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