Marketing Foundations – Flashcards
Unlock all answers in this set
Unlock answersquestion
Marketing
answer
the activity, set of institutions and process for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
question
Product Orientation
answer
if we make it, somebody will buy it
question
Sales Orientation
answer
Products will compete against each other for customers
question
Market Orientation
answer
Have an understanding of the needs and wants of the market (Customers)
question
Societal market orientation
answer
carbon footprint on the world
question
Value
answer
customers assessment of an offering based on perception of what is received and given
question
market
answer
group of customers with heterogeneous wants and needs
question
stakeholders
answer
entities who have an interest in activities of a business
question
marketing mix
answer
set of variables that marketer can exercise control over when creating offer for exchange
question
four P's of Marketing mix
answer
Product, Price, Promotion, Place
question
Brand
answer
collection of symbols creating a differentiated image in customers mind
question
demand
answer
what the customer wants
question
good
answer
physical offering capable of being delivered to a customer
question
service
answer
intangible offering that does not involve ownership
question
Promotion
answer
marketing activities that make potential customers aware and attracted to offerings
question
Distribution
answer
concerned with supply and transport. Gets the product to the market
question
Marketing Enviornment
answer
all of internal and external forces that affect marketers ability to create, communicate deliver and exchange offerings of value
question
Environmental analysis
answer
process that involves breaking marketing environment into smaller segments to get a better understanding
question
5 components of market research
answer
defining problem design research methods collect data analyze data, draw conclusion make recommendations
question
cultural influences
answer
power distance uncertainty avoidance subculture multiculturism
question
social influences
answer
socal factors reference groups membership reference group aspirational reference group dissociative reference group
question
Types of decisions
answer
Habitual- little engagement Limited Decision Making- minor level of info needed Extended Decision Making- extensive research
