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4 Cards in this Set

  • Front
  • Back
Define the role of marketing in organizations.
Marketing is the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing strives to create value in many ways. If marketers are to succeed, their customers must believe that the firm's products and services are valuable; that is, they are worth more to the customers than they cost. Another important and closely related marketing role is to capture value of a product or service based on potential buyers' beliefs about its value. Marketers also enhance the value of products and services through various forms of communication, such as advertising and personal selling. Through communications, marketers educate and inform customers about the benefits of their products and services and thereby increase their perceived value. Marketers facilitate the delivery of value by making sure the right products and services are available when, where, and in
List the elements of the marketing mix.
The marketing mix commonly refers to the four Ps: product, price, place, and promotion. These marketing mix elements are the crucial controllable activities that a firm can use to influence their customers and/or respond to marketing opportunities
Describe how marketers create value for a product or service.
Value represents the relationship of benefits to costs. Firms can improve their offerings' value by increasing benefits, reducing costs, or both. The best firms integrate a value orientation into everything they do. If an activity doesn't increase benefits or reduce costs, it probably shouldn't occur. Firms become value driven by finding out as much as they can about their customers and those customers' needs and wants. They share this information with their partners, both up and down the supply chain, so the entire chain collectively can focus on the customer. The key to true value-based marketing is the ability to design products and services that achieve precisely the right balance between benefits and costs. Value-based marketers aren't necessarily worried about how much money they will make on the next sale. Instead, they are concerned with developing a lasting relationship with their customers so those customers return again and again.
Understand why marketing is important both within and outside the firm.
Successful firms integrate marketing throughout their organizations so that marketing activities coordinate with other functional areas such as product design, production, logistics, and human resources, enabling them to get the right product to the right customers at the right time. Marketing helps facilitate the smooth flow of goods through the supply chain, all the way from raw materials to the consumer. From a personal perspective, the marketing function facilitates your buying process and can support your career goals. Marketing also can be important for society through its embrace of solid, ethical business practices. Firms "do the right thing" when they sponsor charitable events, seek to reduce environmental impacts, and avoid unethical practices; such efforts endear the firm to customers. Finally, marketing is a cornerstone of entrepreneurship. Not only have many great companies been founded by outstanding marketers, but an entrepreneurial spirit pervades the marketing decision