question

marketing

answer

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

question

Long-term profitability

answer

The ultimate benfit that most businesses seek from marketing is __ __.

question

Utility

answer

the ability of goods and services to satisfy what people want

question

Form

answer

a type of utility that satisfies wants by converting inputs into finished form

question

Time

answer

a type of utility that satisfies wants by providing goods and services at a convenient time for customers

question

Place

answer

a type of utility that satisfies wants by providing goods and services at a convenient place for customers

question

Ownership

answer

a type of utility that satisfies wants by smoothly transferring ownership of goods and services from seller to buyer

question

People

answer

a type of marketing that markets a specific person (ex: Obama, Kim Kardashian, etc.)

question

Place

answer

a type of marketing that involves drawing people to a particular place, usually for tourism (ex: cities, states, and nations)

question

Event

answer

a type of marketing that includes sponsoring athletic, cultural, or charitable events (ex: Olympics, Super Bowl, etc.)

question

Idea

answer

a type of marketing that is meant to change how people think or act; often combined with event marketing (ex: Recycle, Donate Blood, etc.)

question

marketing concept

answer

a philosophy that makes customer satisfaction- now and in the future- the central focus of the entire organization.

question

5

answer

acquiring a new customer can cost __ times more than keeping an existing customer

question

Customer relationship management

answer

the centerpiece of successful, twenty-first century marketing; the ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value; works best when combined with one-one-one personalization

question

Information

answer

__ is an integral part of the customer relationship management process

question

value

answer

You deliver __ when your customers believe that your product has a better relationship between the cost and the benefits than any competitor

question

Overpromising, Underpromising

answer

__ and __ are two tricky traps that can hinder customer satisfaction

question

Customer loyalty

answer

the payoff for delivering value and generating satisfaction; when customers buy a product from the same supplier again and again--sometimes paying even more for it than they would for a competitive product.

question

marketing plan

answer

a formal document that defines marketing objectives and the specific strategies for achieving those objectives

question

market segmentation

answer

dividing potential customers into groups of similar people, or segments; the first step in planning a marketing strategy

question

target market

answer

the group of people who are most likely to buy your product; where you should concentrate your marketing efforts

question

Size, Profitability, Accessibility, Limited competition

answer

The 4 characteristics of a well-chosen market are..

question

Consumer Marketers (B2C)

answer

Marketers who direct their efforts toward people who are buying products for personal consumption

question

Business Marketers (B2B)

answer

Marketers who direct their efforts toward people who are buying products to use either directly or indirectly to produce other products.

question

B2C Demographic Segmentation

answer

refers to dividing the market based on measurable characteristics about people such as age, income, ethnicity, and gender.

question

B2C Geographic Segmentation

answer

refers to dividing the market based on where consumers live, such as incorporating countries, cities, or population density as key facts

question

B2C Psychographic Segmentation

answer

refers to dividing the market based on consumer attitudes, interests, values, and lifestyles, such as those who care about protecting the environment; usually used to complement other segmentation approaches rather than be the core definition

question

B2C Behavioral Segmentation

answer

refers to dividing the market based on how people behave toward various products, including both the benefits that consumers seek from products and how consumers use the product, such as low-carbs, usage patterns (fast-food), etc.

question

B2B Geographic Segmentation

answer

refers to dividing the market based on the concentration of customers, such as technology in California and auto in Michigan.

question

B2B Customer-Based Segmentation

answer

refers to dividing the market based on the characteristics of customers, such as size, type, etc.

question

B2B Customer-Based Segmentation

answer

institutions, government, and retail accounts are all examples of what kind of segmentation?

question

B2B Product-Use-Based Segmentation

answer

refers to dividing the market based on how customers will use the product, such as the desire to serve long-distance truckers or restaurants that deliver food.

question

Product, Price, Distribution, Promotion

answer

The 4 elements of the marketing mix are...

question

Product Strategy

answer

strategy whose decisions range from brand name, product image, package design, customer service, guarantees, product development, etc.

question

Marketing Mix

answer

the blend of marketing strategies for product, price, distribution, and promotion

question

Pricing Strategy

answer

strategy whose decisions must deliver customer value, fair prices, competition, regulation, and public opinion.

question

Distribution Strategy

answer

strategy whose goal is to deliver your product to the right people, in the right quantities, at the right time, in the right place, including shipping, warehousing, and selling outlets

question

Promotion Strategy

answer

strategy whose decisions include all of the ways that marketers communicate about their products, including advertising, personal selling, sales promotion, public relations, word-of-mouth, and product placement

question

Environmental scanning

answer

the process of continually collecting information from the external marketing environment

question

Competitive, Economic, Social/Cultural, Technological, Political/Legal

answer

The 5 types of marketing environments are...

question

market share

answer

the percentage of the marketplace that each firm controls

question

Competitive Environment

answer

environment type that affects marketers on a day-to-day basis more than any other element; involves analysis of market share

question

Economic Environment

answer

environment type that involves the timing of expansions and contractions of the economy; goal is to identify and respond to changes as quickly as possible.

question

Social/Cultural

answer

environment type that includes lifestyle, customs, language, attitudes, interest,s and population shifts; goal is to anticipate and respond to volatile trends

question

Technological Environment

answer

environment type that involves changes in technology

question

Political/Legal

answer

environment type that includes laws, regulations, and political climate, including changing levels of governmental support for various business categories

question

Consumer behavior

answer

refers specifically to how people act when they are buying products for their own personal consumption

question

cognitive dissonance

answer

consumer discomfort with a purchase decision, typically for a higher-priced item

question

Need Recognition, Information Search, Evaluation of Alternatives, Purchase Decision, Postpurchase Behavior

answer

The 5 steps that constitute the consumer decision process...

question

Business buyer behavior

answer

refers to how people act when they're buying products to use either directly or indirectly to produce other products; usually very rational with highly customized goods, services, and prices

question

Marketing research

answer

__ __ is the foundation of success for a business.

question

Marketing Research

answer

involves gathering, interpreting, and applying information to uncover opportunities and challenges; the goal is to make better marketing decisions

question

Secondary and Primary Data

answer

The two main categories of marketing research are...

question

Observation and Survey Research

answer

The two basic categories of primary research are....

question

Observation research

answer

Marketing research that does not require the researcher to interact with the research subject

question

Survey research

answer

marketing research that requires the researcher to interact with the research subject

question

Social Responsibility Movement, Internet and Digital Technology

answer

The two key factors that have had a dramatic impact on marketing the past couple of decades are:

question

Social Responsibility Movement

answer

a movement that demands that marketers actively contribute to the needs of the broader community, such as environmentalism, abolishment of sweatshops, and involvement in the local community

question

Green Marketing

answer

the development and promotion of products with ecological benefits

question

Mass Customization

answer

the creation of products tailored for individual consumers on a mass basis

Foundations Ch. 11 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards