MKT 3350 Ch.1 – Flashcards
Unlock all answers in this set
Unlock answersquestion
What is marketing?
answer
set of institutions for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society
question
Core aspects of marketing
answer
create value satisfy customers wants and needs requires an exchange marketing mix (four p's) can be done by individuals and organizations affects various stakeholders
question
CORE ASPECTS: Satisfy customers wants and needs
answer
*fundamental to marketing -interested in finding buyers that are most likely to be interested in company's product or service
question
CORE ASPECTS: Exchange
answer
-trade valuables between buyer & seller
question
CORE ASPECTS: Marketing Mix (four p's)
answer
-Product -Price -Place -Promotion
question
Importance of marketing mix
answer
can compromise decisions of what activities to respond to in target markets
question
MARKETING MIX: Product
answer
-use product to creating value -develop variety of offerings including goods, services, ideas to satisfy customers
question
MARKETING MIX: Price
answer
-Use price to capturing value -convince the customer that the product is worth the value (money, time, energy)
question
MARKETING MIX: Place
answer
-Use place to delivering the value proposition -necessary activities to get product to right customer when they need is -works closely with supply chain management
question
MARKETING MIX: Promotion
answer
-enhance value through communication to educate and inform customers about benefits of their product and services and increase perceived value.
question
Supply chain management
answer
-set of approaches and techniques to integrate suppliers, manufacturers, warehouses, and stores into a seamless chain
question
MARKETING MIX: Promotion
answer
-Use promotion to enhance product/service value -communication that informs, persuades, and reminds potential buyer of goods and services
question
CORE ASPECTS: Marketing can be done by both individuals and organizations
answer
-business-to-consumer (B2C) -business-to-business (B2B) -consumer-to-consumer (C2C)
question
Business-to-consumer (B2C)
answer
business selling to consumer ex: Target, Walmart
question
Business-to-Business (B2B)
answer
selling from one business to another ex: produce company selling to Market Street
question
Consumer-to-Consumer (C2C)
answer
consumer selling to another consumer ex: eBay, garage sales
question
CORE ASPECTS: Marketing affects various stakeholders
answer
success/failure of company affects stakeholders such as consumer, clients, society, employees, supply chain partners
question
Supply chain partners
answer
Wholesalers Retailers Transportation companies Warehousing companies
question
CORE ASPECTS: Marketing can help create value
answer
can be described by eras of marketing: production oriented era sales oriented era market oriented era value based era
question
Production oriented era
answer
-believed good product will sell itself -concerned with product innovation, not satisfying customers wants and needs Ex: Ford Model T "you can have any color you want as long as it's black" <--- didn't take into consideration the customers color preference
question
Sales oriented era
answer
-after WWll there was an excess of products that consumers could not buy, relied heavily on personal selling and advertising
question
Market oriented era
answer
-focused on consumers wants and needs before designing, making, or selling their product or service. -era that discovered marketing
question
Value based era
answer
-focus on providing consumer with product/service with greater value than competitors
question
Value co-creation
answer
-customer can act as collaborators to create product or service ex: Nike ID (customizable tennis shoes)
question
CHECKPOINT: Marketing is about satisfying....
answer
Customers wants and needs
question
CHECKPOINT: What are the four components of the Marketing Mix?
answer
Product Price Place Promotion
question
CHECKPOINT: Firms can improve their value by
answer
-increasing benefits -reducing cost
question
How marketing can become more value driven?
answer
-share info -balance benefit with cost -build a relationship with customer -connect through mobile/social media
question
Share info
answer
-share information about customers and competitors across firms departments to become more personable with customers and stay up to date with competitors
question
Balance benefit with cost
answer
-use customer data to find opportunities to satisfy customers needs better, keep costs down, and develop loyalty -create good value for customer without lowering costs too low for company
question
Build relationship with customer
answer
-build lifelong relationships with customers for lifetime profitability
question
Rational orientation
answer
-view customer as relationship not transaction
question
Customer Relationship Management (CRM)
answer
-business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty amongst most valued customers
question
Function of CRM
answer
-determine which types of merchandise certain groups are buying and tailor to their needs
question
Connect through social and mobile media
answer
-93% of marketers connect through social or mobile media ex: facebook or email subscriptions
question
CHECKPOINT: Does providing a good value mean selling at a low price?
answer
-no -ex: Porche or Gucci. Customers believe they are receiving good value for product or service. There are customers willing to pay asking prices for all types of goods at all price levels because to them they are getting a good value
question
Why is marketing important?
answer
-can be entreprenurial -can enrich society -can transfer across channel members -can emphasize global presence
question
MKT can be entrepreneurial
answer
-entrepreneurs have vision of how certain combinations of products and services will satisfy unfilled needs
question
MKT can enrich society
answer
-best known corporations have developed greener products, healthier food options, safer products, and reduce carbon footprint
question
MKT persuasive across channel members
answer
-supply chain or marketing channel -can provide career opportunities to those involved in supply chain
question
MKT expands firms global presence
answer
-global expansion can create career opportunites in other countries
question
CHECKPOINT: A firm doing the right thing emphasizes the importance of marketing to....
answer
do the right thing
question
End of chapter 1 quiz answer
answer
production oriented era (because her boss is too focused on innovation rather than customers wants and needs)
question
End of chapter 1 quiz answer 2
answer
-need to provide benefits to customers and desire to keep cost down (explained by core aspect: balance benefit with cost)
