Chapter 1: Overview of Marketing – Flashcards
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Marketing is an activity that only large firms with specialized departments can execute.
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False.
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Good marketing is not a random activity.
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True.
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Understanding a customer's needs and wants is fundamental to marketing success.
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True.
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Marketers might wish to sell their products to everyone, but it is not practical to do so.
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True.
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The four Ps include product, promotion, planning, and place.
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False; pricing, not planning.
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The group of firms that makes and delivers a given set of goods and/or services is called a supplychain.
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True.
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Value is what you get for what you give.
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True.
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In value cocreation, the customer participates in the creation of a good or service, which provides additional value to the customer.
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True.
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Over the past decade or so, marketers have begun to realize that it is best to structure a firm's customer orientation in terms of transactions rather than relationships.
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False; relationships rather than transactions.
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When a good or service is promoted, the purpose of the promotion is to inform, persuade, or remind customers.
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True.
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When a car manufacturer sells trucks, cars, and car parts to the government or military, this is an example of B2C marketing.
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False.
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The power adapters Dell sells with its computers are built by small companies who specialize in power-related accessories. Dell and the power adapter manufacturers are engaging in B2B marketing.
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True.
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Garage sales and online classified ads are examples of C2C marketing.
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True. Example: Craigslist.
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Entrepreneurial companies are unable to control their marketing mixes.
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False.
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Foursquare is an example of a location-based social media application.
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True.
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The trade of things of value between the buyer and the seller so that each is better off as a result is known as an exchange.
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True.
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What is marketing?
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Business to the customer.
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Six different type of marketing
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Satisfying Customer wants and needs Marketing entails an exchange Marketing involves The Four P's Individuals and organizations Many settings Marketing helps create value
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Satisfying customer wants and needs
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Customer: individuals, family, groups, business Marketplace: segments; example: computers (schools) and BlackBerry (business)
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Marketing Entails an Exchange
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Trading things of value Money attention and reputation -"Goodwill" in accounting Example: Athletes - most reputation and some goodwill (getting them to be a spokesperson) Sean Penn and Oprah going to Haiti and having cameras film them.
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Marketing involves the Four P's
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Product: creating value (goods; services; ideas) Price: capturing value (all cost to the customer) Place: delivering (getting value to the customer) Promotion: communicating the value
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Individuals and Organizations
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B2C (Business to Consumer): traditional mode B2B (Business to Business): education, services, training C2C (Consumer to Consumer): eBay, Craigslist C2B (???): Placing value on a social networking; blogging; recommendations ex: Yelp!
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Many setting and many stakeholders
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Weather affects the settings.
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Marketing helps create value
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Value: Benefits-costs Value creation: customization/co-creation Information: to customers about customers Cost reduction: reduce wasted effort
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Why is marketing important?
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Expands companies' global presence. Matters across the supply chain. (suppliers)(manufacturers, retailers, customer) Can enrich society: social responsibility and influences values.
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What is the definition of marketing?
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Human activity directed at satisfying needs and wants through exchange process.
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Who can perform marketing?
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Business and Customer.
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What are the various eras of marketing?
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1. Production-Oriented era. "Good product would sell it self" 2. Sales-oriented era: production and distribution techniques became more sophisticated. 3. Market-oriented 4. Value-based marketing era: value and value co-creation.
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Marketing mix / 4P's
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Product Price Place Promotion
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Relational Orientation
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A method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship.
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Customer Relationship management (CRM)
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A business philosophy and set of strategies programs, and systems that focus on identifying and building loyalty among the firm's most valued customers.
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Marketing channel
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The set of institutions that transfer the ownership of and move goods from the point of production to the point of consumption; consists of all the institutions and marketing activities in the marketing process.
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Supply chain
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The group of firms that make and deliver a given set of goods and services.
