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Which element of the marketing mix focuses on transportation, storage, and intermediaries? a. Product b. Price c. Distribution d. Promotion e. Buying
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c. distribution
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Which environmental force influences change in consumers' attitudes, customs, and lifestyles? a. Legal, political, and regulatory b. Competitive c. Technological d. Economic e. Sociocultural
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e. Sociocultural
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What situational influence can affect the consumer buying process? a. They have uses for the products. b. They like the convenience that products provide. c. They take pride in ownership of products. d. They believe that products will enhance their wealth. e. All of the above.
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e. All of the above
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What type of income is Ramona's $2,450 monthly take-home amount after taxes? a. Ordinary b. Personal c. Disposable d. Gross e. Discretionary
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b. Personal
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Relationship Marketing
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establishing long-term, mutually satisfying buyer-seller relations
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Customer Relationship Management (CRM)
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using information about customers to create marketing strategies that develop and sustain desirable customer relations
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Customer Lifetime Value
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measure of a customer's worth (sales - cost) to a business over one's lifetime
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Customer Loyalty
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customers who are loyal to the company/brand
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Form Utility
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created by converting production inputs into finished products
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Place Utility
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created by making a product available at a location where customers wish to buy it
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Time Utlity
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created by making a product available when customers wish to buy it
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Possession Utility
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created by transferring title (ownership) of a product to a buyer
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Market
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a group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase such products
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Target Market
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a group of individuals, organizations, both, for which a firm develops and maintains a marketing mix suitable for the specific needs and preferences of that group
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Marketing Mix
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consists of elements that a firm controls and uses to reach its target marketing - economic - sociocultural - political - competitive - legal and regulatory - technological
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Marketing Plan
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written document that specifies an organization's resources, objectives, strategy, and implementation and control efforts to be used in marketing a specific product or product group
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Sales forecast
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estimate of the amount of a product that an organization expects to sell during a certain period of time based on a specified level of marketing effort
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Buying behavior
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decisions and actions of people involved in buying and using products
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Consumer buying behavior
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purchasing of products for personal or household use, not business purposes
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Business buying behavior
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purchasing of products by producers, resellers, governmental units, and institutions
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Discretionary income
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disposable income (minus savings and expenditures on food, clothing, and household)
