question

Marketing is

answer

used to create a new customer

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Marketing is

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used at the societal, business, and personal level

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Marketing (definition of a job description)

answer

the social mechanism that fuels economic development and improved quality of life by connecting members of a society and sectors of an economy enabling specialization

question

Marketing (definition as a method)

answer

a business mechanism that forms and manages connections between the organization and its customers or constituents; also coordinates activities across a value chain in order to create, communicate, deliver, and capture value for those customers or constituents

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Self marketing

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the set of activities to establish and communicate one's self image and personal assets in order to form and sustain relationships and achieve personal goals

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The essence of marketing

answer

activities and strategies to build community and relationships through the discovery of customer needs and wants then using this as a stage to create, deliver, and capture value.

question

concept of macro marketing

answer

The process by which organizations creates, communicates, delivers, and captures value in order to build strong relationships in order to create customers

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How does marketing perform it's most essential role at the macro level?

answer

Through the universal marketing functions.

question

Grading

answer

organizing goods and/or services according to quality or perceived performance

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Buying

answer

looking for, evaluating, and selecting goods and/or services

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Selling

answer

promoting or advocating for a good or service and/or negotiating for its price

question

Storing

answer

holding products until the time is appropriate for making or breaking bulk

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Standardization

answer

organizing goods and/or services according to size or functionality

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Risk Taking

answer

bearing or taking steps to mitigate the uncertainties that occur in a market system or in the marketing process

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Transportation

answer

moving goods and services from one location to another

question

Financing

answer

providing cash flow that enables production or purchase

question

Collecting and Disseminating market information

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the collection, analysis, distribution, and/or storage of data, facts, and opinions that contribute to marketing decision making.

question

The main purpose of a macro-marketing system is to overcome the ___________ and _____________ inherent in economic systems.

answer

separations, discrepancies

question

Which of the following produces (as opposed to create) value primarily through production marketing, as opposed to marketing or innovation?

answer

task, form

question

Which of the following best defines the term 'customer perceive value', or just customer value?

answer

Buyer's benefits at a specified price

question

Which of the following creates (as opposed to produce) value primarily through marketing?

answer

task, time, place, form, possession

question

Production Era

answer

support the development of the assembly line and mass production(1910-1920)

question

Sales Era

answer

1930-1960

question

Customer Era

answer

1960-now

question

Relationship Era

answer

1980-current

question

Drucker Statement

answer

business has only 2 key challenges: innovation and marketing

question

Anatomy of connections

answer

connections allow specialization which leads to development and market creation

question

marketing creates...

answer

value in a product which in the end creates customers

question

Which of the following refers to a group of individuals, groups, or organizations that are integrated within a dynamic network of environmental cause and effect activities that share purpose and proximity?

answer

community

question

Which of the following produces (as opposed to create) value primarily through marketing, as opposed to production?

answer

time, place, possession

question

The marketing mix is to micro marketing as which of the following is to macro marketing.

answer

universal marketing functions

question

What type of utility makes goods and services conveniently available?

answer

place

question

Utility is a term that describes the want-satisfying potential of a good or service. What are the four fundamental types of utility?

answer

form, place, time, ownership

question

The essential function of marketing includes which of the following types of connections?

answer

communal, psychological, physical

question

Which of the following economic utilities is unique to a service as opposed to a product?

answer

task

question

The ultimate goal of marketing (the result of the process) at the micro or managerial level is to create which of the following?

answer

value

question

What is the social process called that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the society's objectives?

answer

macro marketing

question

Which of the following is one of the benefits or results of marketing at the societal domain?

answer

quality of life

question

What type of utility makes goods and services available when they are wanted?

answer

time

question

managerial marketing

answer

the set of activities for creating, communicating, delivering, and exchanging offerings that benefit it's customers, the organization, its stakeholders and society at large

question

Market creation

answer

creating or linking to a community, creating or linking to a channel of distribution, discovering customers needs/wants which allows us to capture value, establishing market relationships necessary to have emotional connections

question

community

answer

a group of individuals or organizations that have common purpose, linked perspectives, and physical or virtual proximity

question

Community-centric marketing strategy

answer

a set of activities which pursue an intimate relationship between its current community of customers and makes them co partners in the process to develop market offerings that are tailored to meet those customers needs and can change when the customers needs change

question

Benefits of community-centric marketing

answer

reduces the amount of marketing expenditures needed to penetrate a market, increases customers brand loyalty, solidifies authenticity of a company's market offerings, and helps drive and direct innovation

question

market place

answer

physical community

question

market space

answer

virtual community

question

Marketing with meaning is about turning strangers into friends and friends into customers.

answer

false

question

Which of the following defines ritual, one of the underlying components of a community?

answer

The artifacts or communal actions that embed meanings into the community The community member's sense of duty or the community's behavioral norms

question

All of the managerial marketing tasks below are part of the market creation activities except for which one?

answer

delivering value

question

Which of the following are required for a market to exist as opposed to marketing activities and transactions to be able to occur? (select all that apply)

answer

individuals have desire to buy, there are two or more parties with a need, individuals have the physical ability to buy, individuals have the financial ability to buy

question

A community-centric marketing strategy is most effective in which of the following situations

answer

economic or industry down turn

question

The context or cultural category that enables some action or expression to communicate a message to others internal or external to the community enabling some common understanding.defines which of the following components of a community?

answer

meaning

question

Marketing with meaning is about improving customers' lives through the marketing itself.

answer

true

question

In the article, "What Marketing with Meaning Can Do For You" the definition of the term 'meaning' is synonymous with which of the following concepts?

answer

brand ideals purpose

question

The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges defines which of the following?

answer

marketing management

question

The collective common beliefs, perspectives, and identity held by members of community with respect to some purpose or cause, or object or brand defines the term

answer

shared consciousness

question

Which of the following elements of a community serve to reinforce the shared consciousness of the community?

answer

rituals, traditions

question

Which of the following statements defines a market?

answer

A collection of individuals or organizations with a common need, and the desire and ability (in terms of accessibility or affordability) to satisfy that need. A location (physical or virtual) where buyers encounter sellers for the purpose of viewing and/or selling their goods or services.

question

Marketing with meaning adds value to people's lives independent of

answer

purchase, buying

question

A product that delivers tangible and emotional value is in essence delivering

answer

meaning

question

Which of the following statements defines a community?

answer

A group of individuals or organizations with common purpose , linked perspectives or experiences, and physical or virtual proximity. A location (physical or virtual) where buyers encounter sellers for the purpose of viewing and/or selling their goods or services. A collection of individuals or organizations with a common need

question

Which of the following are required for marketing activities and transactions to be able to occur as opposed to simply enabling a market to exist? (select all that apply)

answer

individuals have desire to buy there are two or more parties with a need universal marketing functions are at work individuals have physical ability to buy communication can occur or is at work individuals have the financial ability to buy

question

Which of the following would be considered part of the support activities of a value chain?

answer

procurement infrastructure human resource management

question

The mutual interactive, ongoing two way connection of product and its persona with some aspect of buyer's life or lifestyles is referred to as a

answer

relationship

question

A consumer's _________ is their overall rating of their experience using a product or service relative to their expectations.

answer

satisfaction

question

Which of the following is an element of the customer retention process as opposed to the customer acquisition process?

answer

relationship or relational exchange loyalty

question

The extent to which a product or service creates appropriate experiences, feelings, or emotions for a buyer.

answer

experiential

question

A want-satisfying value that is created by making it possible to transfer title of goods or services from one party to another; or transfer authorization for usage from one party to another.

answer

ownership

question

The extent to which consumers attach or associate some psychological meaning to a product or service.

answer

symbolic

question

Any physical object, service, idea, person, event, place, or organization offered to satisfy consumers' needs and wants.

answer

product

question

A want-satisfying value that is created when a product or service is made available when it is wanted

answer

time

question

The monetary amount of a product or service reflecting its perceived value and enabling organization to achieve financial goals.

answer

price

question

Setting the objectives for communicating value and creating the messages and formants for achieving them.

answer

promotion

question

A want-satisfying value that is created when knowledge and materials are converted into a finished product capable of performing some desired function.

answer

form

question

The costs or other sacrifices associated with the purchase, ownership, and or use of a product or service are called_____ costs.

answer

transaction

question

Which of the following would be considered part of the primary activities of a value chain?

answer

marketing and sales, service, inbound logistics

question

Effective marketing can most influence which of the following?

answer

wants

question

The philosophy of customer orientation focuses on which of the following?

answer

satisfying customer needs and wants

question

What are the six key forces important in creating and capturing value?

answer

relationships, sustainability, global, diversity, technology and E-commerce, price

question

A responsive and effective customer support system would be an example of an ________source of value for a _______type of value or utility

answer

interactions,

question

A ___________ is the state of desiring to satisfy some want with a particular product or service that is accessible and affordable.

answer

demand

question

A____________ is what consumers perceive they gain from owing or using a product or service over and above the cost of acquiring it.

answer

value

question

Porter's Value Chain is a useful strategic management tool in that it provides a fuller picture of which of the following?

answer

cost drivers

question

A________is a set of activities that an organization carries out to create value for its customers.

answer

value chain

question

product

answer

creates value

question

promotion

answer

communicates value

question

place

answer

delivers value

question

price

answer

captures value

question

A want is a specific form of consumption that satisfies what?

answer

a need

question

Addressing the amount of time required to search for a product or service is an example of an ____________ source of value for a __________ type of value or utility.

answer

environment

question

Which of the following is NOT a step of the marketing strategy process?

answer

licensing

question

A__________ is a specific learned form of expressed or desired behavior or consumption designed to satisfy some state of deprivation.

answer

want

question

A measure of a buyer's insistence, faithfulness, or allegiance for purchasing a particular product or service as reflected by their repeated purchase, willingness to pay more, or willingness to exert more effort in acquiring is referred to as

answer

loyalty

question

A business definition describes which of the following?

answer

the contributions a company seeks to make to customers and society

question

Which of the following elements of a corporate vision is defined as the set of values, ideas, and behavioral norms that are learned and shared among members of an organization, and dictates the nature of the organizations primary objectives?

answer

Corporate Philosophy or Culture

question

Lark Inc.is an American electronics company that is currently reviewing new geographical markets to sell its highly popular LED televisions. By 2020 it plans to open new stores across all the major South Asian cities in order to provide personal, customized products and services to all of its clients. Lark is most likely following a which of the following types of strategy.

answer

customer intimacy

question

The basic characteristic of a network organization is

answer

confederation

question

Which of the following is not part of a company's vision statement?

answer

strategic direction

question

Which of the following is true with regard to strategic planning?

answer

finding the game plan for long-run survival and growth is the focus of strategic planning.

MKT 327 Module 1 – Flashcards

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