Podcast
Questions and Answers
How do marketing activities create value for consumers?
How do marketing activities create value for consumers?
- Through the creation of utility. (correct)
- By reducing the cost of raw materials.
- By increasing production efficiency.
- Through aggressive sales tactics.
Which of the following is NOT one of the four 'P's of the marketing mix?
Which of the following is NOT one of the four 'P's of the marketing mix?
- People (correct)
- Place
- Price
- Product
In which marketing era did companies shift their focus to satisfying customer needs rather than just producing and selling products?
In which marketing era did companies shift their focus to satisfying customer needs rather than just producing and selling products?
- Sales Era
- Marketing Era (correct)
- Relationship Era
- Production Era
What is the primary focus of relationship marketing?
What is the primary focus of relationship marketing?
Which type of marketing involves efforts to cultivate the attention and preference of a target market toward a specific individual?
Which type of marketing involves efforts to cultivate the attention and preference of a target market toward a specific individual?
Which of the following is an example of 'place' utility?
Which of the following is an example of 'place' utility?
In the context of the marketing mix, what does 'promotion' primarily encompass?
In the context of the marketing mix, what does 'promotion' primarily encompass?
A company that focuses on producing high-quality goods and assumes that customers will automatically buy them is operating under which orientation?
A company that focuses on producing high-quality goods and assumes that customers will automatically buy them is operating under which orientation?
What is a key goal of relationship marketing concerning customer interactions?
What is a key goal of relationship marketing concerning customer interactions?
Which marketing category is best represented by a campaign promoting tourism in a specific region?
Which marketing category is best represented by a campaign promoting tourism in a specific region?
Which of the following is an example of 'form' utility created through marketing?
Which of the following is an example of 'form' utility created through marketing?
What is the primary goal of integrated marketing communications (IMC)?
What is the primary goal of integrated marketing communications (IMC)?
During which era did companies begin to use creative advertising and personal selling to persuade consumers to buy their products?
During which era did companies begin to use creative advertising and personal selling to persuade consumers to buy their products?
What type of marketing is exemplified by a company's use of social media to engage with customers and build brand loyalty?
What type of marketing is exemplified by a company's use of social media to engage with customers and build brand loyalty?
A campaign that promotes the need to wear seatbelts represents which category of marketing?
A campaign that promotes the need to wear seatbelts represents which category of marketing?
Which of the following is an example of creating 'time' utility?
Which of the following is an example of creating 'time' utility?
Which function of marketing involves the use of advertising and personal selling?
Which function of marketing involves the use of advertising and personal selling?
What fundamental aspect defines a successful customer-driven organization?
What fundamental aspect defines a successful customer-driven organization?
What is the main difference between transaction-based marketing and relationship marketing?
What is the main difference between transaction-based marketing and relationship marketing?
Which of the following activities exemplify the 'transporting' function of marketing?
Which of the following activities exemplify the 'transporting' function of marketing?
When did the consumer start to 'rule', and companies had to find a need to fill it?
When did the consumer start to 'rule', and companies had to find a need to fill it?
Which function of marketing involves gathering information about competitors for decision-making?
Which function of marketing involves gathering information about competitors for decision-making?
Selecting channels for product distribution falls primarily under which element of the marketing mix?
Selecting channels for product distribution falls primarily under which element of the marketing mix?
What did rapid production no longer guarantee?
What did rapid production no longer guarantee?
A company decides to offer a discount to wholesalers. Which of the following functions is the company performing?
A company decides to offer a discount to wholesalers. Which of the following functions is the company performing?
What does 'risk taking' mean, one of the eight universal functions of marketing?
What does 'risk taking' mean, one of the eight universal functions of marketing?
Which of the following is one way a company can connect to customers, according to the text?
Which of the following is one way a company can connect to customers, according to the text?
Why is standardization and grading important?
Why is standardization and grading important?
In what era did they try to increase advertising and sell more and more?
In what era did they try to increase advertising and sell more and more?
What is an example of Event Marketing?
What is an example of Event Marketing?
Flashcards
Utility
Utility
The power of a good or service to satisfy consumer wants.
Form Utility
Form Utility
Conversion of raw materials and components into finished goods and services.
Time Utility
Time Utility
Availability of goods and services when consumers want them.
Place Utility
Place Utility
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Ownership (Possession) Utility
Ownership (Possession) Utility
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Marketing
Marketing
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Target Market
Target Market
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Marketing Mix
Marketing Mix
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Product
Product
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Price Strategy
Price Strategy
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Distribution ('Place')
Distribution ('Place')
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Promotion
Promotion
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Integrated Marketing Communications (IMC)
Integrated Marketing Communications (IMC)
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Production Orientation
Production Orientation
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Sales Orientation
Sales Orientation
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Marketing Era
Marketing Era
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Relationship Era
Relationship Era
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Social Era
Social Era
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Marketing Concept
Marketing Concept
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Transaction-based marketing
Transaction-based marketing
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Relationship Marketing
Relationship Marketing
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Mobile Marketing
Mobile Marketing
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Social Marketing
Social Marketing
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Product Marketing
Product Marketing
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Person Marketing
Person Marketing
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Place Marketing
Place Marketing
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Cause Marketing
Cause Marketing
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Event Marketing
Event Marketing
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Organization Marketing
Organization Marketing
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Standardizing and grading
Standardizing and grading
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Study Notes
Utility
- The power of a good or service to satisfy a consumer's wants
Four Types of Utility
- Form: Conversion of raw materials into finished goods and services
- Time: Availability of goods and services when consumers want them
- Place: Availability of goods and services at convenient locations
- Ownership (Possession): Ability to transfer title to products from marketer to buyer
Marketing
- The process for creating, communicating, and delivering value to customers
- Communication element: Key to targeting a specific market
- Depends on the target market and 4 P's (marketing mix) to satisfy the needs of that target market
- Product
- Package design
- Brand name
- Trademark
- Warranty
- Price
- Pricing strategies impacted by external factors
- Political unrest
- Supply chain
- Place / Distribution
- Movement of product including technology, transportation selection of marketing channels and transportation
- Promotion
- Advertising
- Sales
- Public relations
Five Eras of Marketing History
- Production Orientation (prior to 1920s)
- Manufacture of quality products and then looked for people to purchase them
- Production shortages and intense consumer demand
- Sales Orientation (prior to 1950s) Belief that creative advertising and personal selling persuade consumers to buy
- Rapid production no longer garunteed profitability
- Marketing Era (since 1950s)
- A change from seller's market to buyer's market required a cosumer orientation
- Satisfy consumers needs, not just sell products
- Relationship Era (since 1990s)
- Built on marketing era by developing long-term, value-added relationships with customers and suppliers
- Social Era (since 2000s)
- Uses internet and social media to connect with customers
- Marketing concept: Companywide consumer orientation with the objective of achieving long-term success
Marketing Types
- Transaction-based: traditional view of marketing as a simple exchange process
- Relationship: Long-term, cost-effective relationships with customers, suppliers, employees developing through mobile and social marketing
Six Categories of Marketing
- Product
- Person
- Place
- Cause
- Event
- Organization
Eight Functions of Marketing Physical Goods
- Buying: Ensuring sufficient product quantities
- Transporting: Moving products to convenient locations
- Standardizing and Grading: Meeting quality and quantity controls
- Risk Taking: Dealing with uncertain customer purchases
- Selling: Matching products to customer needs
- Storing: Warehousing products until needed
- Financing: Providing credit
- Securing Marketing Information: Collecting info for decision-making
Analyzing Marketing Strategy
- Involves defining its target market Involves communicating the benefits of its goods to its target market to build long-term relationships
- Uses the marketing mix variables to accomplish these goals
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Description
Understanding utility and marketing is key to business success. Utility enhances consumer satisfaction through form, time, place, and ownership. Marketing involves creating, communicating, and delivering value, utilizing the 4Ps to meet target market needs.
