Chapter 1 Marketing – Flashcards
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The new food category Chobani launched in 2005 was
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Greek style Yogurt
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___ of all new businesses fail within five years of their launch
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over 50%
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the activity for creating, communicating, delivering, and exchanging offerings that benefit its customer, the organization, its stakeholders, and society at large.
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Marketing refers to
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the trade of things of value between a buyer and a seller so that each is better off after the trade
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exchange
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The two central concerns of marketing are
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to discover the needs and wants of prospective customers and to satisfy them
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factors that might doom the product
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Showstoppers refer to
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___ is a need that is shaped by a person's knowledge, culture, and personality
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a want
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People with both the desire and ability to buy a specific offering are referred to as a
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Market
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one or more specific groups of potential customers toward which an organization directs its marketing program
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target market
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the marketing managers controllable factors-product, price, promotion, and place- that can be used to solve a marketing problem
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The marketing mix refers to
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The four Ps of the marketing mix are
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Product, price, promotion, place
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The element of the marketing mix that describes a good, service, or idea to satisfy customers need is known as
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Product
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The element of the marketing mix that describes a means of getting the product to the customers is known as
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Place
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The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory are referred to as
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Environmental forces
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The five major environmental forces in a marketing decision are
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social,economic,technological, competitive, regulatory
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the linking of the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit
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Relationship marketing
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A ___ is a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
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Marketing program
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In U.S business history, the marketing concept became a motivating factor during
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1950s
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the orientation of an organization that forces its efforts on continuously collecting information about customers needs, sharing this information across departments, and using it to create customer value.
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A market orientation refers to
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the process of identifying prospective buyers, understanding them intimately, and developing favorable long term perceptions of the organization and its offerings so that buyers will choose them in the market place
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Customer relationship management
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the idea that individuals and organizations are accountable to a larger society
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Social Responsibility
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The view that holds an organization should satisfy the needs of customers in a way that provides for societies well being is known as
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Societal marketing concept
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the people who use the products and services purchased for a household
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Ultimate consumers
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What is the marketing term for people, whether they are 80 years or 8 months old, who use products and services purchased for a household?
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ultimate consumer
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manufacturers, retailers, or government agencies that buy products for their own use or for resale
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Organizational buyers are described as
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The benefits or customer value received by users of a product is called
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Utility
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The value to consumers that comes from the production or alteration of a product or service constitutes ____ utility.
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Form
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The value to consumer that comes from having the offering available when they need it constitutes ___ utility.
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time
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The founder of Chobani Greek Yogurt, who won the 2013 Ernst& Young World Entrepreneur of the Year award is,
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Hamdi Ulukaya
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proprietary animal based thickener to make its "Greek-style" Yogurt
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All of the following are points of difference for Chobani Greek Yogurt EXCEPT:
