Podcast
Questions and Answers
Match the marketing concept with its definition:
Match the marketing concept with its definition:
Market orientation = An organizationwide commitment to researching and responding to customer needs Relationship marketing = Establishing long-term, mutually satisfying buyer‒seller relationships Marketing environment = The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix Strategic marketing management = The process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently.
Match the components of strategic planning with their definitions:
Match the components of strategic planning with their definitions:
Organizational mission = The purpose or reason for the organization's existence Corporate strategy = The overall direction and scope of the organization Marketing objectives = Specific, measurable targets for marketing activities Marketing mix = The set of tactical marketing tools—product, price, place, and promotion—that the firm blends to produce the response it wants in the target market.
Match the following concepts with their descriptions:
Match the following concepts with their descriptions:
Purchase of organisation products = The focal point of all marketing activities Competitive forces = Factors that affect the marketing mix Technological forces = External factors that impact the organization's marketing activities Strategic planning = The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, and marketing mix.
Match the types of marketing activities with their descriptions:
Match the types of marketing activities with their descriptions:
Match the following marketing tools with their descriptions:
Match the following marketing tools with their descriptions:
Match the marketing environment forces with their descriptions:
Match the marketing environment forces with their descriptions:
Match the marketing orientations with their explanations:
Match the marketing orientations with their explanations:
Match the strategic marketing management components with their definitions:
Match the strategic marketing management components with their definitions:
Match the marketing activities with their descriptions:
Match the marketing activities with their descriptions:
Match the marketing concepts with their definitions:
Match the marketing concepts with their definitions:
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Study Notes
Marketing Overview
- Marketing is the process of creating, distributing, promoting, and pricing goods, services, and ideas.
- It involves understanding customer needs and creating a strategy to meet those needs.
Target Market
- A target market is a specific group of customers that an organization focuses its marketing efforts on.
- Identifying a target market is crucial for effective marketing.
Marketing Mix Variables
- The four marketing mix variables are:
- Product: what an organization sells or offers to its customers.
- Distribution: how an organization gets its products to its customers.
- Promotion: how an organization communicates with its customers.
- Price: what an organization charges for its products.
Value and Exchanges
- Value refers to the worth of a product or service.
- Exchanges involve the provision or transfer of goods, services, or ideas in return for something of value.
Stakeholders
- Stakeholders include customers, as well as others who have an interest in the organization's products, operations, markets, industry, and outcomes.
Marketing Concepts
- The marketing concept involves understanding customer needs and creating a strategy to meet those needs.
- Customer relationship management (CRM) involves using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
Customer Lifetime Value (CLV)
- CLV is the worth of individual customers and estimates their lifetime value to the company.
- It is a key concept in customer relationship management.
Socially Responsible Marketing
- Socially responsible marketing, also known as green marketing, involves promoting the welfare of customers and stakeholders.
- It is a strategic process that involves stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment.
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