MKT 300 Chapter 1 Notes

question

Marketing
answer

The process of creating, distributing, promoting, and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
question

Focus of Marketing
answer

Customers Target Market
question

Customers
answer

The purchasers of organizations’ products.
question

Customers
answer

The focal point of all marketing activities.
question

Target Market
answer

A specific group of customers on whom an organization focuses its marketing efforts.
question

Mix
answer

Marketing deals with the 4 “p”s… the marketing _____ variables.
question

Marketing Mix Variables
answer

Product Price Distribution (Place) Promotion
question

Marketing Mix Variables
answer

Marketers combine and balance four elements when determining how to satisfy customers’ needs for a product.
question

Product Variable
answer

A product can be a good, service, or idea.
question

Price Variable
answer

Relates to decisions and actions associated with establishing pricing objectives and policies.
question

Price Variable
answer

Relates to determining product prices.
question

Price Variable
answer

Determines the value of the exchange.
question

Distribution (Place) Variable
answer

Make products available in quantities desired.
question

Distribution (Place) Variable
answer

Minimize costs: inventory, transportation (the most expensive), and storage.
question

Distribution (Place) Variable
answer

Select and motivate intermediaries.
question

Distribution (Place) Variable
answer

Establish and maintain inventory control.
question

Distribution (Place) Variable
answer

Develop and manage transportation and storage systems.
question

Distribution (Place) Variable
answer

Which marketing mix variable is the hardest to change?
question

Promotion Variable
answer

Inform individuals or groups about the organization and its products and services.
question

Promotion Variable
answer

Advertising, public relations, personal selling, promotions, street teams, and viral marketing.
question

Value
answer

A customer’s subjective assessment of benefits relative to costs in determining the worth of a product.
question

Value
answer

Customer benefits – customer costs
question

Exchange
answer

The provision or transfer of goods, services, or ideas in return for something of value.
question

Stakeholders
answer

Constituents who have a claim in some aspect of a company’s products, operations, markets, industry, and outcomes.
question

Marketing Environment
answer

The six forces that surround the customer and affect the marketing mix.
question

Marketing Environment
answer

Economic forces Political forces Legal and regulatory forces Technological forces Socio-cultural forces Competitive forces
question

Environment
answer

Unlike marketing mix variables, an organization has no control over the forces in the marketing _____.
question

Marketing Concept
answer

A management philosophy that an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals (all efforts of the organization).
question

Concept
answer

The marketing _____ is not a second definition of marketing or a philanthropic philosophy.
question

Marketing Concept
answer

A firm must satisfy its own objectives.
question

Evolution of Marketing Concept
answer

Production orientation (1850s – 1920s) Sales orientation (1920s – 1960s) Market orientation (1960s – current)
question

Production Orientation
answer

What marketing concept was held between 1850s – 1920s?
question

Sales Orientation
answer

What marketing concept was held between 1920s – 1960s?
question

Market Orientation
answer

What marketing concept was held between 1960s – current?
question

1850s – 1920s
answer

What years was the production orientation in effect?
question

1920s – 1960s
answer

What years was the sales orientation in effect?
question

1960s – Current
answer

What years was the market orientation in effect?
question

Production Orientation
answer

Industrial Revolution improved speed and efficiency. Large increases in available products.
question

Sales Orientation
answer

Many products with not enough demand. Businesses viewed sales and selling as the main means of increasing profits.
question

Market Orientation
answer

An organization-wide commitment to researching and responding to customer needs. Determine what customers want and produce those products.
question

Implementing the Marketing Concept
answer

1) Establish an information system to discover customers’ real needs. 2) Use the information to create satisfying products. 3) Coordinate all activities.
question

Customer Relationships Management
answer

Achieving the full profit potential of each customer relationship should be the fundamental goal of every marketing strategy.
question

Customer Relationships Management
answer

Customer relationship marketing Relationship marketing Customer lifetime value
question

Customer Relationship Marketing
answer

Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
question

Relationship Marketing
answer

Establishing long-term mutually satisfying, buyer/seller relationships.
question

Customer Lifetime Value
answer

The worth of individual customers and estimates their lifetime value to the company.
question

Customer Lifetime Value
answer

Requires identifying patterns of buying behavior and using that to focus on the most promising and profitable customers.
question

Costs
answer

Marketing _____ consume a sizable portion of the buyers’ dollars.
question

Individual
answer

Marketing helps produce profits essential to the survival of _____ businesses.
question

Nonprofit
answer

Marketing is used in _____ organizations.
question

Global
answer

Marketing fuels our _____ economy.
question

Consumer
answer

Marketing knowledge enhances _____ awareness.
question

Technology
answer

Marketing connects people through _____.

Get instant access to
all materials

Become a Member