MKT 3305 – Ch 1 DSM – Flashcards
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All possible customers in a market, regardless of the differences in their specific needs, are known as a __________.
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mass market
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Which of the following is an intangible product that you might pay for but never own?
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A service, such as an oil change
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What is a marketing strategy that supports environmental stewardship, thus creating a differential benefit in the minds of consumers?
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Green marketing
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Distinctive competency is a(n) __________.
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firm's capability that is superior to that of its competition
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Possession utility is the benefit marketing provides by __________.
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allowing the customer to own, use, and enjoy the product
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Online platforms that allow users to represent themselves via a profile on a Web site and provide and receive links to other network members are known as __________.
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social networking
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In a consumer orientation, management __________.
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prioritizes the satisfaction of customers' needs and wants
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The availability of the product to the customer at the desired time and location is known as __________.
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place
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A marketing offering that fairly and accurately sums up the value that will be realized if the good or service is purchased is known as the __________.
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value proposition
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A want is __________.
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a desire for a product used to satisfy a need in specific ways that are culturally and socially influenced
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What is total quality management (TQM)?
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A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement
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What is the term for inventory and cash losses resulting from shoplifting and employee theft?
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Shrinkage
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Product, price, promotion, and place make up the __________.
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marketing mix
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The benefit marketing provides by transforming raw materials into finished products is known as __________ utility.
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form
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The segment(s) on which an organization focuses its marketing plan and toward which it develops its marketing efforts is the __________.
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target market
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Which of the following best defines marketing?
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The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and societies at large
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A __________ is a desire for a product used to satisfy a need in specific ways that are culturally and socially influenced.
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want
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What is shrinkage?
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Inventory and cash losses resulting from shoplifting and employee theft
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Which of the following best describes triple-bottom-line orientation?
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The building of long-term bonds with customers rather than merely selling them stuff
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A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market is the __________.
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market segment
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The target market is __________.
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the segment(s) on which an organization focuses its marketing plan and toward which it develops its marketing efforts
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What is crowdsourcing?
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A practice where firms outsource marketing activities (such as selecting an ad) to a community of users
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Which of the following describes a selling orientation approach to marketing?
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Management moves products out of warehouses so that inventories don't pile up.
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Which orientation is described as the building of long-term bonds with customers rather than merely selling them stuff?
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Triple-bottom-line
