Foundations Ch. 11 – Flashcards

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marketing
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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
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Long-term profitability
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The ultimate benfit that most businesses seek from marketing is __ __.
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Utility
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the ability of goods and services to satisfy what people want
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Form
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a type of utility that satisfies wants by converting inputs into finished form
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Time
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a type of utility that satisfies wants by providing goods and services at a convenient time for customers
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Place
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a type of utility that satisfies wants by providing goods and services at a convenient place for customers
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Ownership
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a type of utility that satisfies wants by smoothly transferring ownership of goods and services from seller to buyer
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People
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a type of marketing that markets a specific person (ex: Obama, Kim Kardashian, etc.)
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Place
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a type of marketing that involves drawing people to a particular place, usually for tourism (ex: cities, states, and nations)
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Event
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a type of marketing that includes sponsoring athletic, cultural, or charitable events (ex: Olympics, Super Bowl, etc.)
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Idea
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a type of marketing that is meant to change how people think or act; often combined with event marketing (ex: Recycle, Donate Blood, etc.)
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marketing concept
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a philosophy that makes customer satisfaction- now and in the future- the central focus of the entire organization.
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5
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acquiring a new customer can cost __ times more than keeping an existing customer
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Customer relationship management
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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
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Information
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__ is an integral part of the customer relationship management process
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value
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You deliver __ when your customers believe that your product has a better relationship between the cost and the benefits than any competitor
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Overpromising, Underpromising
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__ and __ are two tricky traps that can hinder customer satisfaction
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Customer loyalty
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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.
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marketing plan
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a formal document that defines marketing objectives and the specific strategies for achieving those objectives
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market segmentation
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dividing potential customers into groups of similar people, or segments; the first step in planning a marketing strategy
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target market
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the group of people who are most likely to buy your product; where you should concentrate your marketing efforts
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Size, Profitability, Accessibility, Limited competition
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The 4 characteristics of a well-chosen market are..
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Consumer Marketers (B2C)
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Marketers who direct their efforts toward people who are buying products for personal consumption
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Business Marketers (B2B)
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Marketers who direct their efforts toward people who are buying products to use either directly or indirectly to produce other products.
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B2C Demographic Segmentation
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refers to dividing the market based on measurable characteristics about people such as age, income, ethnicity, and gender.
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B2C Geographic Segmentation
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refers to dividing the market based on where consumers live, such as incorporating countries, cities, or population density as key facts
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B2C Psychographic Segmentation
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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
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B2C Behavioral Segmentation
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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.
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B2B Geographic Segmentation
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refers to dividing the market based on the concentration of customers, such as technology in California and auto in Michigan.
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B2B Customer-Based Segmentation
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refers to dividing the market based on the characteristics of customers, such as size, type, etc.
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B2B Customer-Based Segmentation
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institutions, government, and retail accounts are all examples of what kind of segmentation?
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B2B Product-Use-Based Segmentation
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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.
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Product, Price, Distribution, Promotion
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The 4 elements of the marketing mix are...
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Product Strategy
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strategy whose decisions range from brand name, product image, package design, customer service, guarantees, product development, etc.
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Marketing Mix
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the blend of marketing strategies for product, price, distribution, and promotion
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Pricing Strategy
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strategy whose decisions must deliver customer value, fair prices, competition, regulation, and public opinion.
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Distribution Strategy
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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
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Promotion Strategy
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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
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Environmental scanning
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the process of continually collecting information from the external marketing environment
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Competitive, Economic, Social/Cultural, Technological, Political/Legal
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The 5 types of marketing environments are...
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market share
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the percentage of the marketplace that each firm controls
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Competitive Environment
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environment type that affects marketers on a day-to-day basis more than any other element; involves analysis of market share
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Economic Environment
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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.
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Social/Cultural
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environment type that includes lifestyle, customs, language, attitudes, interest,s and population shifts; goal is to anticipate and respond to volatile trends
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Technological Environment
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environment type that involves changes in technology
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Political/Legal
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environment type that includes laws, regulations, and political climate, including changing levels of governmental support for various business categories
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Consumer behavior
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refers specifically to how people act when they are buying products for their own personal consumption
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cognitive dissonance
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consumer discomfort with a purchase decision, typically for a higher-priced item
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Need Recognition, Information Search, Evaluation of Alternatives, Purchase Decision, Postpurchase Behavior
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The 5 steps that constitute the consumer decision process...
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Business buyer behavior
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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
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Marketing research
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__ __ is the foundation of success for a business.
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Marketing Research
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involves gathering, interpreting, and applying information to uncover opportunities and challenges; the goal is to make better marketing decisions
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Secondary and Primary Data
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The two main categories of marketing research are...
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Observation and Survey Research
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The two basic categories of primary research are....
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Observation research
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Marketing research that does not require the researcher to interact with the research subject
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Survey research
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marketing research that requires the researcher to interact with the research subject
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Social Responsibility Movement, Internet and Digital Technology
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The two key factors that have had a dramatic impact on marketing the past couple of decades are:
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Social Responsibility Movement
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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
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Green Marketing
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the development and promotion of products with ecological benefits
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Mass Customization
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the creation of products tailored for individual consumers on a mass basis
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