question

What's the ultimate benefit that businesses seek from marketing?

answer

Long-term profitability

question

Define marketing

answer

An organizational function and a set of processes for creating, communications, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

question

True or false: a successful marketer delivers value by filling customer needs in ways that exceed their expectations.

answer

True

question

define utility

answer

the ability of goods and services to satisfy consumer "wants."

question

Define form utility

answer

Satisfies wants by converting inputs into a finished form

question

Define time utility

answer

satisfies wants by providing goods and services at a convenient time for customers

question

Define place utility

answer

satisfies wants by providing goods and services at a convenient place for customers

question

define ownership utility

answer

satisfies wants by smoothly transferring ownership of goods and services from seller to buyer.

question

True or false: nonprofit organizations employ more people than the federal government and all 50 state governments combined.

answer

True

question

What are the four main types of marketing?

answer

1. people marketing - sports, politics, and art dominate this category. Start by figuring out what your customer needs and then ensure that your product delivers above and beyond expectations 2. place marketing - drawing people to a particular place. cities/states use it to attract businesses and tourists 3. event marketing - includes marketing or sponsoring of athletic, cultural or charitable events. Partnerships bt public and private sectors are common. 4. idea marketing - range of public and private organizations market ideas that are meant to change how people think or act. Ex. recycle, don't drink and drive, etc.

question

What are the four main eras and briefly explain

answer

1. production era - top business priority was to produce large quantities of goods as efficiently as possible 2. selling era - supply exceeded demand 3. marketing era - delivering unmatched value to customers is the only effective way to achieve long-term profitability 4. relationship era - era today. zeros in on long-term customer relationships

question

Define marketing concept

answer

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

question

Define customer relationship marketing (crm)

answer

The ongoing process of acquiring, maintaining, and growing profitable customer relationships by delivering unmatched value.

question

When does CRM work best?

answer

when marketers combine marketing communication with one-on-one personalization

question

What is an integral part of the CRM process?

answer

information. You can't do CRM without collecting, managing, and applying the right data at the right time for the right person.

question

What does the scope of your relationships depend on?

answer

Not just on the data you gather but also on your industry

question

When are you more likely to pursue a full partnership with each of your key clients?

answer

When you have a high-ticket product and a smaller customer base

question

Define value

answer

A customer perception that a product has a better relationship than its competitors between the cost and the benefits

question

True or false: low cost always means high value to consumers

answer

False.

question

You know you've satisfied your customers when you deliver ____ value above and beyond their ______

answer

perceived; expectations

question

Define customer satisfaction

answer

When customers perceive that a good or service delivers value above and beyond their expectations

question

What two traps to less savvy marketers frequently fall into?

answer

1. overpromising 2. underpromising

question

Define customer loyalty

answer

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

Define marketing plan

answer

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

question

What's the first step in planning your marketing strategy? Define

answer

Market segmentation, which is dividing potential customers into groups of similar people or segments

question

Define target market

answer

The group of people who are most likely to buy a product

question

What 4 characteristics does a well chosen target market target?

answer

1. size - must be enough people to support a business 2. profitability 3. accessibility 4. limited competition

question

Define consumer marketers (also known as business-to-consumer or b2C)

answer

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

question

Define business marketers (also known as business-to-business or B2B)

answer

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

question

What are the four options for segmenting potential customers in a B2C market?

answer

demographic, geographic, psychographic, and behavoiral

question

Define demographic segmentation

answer

Dividing the market into smaller groups based on measurable characteristics about people such as age, income, ethnicity, and gender

question

Define geographic segmentation

answer

Dividing the market into smaller groups based on where consumers live. This process can incorporate countries, cities, or population density as key factors.

question

Define psychographic segmentation

answer

Dividing the market into smaller groups based on consumer attitudes, interests, values, and lifestyles

question

Define behavioral segmentation

answer

Dividing the market into smaller groups based on how people behave toward various products. This category includes both the benefits that consumers seek from products and how consumers use the products.

question

What are the three options for segmenting potential customers in a B2B market?

answer

1. geographic - diving the market based on the concentration of customers. 2. customer based - dividing the market based on the characteristics of customers 3. product-use based - dividing the market based on how customers will use the product.

question

Once you've defined your target market, you must develop compelling strategies for product, price, distribution, and promotion. The blending of these elements becomes your _____ ____

answer

marketing mix

question

What are the four strategies in the marketing mix? explain

answer

1. product strategy - decisions range from brand name to product image to package design, etc. 2. pricing strategy - challenging area 3. distribution strategy - deliver product to the right people, right quantities, right time, right place. 4. promotion strategy - all the ways marketers communicate about their products.

question

True or false: when entering the global market you need to reevaluate your marketing mix?

answer

True

question

Define environmental scanning

answer

The process of continually collecting info from the external marketing environment

question

What are the key elements of external environment? (5)

answer

1. competitive - understanding it begins with analysis of market share. Must monitor how both dominant and emerging competitors handle each element of their marketing mix 2. economic - identity/ respond to change 3. social/cultural - lifestyle,customs, language, attitudes, interests, and population shifts. 4. technological 5. political/legal - laws, regulations, political climate

question

Define market share

answer

The percentage of a market controlled by a given marketer

question

Define consumer behavior

answer

Description of how people act when they are buying, using, and discarding goods and services for their own personal consumption. Consumer behavior also explores the reasons behind people's actions

question

What are the 5 steps of the consumer decision process?

answer

1. need recognition 2. information search 3. evaluation of alternatives 4. purchase decision 5. postpurchase behavior

question

Define cognitive dissonance

answer

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

question

Define business buyer behavior

answer

Describes how people act when they are buying products to use either directly or indirectly to produce other products

question

Define marketing research

answer

The process of gathering, interpreting, and applying information to uncover marketing opportunities and challenges, and to make better marketing decisions.

question

What three things do companies use marketing research to do?

answer

1. identify external opportunities and threats 2. monitor and predict customer behavior 3. evaluate and improve each area of the marketing mix

question

Define secondary data

answer

Existing data that marketers gather or purchase for a research project

question

Define primary data

answer

New data that marketers compile for a specific research project

question

What does the following describe, primary or secondary data?: - tends to be lower cost - may not meet your specific needs - frequently outdated - available to your competitors

answer

Secondary data

question

Define some characteristics of primary data?

answer

more expensive, customized to meet your needs, fresh, new data, proprietary - no one else has it.

question

Define observation research

answer

marketing research that dose not require the researcher to interact with the research subject

question

Define survey research

answer

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

question

Whats an advantage to observation research?

answer

People actually do often differs from what they say. it's cheap and effective.

question

Whats the biggest downside of observation research?

answer

It doesn't yield any information on consumer motivation.

question

Whats the key advantage and disadvantage to survey research?

answer

- advantage: you can secure info about what people are thinking and feeling beyond what you can observe - disadvantage: many people aren't honest or accurate about their experiences, opinions, and motivations, which can lead to misleading survey research

question

What two factors have had a dramatic impact on marketing in the past couple decades?

answer

1. surge in social responsibility movement 2. dramatic emergence of the internet and digital technology

question

Define green marketing

answer

the development and promotion of products with ecological benefits

question

What has been the most dramatic change because of the digital age?

answer

The shift in power from producers to customers

question

define mass customization

answer

the creation of products tailored for individual customers on a mass basis.

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