Marketing Foundations

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

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