SDSU Marketing 370 Ch. 1 HW Review – Flashcards
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Which of the four Ps represents all activities necessary to get an offering to the right customer when that customer wants it?
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Place
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_____ is the component of the four Ps of marketing that is used by marketers to inform, persuade, and reminds potential buyers about a product or service to influence their opinions and produce a response.
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Promotion
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Primary characteristics of the market-oriented era:
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1. it was a buyer's market 2. product design focused on consumer's needs.
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Everything always has a ____ it doesn't always have to be monetary, however this element of the four Ps is aimed to capture value.
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Price
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In the marketing mix, place is expected to _____ value
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deliver
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Place members of a typical supply chain in order from the first step in the supply chain to the last.
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1. Supplier of raw materials 2. Manufacturer 3. Retailer selling finished goods.
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_____ is one of the elements of the four Ps that embodies all activities essential to get the product to the right customer when and where the customer sans it.
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Place, Distribution, Placement
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______ is the part of the marketing mix that aims at creating value by providing features and benefits that meet customers' needs.
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Product
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B2B
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Business to business.
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Manufacturer sells a computer to a retailer.
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B2B
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B2C
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Business to consumer.
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Retailer sells a computer to customer A.
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B2C
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C2C
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consumer to consumer
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Customer A sells the computer to his friend.
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C2C
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Production-oriented era
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Manafacturers were concerned with product innovation, not with satisfying the needs of the individual. Retailers were considered places to hold inventory until it was sold.
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Promotion
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communicates value of product using advertising, social media, and public relations
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In a marketing context, customers seek a fair return in goods/and or services for their hard-earned money they are seeking _____ which reflects the relations of the benefits to costs.
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value
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Value
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reflects the relations of benefits to costs
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Price
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of the 4 Ps, whatever the buyer gives up in exchange for the product. for example, money, time, or energy.
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During the sales-oriented era, firms found an answer to their _______ by focusing on selling.
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overproduction
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2 key elements marketers consider when determining price
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1. ensure the sellers achieves a reasonable profit. 2. figure out how much customers are willing to pay so that they are satisfied with their purchase.
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The fundamental factor involved in buyer-seller relationships.
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exchange
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Product
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Creating value
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Price
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capturing value
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Place
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delivering value proposition
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Promotion
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communicating value
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What do marketers seek in potential customers?
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customers who have and interest in the products and customers who have an ability to buy the products or services.
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If a car manufacturer wanted to segment its marketplace, it could:
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identify customer needs for different types of cars ( such as sports cars, SUVs, and family sedans). divide consumers into groups based on their incomes.
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In a value-based, marketing-oriented firm, marketers share information about _____ and competitors, and then integrate and distribute it across the firm's various departments
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customers
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______ channel management seeks to create a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing system-wide costs and maximizing satisfaction of the value required by customers.
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Marketing
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Entrepreneurs use marketing to do which of the following?
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communicate value, examine the marketplace, combine products
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Examples of value co-creation:
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-client interacting sales associate who takes info on how to customize apparel - a clothing company allowing customers to personalize the fit of a pair of jeans - buying a customized cake from the bakery
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Which of the four Ps represents all activities necessary to get an offering to the right customer she the customer wants it?
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Place
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3 Members of the supply chain:
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manufacturers, consumers, retailers
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______ is the component of the four Ps of marketing that is used by marketers to inform, persuade, and reminds potential buyers about a product or service to influence their opinions and produce a response.
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promotion
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Many businesspeople believe that marketing should focus on factors other than financial goals, such as:
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corporate citizenry
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Build a good product and it will sell itself
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Production-oriented era
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Lots of advertising and personal selling are the keys to success
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Sales-oriented era
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a growing focus on meeting customer needs and wants
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market-oriented era
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there is more to marketing than just meeting the needs and wants; consumers also expect a fair return for the price they pay
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value-based marketing era
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Marketing entails an exchange marketing requires product, price, and promotion decisions marketing helps create value
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core aspects of marketing
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a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firms most valued customers.
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Customer Relationship Management (CRM)
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_____ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumer's needs.
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Product
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When a firm has moved beyond a production or selling orientation and attempts to discover and satisfy its customers' needs and wants, the firm is:
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market oriented
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Examples of where consumer-to-consumer marketing could take place
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making a purchase from craigslist putting merchandise on ebay
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The American Marketing Association states that, "Marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and ______ offerings that have value for customers, client, partners, and society at large"
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exchanging
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Marketers should focus on:
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social responsibility and financial profitability
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Primary characteristics of the market-oriented era
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it was a buyer's market product design focused on consumers' needs
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Manufacturers in the production-oriented era were concerned with product _______, not with satisfying the needs of consumers
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innovation
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In a(n) ________ orientation, lifetime profitability is more important than the amount of money made during each transaction
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relational
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Successful airlines create value by offering
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many flights to destinations the consumer wants
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A product can be broken down into services, ideas and goods. What are goods?
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items you can personally touch
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Areas where Marketing may have an impact:
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- enriches society - can be entrepreneurial - expands global presence - pervasive across channel members
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During the sales-oriented era, firms found an answer to their overproduction by using heavy doses of:
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personal selling and advertising
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A(n) ______ plan is a document developed by a company to specify its marketing activities and strategy for a specific period of time.
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marketing
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Related to the Production Oriented Era
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- Manafacturers were concerned with product innovation, not with satisfying the needs of the individual - retailers were considered places to hold inventory until it was sold
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For which of the reasons is marketing considered important?
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- marketing expands global presence - virtually every person and organization is involved in marketing
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Customer Relationship Management
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a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers.
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A core aspect of marketing, borrowed from economics, includes an ______, which is a transaction in which things of value are traded by buyers and sellers
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exchange
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Exchange
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a transaction in which things of value are traded by buyers and sellers
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in what ways can marketing impact a firm?
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develops value and advises production
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When SW airlines provides travelers with a variety of flight times to various cities, it is ______ value to satisfy customer needs.
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creating
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A ______ is any INTANGIBLE offering that involves a performance, or effort that cannot be physically possessed.
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service
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Marketing is the activity, set of institutions, and processes that creates, captures, communicates, and _______ value.
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delivers
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True statements about the marketplace in regard to satisfying customer needs and wants:
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- the marketplace refers to the world of trade - the marketplace can be divided into groups that are pertinent to an organization for particular reasons.
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What is the term that refers to a set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction?
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Marketing Channel Management
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Another term for Marketing channel
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supply chain
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Every time materials or products are bought or sold, they are transported to a different location, which sometimes requires that they be stored in a warehouse operated by test another organization. Such a group of firms that make and deliver a given set of goods and services is known as a _____ _______, another term for a marketing channel.
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supply chain
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based on the philosophy that buyers and sellers should develop long-term interactions and communications
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relational orientation
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Benefits of staying at a luxury hotel
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room service, superior business center, quality
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Services are customer benefits that are intangible and cannot be separated from the producer. T or F?
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True
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Products include goods, services, and ____ which are thoughts, opinions, and philosophies; intellectual concepts such as these can be marketed, just as goods and services can.
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ideas
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Value-oriented marketers outperform their competition by:
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satisfying needs, developing loyalty, keeping costs down
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Why is a strong supply chain important?
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it helps get merchandise to customers when and where they want it
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Business t0 business marketing can impact several aspects of business and society. which of the following factors are affected?
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customers, employees, partners
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Firms become value driven by focusing on which of the following activities?
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sharing information, balancing customer benefits and costs, building relationships.
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People who organize, operate, and assume the risks of a business venture such as idea creation, production, funding, and market development, are called __________.
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entrepreneurs
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When Fritto-Lay makes snacks, the company creates value, and an essential part of this created value is the product's
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taste
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One challenge for companies is to provide products that meet customers' needs and wants while still making a ______
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profit
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What would be good features for a budget hotel to implement to build a value-based marketing strategy?
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fast check-in kiosk and affordable rates
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Promotion can ______ a product or service's value.
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enhance
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Value-oriented marketers measure the ______ that customers perceive against the cost of their offerings.
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benefits
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What adds to marketing's global presence?
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entertainment venues, internet, and cheap foreign travel
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Many firms recognize that adopting a strong ______ orientation in business is a sound strategy. it shows that the consumer marketplace that the firm will be around for the long run and can be trusted with consumers' business.
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socially responsible
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A ________ orientation in the supply chain means that the participating parties do not care much about their trading partners as the merchandise passes among them.
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transactional
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Firms use _______ to find opportunities to better satisfy their customers' needs, keep costs down, and in turn, develop long-term loyalties.
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customer data.
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During the sales-oriented era, manufacturers had the capacity to produce more than the consumers were able to buy. T or F?
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True
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The influence of social responsibility can be illustrated by a firm's behavior. T or F?
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True
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Used car sales typically are based on a _____ orientation: the seller wants to get the highest price for ht car, the buyer wants to get the lowest, and neither expects to do business with the other again.
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transactional
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The correct order is: 1. production-oriented 2. sales-oriented 3. market-oriented 4. value-based
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True
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"customers can have any color they want so long as its black" is an example of _____ orientation era.
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production
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The four Ps, or marketing mix, are the ______ set of activities that a firm uses to respond to the wants of its target market.
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controllable
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True or False: Facebook continues to experience higher growth rates as more developing countries get access to the internet.
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True
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True or false: Although social and mobile media technologies are popular among users, businesses should avoid using them.
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False
