Marketing Test 1 Chapter 1

Front 1

What Am I? (YOU)

Back 1

YOU are a product that will be offered for exchange on the marketplace.

YOU are selling train ability, potential productivity, and a price below alternatives with more experience.

Front 2

MARKETING

Back 2

Marketing is an organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Front 3

Marketing Concept

Back 3

A management orientation that focuses on identifying and satisfying consumer needs to ensure the organizations long-term profitability.

Front 4

Needs

Back 4

The recognition of any difference between a consumers actual state and some ideal or desired state. (Problem orientated)

Front 5

Wants

Back 5

The desire to satisfy needs in specific ways that are culturally and socially influenced. (Product related)

Front 6

Benefits

Back 6

The outcomes sought by a customer that motivates buying behavior that satisfies a need or a want.

PRODUCTS and SERVICES DELIVER BENEFITS

Front 7

MARKET

Back 7

all the customers and potential customers who share a common need.

Front 8

Customers in a Market (4)

Back 8

-Satisfied by a specific product
-Who have the resources to exchange for it
- Are willing to make the exchange
- Who have the authority to make the exchange

Front 9

VIDEO -- PRIME TIME WOMEN

Back 9

-Women 50 -70 Years old
- Prime marketing target
- over 50 control 79% of financial assets
- control 80% household spending
- Men say whatever, women choose

Front 10

Marketing can provide several forms of Utility (4)

Back 10

Form Utility
Place utility
Time utility
Possession Utility

Front 11

Form Utility

Back 11

The benefit marketing provides by transforming raw materials into finished products.

Front 12

Place Utility

Back 12

The benefit marketing provides by storing products available where customers want them.

Front 13

Time Utility

Back 13

The benefit marketing provides by storing products until they are needed.

Front 14

Possession Utility

Back 14

The benefit marketing provides by allowing consumers to own, use, and enjoy the products. (Mercedes Benz)

Front 15

Exchange

Back 15

The process by which some transfer of value occurs between a buyer and a seller

Front 16

Exchange must meet 5 prerequisites

Back 16

1. At least 2 people or organziatons must be willing to make a trade.
2. Each party has something the other wants
3. Both parties must agree in the value of the exchange.
4. Both parties must agree on how the exchange will be carried out.

Front 17

The Consumer Era

Back 17

1970s
CONSUMER ORIENTATION
TOTAL QUALITY MANAGEMENT

Front 18

Consumer Orientation

Back 18

A management philosophy that focuses on ways to satisfy customers wants and needs

Front 19

Total Quality Management

Back 19

A management effort to involve all employees from the assembly line onward in continuous product quality improvement.

Front 20

Customer Relationship Management
(CRM)

Back 20

A philosophy that sees marketing as a process of building long-term relationships with customers to keep them satisfied and to keep them coming back.

Front 21

Customer Relationship Management Concept

Back 21

A concept that involves systematically tracking customers preferences and behaviors over time in order to tailor the value proposition as closely as possible to each individuals unique wants and needs.
Marketing is about resale.

Front 22

Relationship Marketing (RM)

Back 22

Establishing long-term mutually satisfying buyer-seller relationships

Front 23

Relationship Marketing is about: ____

Back 23

Establishing trust

Front 24

Business to business marketing (B2B)

Back 24

the marketing of those goods and services that business and organizational customers need to produce other goods and services, for resale or to support their operations

Front 25

B2B internet commerce market totals ___ $

Back 25

$8.5 trillion in 2005

Front 26

Value

Back 26

the benefits a customer receives from buying a product or service

Front 27

Value proposition

Back 27

a marketplace offering that fairly and accurately sums up the value that a customer will realize if he purchases the product or service.

Front 28

The challenge of marketing is to create -

Back 28

An attractive value proposition
- Value is in the eye of the beholder
- not every firm is about financial success, NFP's

Front 29

Customer Value =

Back 29

Customer benefits - Customer Costs

- Value = (get, give up)
- Value is not just monetary, time, effort, and risk

Front 30

Distinctive Competency

Back 30

A SUPERIOR CAPABILITY of a firm in comparison to its competitors

Front 31

Distinctive Competency allows -

Back 31

- companies to create greater value, and therefore a competitive advantage.

Front 32

Differential Benefit

Back 32

Properties of products that set them apart from competitors products by providing unique customer benefits.

Front 33

Competitive Advantage

Back 33

The ability of a firm to outperform the competition, thereby providing customers with a benefit that the competition cannot.

Front 34

Lifetime Value of Customer

Back 34

How much profit companies expect to make from a particular customer, including future.

To estimate -- calculate amount person will spend subtract what it will cost the company to maintain relationship.

Front 35

Firm Sucess

Back 35

The underlying goal of all marketing strategies is to create a competitive advantage for the firm.

Providing Value to stakeholders is the key to creating competitive advantage.

Front 36

Reaching Firm success in order

Back 36

1 Distinctive Competency
2 Differential Benefit
3 Competitive advantage
4 Lifetime value of customer
5 Firm success

Front 37

Value Chain

Back 37

A series of activities involved in designing, producing, marketing, delivering, and supporting any product

Front 38

Value Chain order

Back 38

Inbound Logistics
Operations
Outbound Logistics
Service

Front 39

Marketing plan

Back 39

A document that describes:
- the marketing environment,
- outlines the marketing objectives and strategy
- Identifies who will be responsible for carrying out each part of the marketing strategy

Front 40

Mass Market

Back 40

All possible customers in a market, regardless of the difference in their specific wants and needs

Front 41

Market Segment

Back 41

A distinct group of customers within a larger market who are similar to one another in the same way and whose needs differ from customers in the larger segment

Front 42

Target market

Back 42

The market segment on which an organization focuses its marketing plan and toward which it directs it marketing efforts

Front 43

Marketing Position

Back 43

The way in which the target market perceives the product in comparison to competitors brands

Front 44

Marketing Mix

Back 44

A combination of the:
-PRODUCT itself
-the PRICE of the product
-the PLACE where it is made available
-the activities that introduce it to consumers.

Front 45

The 4 P's

Back 45

1| Products
2| Price
3| Promotion
4| Place

Front 46

Products

Back 46

A tangible good, service, or idea, or some combination of these

Satisfies consumer needs

Front 47

Price

Back 47

The assignment of value, or the amount the consumer must exchange to receive the offering

Front 48

Promotion

Back 48

The coordination of a marketers marketing communication efforts to influence attitudes or behaviors

Front 49

Place

Back 49

The availability of the product to the customer at the desired time and location.