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Related Flashcards
Related Topics
Cards In This Set
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1A) What is Marketing?
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It is an organizational function & a set of processes for creating,
communicating & delivering value to customers & for managing
customer relationships in ways that benefit the organization & its
stakeholders.
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1B) What is Marketing All About?
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It is about satisfying all stakeholder's needs by delivering value.
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1C) What is Customer Relationship Management (CRM)?
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A strategy that involves systematically tracking consumer's preferences & behaviors over time in order to tailor the value of proposition as closely as possible to each individual's unique wants and needs
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1D) What is The Objective of Relationship Marketing?
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It emphasizes on consumer retention & continual satisfaction rather than just the per case individual transaction.
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2A) Who Are The Stakeholders In Marketing Exchange?
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Buyers, sellers, or investors in a company, community, residents & even citizen of the nations where goods & services are made or sold- in other words, any person or organization that has a "stake" in the outcome.
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2B) Why Are Nature Environment & Community/Society In Marketing Exchange?
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Because marketing is about satisfying everyone's needs involved in the marketing process.
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3A) What Is A "Need" In Marketing?
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The recognition of any difference between a consumer's actual state & some ideal or desired state.
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3B) What Is A "Want" In Marketing?
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The desire to satisfy needs in specific ways that are culturally & socially influenced
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3C) How Are They Different? Need
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Need: is a basic living essential, if you don't have it, you could die.
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3D)How Are They Different? Want
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Want: is something that you feel you need, or you really desire, but not having it doesn't mean you die.
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4A) What is marketing concept
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A management orientation that focuses on identifying & satisfying consumers needs to ensure the organization's long term profitability
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4B) What Is marketing Orientation?
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A company that practices marketing concepts as its management orientation
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5A) How Are The Two Related? What is Marketing Mix?
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A combination of the Product itself, the Price of the product, the Place where it is available, & the activities (Promotion) that introduce it to consumers that creates a desired response among a set of predefined consumers.
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5B) What question do we ask regarding each 4 P?
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Product- What do potential customers need & want
Price-How much should we ask customers to pay Promotion-How will we communicate with the customers Place-How will we get it to the customers |
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5C) What Does Product/Price/Promotion/Placement Decisions?
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Product- Brand names (values), design, features, variety, warranties, sizing, quality, services.
Price- List price, discounts, allowances, payment period, credit terms. Promotion-Sales promotion (samples & displays), advertising, public relations, sales coupons, direct marketing (telemarketing, mail orders), personal selling. Place-Channel choices (where are they going to sell there product, which stores), coverage, locations, inventory, transport, assortments. |
