Marketing Fundamentals c712

question

Marketing is:
answer

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings of value to customers and society at large
question

Utility is:
answer

want-satisfying power of goods or service
question

4 basic kinds of Utility are:
answer

form, time, place, and ownership
question

Marketing creates:
answer

time, place, and ownership Utilities
question

3 factors that forced marketers to embrace global marketplace:
answer

Expanded international trade agreements; New Tech that brought previously isolated nations to the marketplace; Greater interdependence of the world’s Economy
question

Production Era
answer

business people believed that quality products would sell themselves / btwn 1920 and 1940
question

Sales Era
answer

Emphasized trying to convince people to buy / prior to 1950
question

Marketing Era or Concept
answer

company-wide focus on customer orientation with objection of long term success / after 1950
question

Relationship Era
answer

Focus placed on establishing and maintaining long term relationship btwn customers and suppliers / after 1990s
question

Social Era
answer

Encourages companies to use the web and social media to connect to customers and to market goods/services.. / since 2000s
question

Marketing Myopia
answer

Managements failure to recognize scope of business. Marketers focused too narrowly on products and miss opportunity to satisfy customer needs.
question

Not For Profit marketing
answer

operates in both public and private sector. May market to multiple-type publics (clients & sponsors). May form an alliance to promote each other’s causes and services. HAS LESS CONTROL OVER ORG’S DESTINY
question

5 types of non-traditional marketing
answer

1. Person marketing (usually celebrity or politics) 2. Place marketing 3. Cause marketing (social issue or idea) 4. Event marketing (sports or cook off) 5. Organization marketing (influence others to accept concept)
question

Relationship Marketing is:
answer

Interaction w/customers. Focus on building long term relationship from new buyer to loyal supporter to advocate.
question

Social Marketing is:
answer

Use of interactive tech such as facebook or twitter to communicate w/customers and form a type of partnership thru direct communication
question

Strategic alliance
answer

organizations that form a partnership creating a competitive advantage
question

8 universal functions of marketing
answer

First Group: Exchange function (buy/sell). Second Group: physical distribution, transport, storing. Third Group: Facilitating functions, standardized -grading product, financing, risk taking, & securing market info.
question

Ethics are:
answer

moral standards of behavior expected by society
question

Ethical behavior and social responsibility will:
answer

produce increased employee loyalty and better public image
question

Social responsibility is:
answer

marketing philosophies, policies, procedures, and actions with primary objective to enhance society and protect the environment.
question

Strategic alliance
answer

agreement btwn 2 or more parties to pursue a set of agreed upon objectives while remaining independent organizations
question

Marketing functions that represent exchange
answer

buying and selling
question

Marketing functions that represent physical distribution
answer

Transportation and storing
question

Marketing functions that represent facilitating
answer

Standardization & grading, risk taking, and securing market info
question

To create a customer:
answer

3 steps are ; 1. Identify needs in marketplace 2. which needs can the busn serve? 3. develop goods/ services to convert “potential buyers” to customers
question

marketing improves
answer

the quality of life of customers

Get instant access to
all materials

Become a Member