INTRODUCTION TO BUSINESS CHAPTER 13 – Flashcards
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Successful marketing researchers:
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listen to customers and other stakeholders.
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Marketers have learned that customers' perceptions about how a business acts can be very important. As the Thinking Green box suggests,
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Customers are willing to pay a little extra, and purchase goods and services from companies who are attentive toward reducing their carbon footprint.
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While the four Ps help us remember the basics components of the _________, they don't have significant relevance in the marketing process.
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marketing mix
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A firm that uses ___________ segmentation divides a market into groups based on life stage, race, or profession.
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demographic
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Business-to-business markets tend to be:
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geographically concentrated.
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Firms adopting a relationship marketing strategy view technology as a(n):
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increased opportunity to personalize marketing campaigns to meet customer needs.
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Firms that adopt a relationship marketing strategy attempt to:
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develop products that meet the specific requirements of individual customers.
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A firm's marketing mix consists of 4 major components, which are generally referred to as the four:
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Ps.
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Marketers define a ________ as any physical good, service, or idea that satisfies a want or need.
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product
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During the ________ era, the prevalent business philosophy turned from an emphasis on production to an emphasis on advertising and selling.
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selling
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__________ marketing is the marketing of products to groups of customers a firm decides it can serve profitably.
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Target
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According to the _________ concept, a firm must (1) find out what customers want and provide it, (2) make sure everyone in the organization has customer satisfaction as an objective, and (3) provide goods and services that will earn a profit.
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marketing
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A ________ marketing strategy develops products and promotions designed to please large groups of people.
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mass
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Which marketing era refers to the time period from our country's first settlers through the early 1900s?
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production era
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Consumer decisions regarding the products they buy are often influenced by their nationality, religion, or ethnic origin. Marketers realize that the consumer decision-making process is impacted by the consumers':
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subcultures.
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What describes individuals that want goods and services for personal consumption and have the resources to buy them?
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consumer market
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What would best benefit the development of niche marketing?
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a manufacturing improvement enabling firms to more efficiently design and produce specialized products for small groups of consumers
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By employing a relationship marketing strategy, Jocelyn found success as an entrepreneur. The goal of this strategy is to:
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work closely with existing customers to better satisfy their wants and needs.
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The last step in the marketing process often includes:
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building relationships with customers.
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The greatest marketing need firms sought during the production era was for:
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Less expensive distribution and storage.
