MKT 3350- Chapter 1

Importance of marketing:

-Can be entrepreneurial -expands global presence -pervasive across channel members

Chronological sequence from oldest to most recent (how did marketing evolve)

-Production oriented era -sales oriented era -market oriented era -value based marketing era

How do marketing firms become more value driven?

-Sharing information -balancing benefits with cost -building relationships with customers -take advantage of new technologies and connect customers using social media

Which statement about the marketplace is true?

-The marketplace refers to the world of trade -the marketplace can be divided into categories that are important to an organization for specific reasons

In what ways can marketing impact a firm?

-advises production -develops value

Entreprenuers use marketing to do which of the following

-communicate value -examine the marketplace

If a car manufacturer wanted to segment its marketplace it would?

-divide consumers into groups based on their incomes -identify customer needs for different types of cars

Which of the following are characteristics marketers seek out in potential customers?

-individuals and/or businesses who have an interest in the companys products -individuals and/or businesses who have the ability to buy the products or services

Which of the following are associated with marketing, as defined by the American Marketing Association?

-institutions that facilitate the exchange of offerings that have value for customers -processes used to create value for clients -activities that communicate offerings that have value for society at large

What were the primary characteristics of the market-oriented era?

-it was a buyers market -products were designed to focus on consumers needs

Which of the folloiwng are members of the supply chain?

-manufacturers -retailers

For which of the following reasons is marketing considered important?

-marketing expands global presence -virtually every person and organization is involved in marketing

Firms become value driven by focusing on which of the following activities?

-sharing information -building relationships -balancing customer benefits and costs

Place the members of a typical supply chain in order form the first step in the supply chain to the last from the top to bottom.

1. Supplier of raw materials 2. Manufacturer 3. Retailer selling finished goods

The process of selling merchandise or services from one business to another is called:

B2B (business to business)

The process by which businesses sell to consumers is known as:

B2C (business to consumer)

Using available customer data to find opportunities to satisfy their customers needs better and keep down costs, and develop long-term loyalties.

Balancing benefits with cost

What factors do marketers consider when determining to whom they want to sell their products?

Both interest and ability of the customer to buy

To build relationships, firms focus on the lifetime profitability of the relationship, not how much money is made during each transation

Building Relationships with Customers

Which of the following would NOT be an example of value cocreation?

Buying read-to-wear apparel from a department store

When consumer market products, it is known as __________ marketing.

C2C (consumer to consumer)

Consumers sell to other consumers is:

C2C (consumer-to-consumer)

Which of the following is a business philosophy that focuses on identtifying and building loyalty among the firm's most value customers?

Customer relationship management

a business philosophy and set of strategies, programs, and systems that focus on identifying and buidling loyalty among the firms most valued customers

Customer relationship management (CRM)

Value-based marketing firms implement their stategies according to what _________ value.

Customers

In a value-based, marketing-oriented firm, marketers share __________ about customers and integrate it across the firms various departments.

Data

Marketing is the activity, a set of instiutions and processes that creates, captures, communicates, and __________ value

Delivers

People or organize, operate, and assume the risk of a business venture.

Entrepreneurs

Items that you can physically touch

Goods

After world war 2, Manufactures and retailers thus began to focus on what consumers wanted and needed before they designed, made, or attempted to sell their products and services. They discovered marketing during this period.

Market- oriented era

A growing focus on meeting customers needs and wants

Market-oriented Era

A strategy developed by companies that specifies marketing activities for a specific period of time is known as a ___________________.

Marketing plan

________ is the one element of the four P's that embodies all activities essential to get the product to the right customer when and where that customer wants it.

Place

__________ represents all the activities necessary to get the product to the right customer when that customer wants it

Place

_______ is anything a buyer gives up- money, time, and/or energy- in exchange for the product

Price

_______________ is the park of the marketing mix that aims as creating value by providing features and benefits that meet customers needs.

Product

What are the 4 P's?

Product, price, place and promotion

Its fundamental purpose is to create value by developing a variety of offerings, including goods, service and ideas, to satisfy customers needs

Product: creating value

Manufacturers in the production-oriented marketing era were concerned with efficient _____________, not with satisfying needs of consumers.

Production

Around the tern of the 20th century, most firms were production oriented and believed that a good product would sell itself. They were concerned with product innovation, not with satisfying the needs of individual customers

Production-Oriented Era

Build a good product and it will sell itself

Production-orientation era

__________ 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

Promotion

____________ is the park of the marketing mix that communicates the value of the product to the consumer in many ways, such as advertising, social media, and public relations.

Promotion

______________ is communication by the marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions and elicit a response.

Promotion

As they have realized that they need to think about their customers in terms of relationships rather than transactions.

Relational orientation

Between 1920 and 1950, the customer consumed less and manufactured the items themselves, by planting victory gardens. As a result, manufactures had the capacity to produce more than the customers really wanted and were able to buy,

Sales-Oriented Era

Lots of advertising and personal selling are the keys to success

Sales-oriented era

Intangible customer benefits that are produced by people or machines and cannot be separated from the producer. (paying for experience not the physical ticket stub)

Services

They collect purchase information and research customer trends to determine what their customers will wear in the next few weeks.

Sharing infomation

A group of firms that make and deliver a given set of goods and services through the channels of production is known as:

Supply chain

The set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved int he transaction (transportation companies)

Supply chain management

Groups of a firm that make and deliver a given set of goods and services is known as:

Supply chain or marketing channel

Value- oriented marketers constantly measure the benefits that customer perceive against the cost of their offerings.

True

True or False: In the marketing mix, place attempts to deliver value by marketing the product of service available when and where the customer needs or wants it?

True: place delivers value that product creates

Reflects the relationship of benefits to cost, or what you get for what you give.

Value

When customers act as collaborators to create the product of service. (Ex nike shoes using NikeID)

Value cocreation

Most successful firms today are maker oriented. Generally have transcended a production of selling orientation and attempt to discover and satisfy their needs and wants.

Value-Based Marketing Era

Which of the following is the most helpful to a firm in ensuring that its merchandise will be readily and efficiently available in stores, so that consumers are not disappointed and the firms profits do not suffer?

a supply chain

Value oriented marketers measure the _______________ that customers perceive against the cost of their offerings.

benefits

A method of providing additional value to customers by allowing them the opportunity to act as collaborators is known as value ______________.

cocreation

One challenge for companies is to provide products that meet customers needs and wants while providing greater value than their ______________.

competitors

Many businesses believe that marketing should focus on factors other than financial goals, such as:

corporate citizenry

What is the fundamental factor underlying all buyer-seller relationships?

exchange

the trade of things of value between the buyer and the seller so that each is better off as a result

exchange

Thoughts, opinions, philosophies; intellectual concepts such as these also can be marketed

ideas

Successful airlines create value by offering:

many flights to destination the consumer wants

is an 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

Marketing traditionally have been divided into a set of four interrelated decisions and consequent actions known as?

marketing mix

world of trade

marketplace

During the sales-oriented era, firms found an answer to their ________ by focusing on selling.

overproduction

Marketers must determine prices of products carefully on the basis of:

potential buyers' beliefs about a products value

______________ is the part of the marketing mix that aims at creating value by providing features and benefits that meet consumers' needs.

product

A ___________ orientation is based on the philosophy that buyers and sellers should develop long-term interactions and communications.

relational

In a _____________ orientation, lifetime profitability is more important than the amount of money made during each transaction.

relationship

Good ________ management creates a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, which minimizing system- wide costs and maximizing satisfaction of the value required by customers.

supply chain

In a marekting context, customers seek a fair return in goods and/or services for their hard earned money and scarce time. they are seeking _______ which, reflects the relations of benefits to costs.

value

In order to compete successfully most firms today, operating in the market orientation phase of marketing, have to provide their customers with better _________- based marketing than their competitors.

value

There is more to marketing than just meeting needs and wants; consumers also expect a fair return for the price they pay

value-based marketing era