Marketing Test 1

Value-based marketing ear

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

In a marketing 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

Value-based marketing firms implement their strategies according to what___ value

customers

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

relational

If a car manufacture wanted to segment its marketplace it would:

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

Which of the following are core aspects of marketing?

-Marketing helps create value -Marketing entails an exchange -Marketing requires a Product, Price, Place, and Promotion Decisions.

______ is one of the elements 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/Placement

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

-Products were designed to focus on consumers' needs. -It was a buyer's market

Entrepreneurs use marketing to do which of the following?

-examine the market place -communicate value

What is the chonological sequence of marketing eras?

1. Production-oriented 2. sales-oriented 3. market-oriented 4. value-based marketing

Market - Oriented era

A growing focus on meeting customer needs and wants

What is marketing?

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

In what ways can marketing impact a firm

Advises production, Develops value

Production-oriented era

Build a good product and it will sell itself

Price definition?

CAPTURING VALUE: Price is everything a buyer gives up (money, time, energy) in exchange for the product.

Promotion definition?

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

Product definition?

CREATING VALUE: The fundamental purpose of Marketing is to create value by developing a variety of offerings, including GOODS, SERVICES, AND IDEAS, to satisfy customer needs.

Marketing entails and exchange through

Communications and Deliveries, Customers/Buyers, Money and Innovation, Goods/Services as producers

C2C marketing

Customer sells the computer to his friend.

Place definition?

DELIVERING THE VALUE PROPOSITION: Place, or supply chain management, describes all activities necessary to get the product to the right customer when the customer wants it. EX. Where would you find this product in the store?

Sales-Oriented era

Lots of advertising and personal selling are the keys to success

B2B marketing

Manufacturer sells a computer to a retailer

Which of the four p's represents all activities necessary to get an offering to the right customer when that customer wants it?

Place

____ is whatever the buyer gives up in exchange for the product.

Price

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

Product

Marketing Requires...

Product, Price, Place, and Promotion Decisions

_____ is the component of the four P's 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

B2C marketing

Retailer sells a computer to a customer

Market Impacts which stakeholders

Society, Employees, Customers, Supply Chain