Ch 1: What is Marketing
ACB Ltd. provides credit to dealers, as well as buyers of Alfresco Automobiles. The marketing function performed in this case is:
Financing
Which of the following is a combination of person, cause, and organization marketing?
Angelina Jolie's role as a UN Goodwill Ambassador for refugees
Information technology has enhanced the effectiveness of relationship marketing by leveraging mass-marketing campaigns.
False
Marketing is the organizational function that refers to all forms of selling from institutional sales to personal selling.
False
Marketing of sporting, cultural, and recreational activities to selected target markets is known as cause marketing.
False
QUIZ QUESTION
ANSWERS
financing function
providing credit for channel members and consumers - price Functions of Marketing
A university sells customized sweatshirts, pullovers, and jerseys to its students and staff. This is an example of _____.
Organization marketing
Forever 21 is a popular fashion clothing company for women and often attracts customers to its website or retail stores by posting pictures to its Facebook and Instagram account. Forever 21 has over 10 million followers on Instagram and over 13 million on Facebook. What marketing era best describes Forever 21 and its approach to marketing activities?
Social
Which of the following would be visible in relationship marketing?
Strategic alliances
Mobile marketing is a term used to describe marketing messages sent via wireless technology.
True
Not-for-profit organizations are generally less concerned with the bottom line than for-profit organizations.
True
Production and marketing of goods and services are two basic functions that create utility.
True
The expanded concept of marketing activities permeates all functions in businesses and not-for-profit organizations.
True
Wesley Pvt. Ltd., can avoid marketing myopia by finding innovative ways to reach new markets with existing goods and services. True
True
securing marketing information
collecting information about consumers, competitors and channel members for use in making marketing decisions - All 4 P's Functions of Marketing
form utility
conversion of raw materials and components into finished good ex. iPhones/cooking
risk taking
dealing with uncertainty about future customer purchases - price Functions of Marketing
Cause Marketing
identification and marketing of a social issue, cause or idea Non-traditional marketing
Marketing myopia
managements failure to recognize the scope of its business
mobile marketing
marketing messages transmitted via wireless technology
Event Marketing
marketing of sporting, cultural and charitable activities to selected target markets Non-traditional marketing
transportation function
moving products from their point of production to locations convenient for purchases - Place:distribution Functions of Marketing
utility
- ability to satisfy wants - utility = value
strategic alliance
- partnerships - two or more companies combine resources and capital
5 Era's of Marketing History
1. Production: intense consumer demand but shortage of products. Sellers in control. (Prior 1920s) 2. Sale: creative advertising and selling will ovecome consumers' resistance and persuade to buy. (Prior 1950s) 3. Marketing: the consumer rules. Find a need and fill it. (sine 1990s) 4. Relationship: long-term relationship with customers and other partners lead to success 5. Social: connecting to consumers via internet and social media sites is an effective tool. (since 2000s)
Which of the following refers to marketing myopia?
A management's failure to recognize the scope of its business
Financing is one of the _____ functions of marketing.
Facilitating
marketing
an organizational function and set of process for: - creating,communicating and delivering value to customer - managing customer relationship in a way that benefit the organization and its stakeholders
ownership utility
ability to transfer the service/title from market to consumers ex. venmo
Time utility
availability of goods and services when consumers want them ex. late night runs at taco bell
place utility
availability of goods at convenience of consumers ex. grocery stores all around
Place Marketing
efforts designed to attract visitors to a particular area Non-traditional marketing
Person Marketing
efforts designed to cultivate the attention and preference of a target market toward a person. Every individual is a brand. Ex. Russell Wilson Non-traditional marketing
Organization Marketing
efforts of mutual-benefit organizations, service organizations and government organizations that seek to influence others to accept their goals Non-traditional marketing
buying function
ensuring that product offerings are available in sufficient quantities to meet customer demands - products and places: distribution Functions of Marketing
standardizing and grading
ensuring that products offerings meet quality and quantity controls of size, weight and other variables - product Functions of Marketing
bottom line
reference to overall company profitability
interactive marketing
refers to buyer-seller communication in which the customer controls the amount and type of information received from a marketer
Buss marketing
refers to word of mouth messaging (WOM)
social marketing
use of online social media as a communications channel for marketing messages
selling function
using advertising, personal selling and sales promotion to match products to customer needs - promotions Functions of Marketing
storing function
warehousing products until needed for sale -Place:distribution Functions of Marketing