Podcast
Questions and Answers
What philosophy emerged in the 1950s to emphasize responsiveness to consumers?
What philosophy emerged in the 1950s to emphasize responsiveness to consumers?
- Product Development Concept
- Sales Management Concept
- Service Quality Concept
- Marketing Concept (correct)
Which of the following is NOT one of the three parts of the marketing concept?
Which of the following is NOT one of the three parts of the marketing concept?
- Profit orientation
- Customer orientation
- Quality orientation (correct)
- Service orientation
What is a critical benefit of Customer Relationship Management (CRM)?
What is a critical benefit of Customer Relationship Management (CRM)?
- Limiting customer feedback
- Reducing the need for marketing
- Enhancing customer satisfaction (correct)
- Increasing product prices
According to the discussed steps for keeping customers happy, which is the first step?
According to the discussed steps for keeping customers happy, which is the first step?
How much more expensive is acquiring a new customer compared to retaining an existing one?
How much more expensive is acquiring a new customer compared to retaining an existing one?
What is the primary focus of contemporary marketing?
What is the primary focus of contemporary marketing?
Which of the following summarizes the marketing process?
Which of the following summarizes the marketing process?
What era of marketing focused on mass production techniques?
What era of marketing focused on mass production techniques?
How did the focus of marketing change from the Production Era to the Selling Era?
How did the focus of marketing change from the Production Era to the Selling Era?
Which of the following is NOT one of the four P’s of marketing?
Which of the following is NOT one of the four P’s of marketing?
What role does environmental scanning play in marketing?
What role does environmental scanning play in marketing?
What was a significant philosophical shift during the Marketing Concept Era?
What was a significant philosophical shift during the Marketing Concept Era?
In terms of market segmentation, which statement is true?
In terms of market segmentation, which statement is true?
Which of the following is NOT a tactic used in nonprofit marketing?
Which of the following is NOT a tactic used in nonprofit marketing?
Which strategy is essential for long-term success in nonprofit marketing?
Which strategy is essential for long-term success in nonprofit marketing?
Which of the following is considered a part of the promotional strategy?
Which of the following is considered a part of the promotional strategy?
What is a crucial factor to consider when pricing a product?
What is a crucial factor to consider when pricing a product?
What defines a product in marketing terms?
What defines a product in marketing terms?
Which of the following is a common misconception about nonprofit marketing?
Which of the following is a common misconception about nonprofit marketing?
Which pricing strategy involves setting a low price to attract a large number of consumers?
Which pricing strategy involves setting a low price to attract a large number of consumers?
What is one objective of nonprofit marketing related to organizational growth?
What is one objective of nonprofit marketing related to organizational growth?
Flashcards
What is Marketing?
What is Marketing?
The set of activities, processes, and institutions involved in creating, communicating, delivering, and exchanging value-driven offerings to customers, clients, partners, and society.
Marketing Concept Era
Marketing Concept Era
While the production era focused on making goods, and the selling era focused on selling them, the marketing concept era emphasizes meeting customer needs as the central focus.
Customer Relationship Era
Customer Relationship Era
The most recent marketing era emphasizes building long-term relationships with customers to retain loyalty and maximize lifetime value.
What are the Four P's of Marketing?
What are the Four P's of Marketing?
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Product (P1 of 4P's)
Product (P1 of 4P's)
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Price (P2 of 4P's)
Price (P2 of 4P's)
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Place (P3 of 4P's)
Place (P3 of 4P's)
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Promotion (P4 of 4P's)
Promotion (P4 of 4P's)
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Three core elements of the marketing concept
Three core elements of the marketing concept
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What is a CRM?
What is a CRM?
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Cost of new customer vs existing customer
Cost of new customer vs existing customer
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Marketing Strategies for Nonprofits
Marketing Strategies for Nonprofits
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Nonprofit Marketing Tactics
Nonprofit Marketing Tactics
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What is a Product?
What is a Product?
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What is Test Marketing?
What is Test Marketing?
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What is a Brand Name?
What is a Brand Name?
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How Do You Price a Product?
How Do You Price a Product?
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What is Product Placement?
What is Product Placement?
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What is Promotion?
What is Promotion?
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Study Notes
Marketing: Helping Buyers Buy
- Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society at large.
Contemporary Marketing Focus
- Modern marketing involves helping buyers buy through websites that help find best prices, identify product features, and question sellers
- Blogs and social networking sites cultivate consumer relationships
Eras of U.S. Marketing
- Production Era: (pre-1900s) Focus was simply producing as much as possible because the market was perceived as limitless.
- Selling Era: (1920s onward) Businesses used mass production techniques, often exceeding market demand, shifting from production to persuasion through selling and advertising.
- Marketing Concept Era:(Post-World War II) Businesses recognized the need for customer responsiveness and a philosophy known as “marketing concept” emerged in the 1950s, including customer orientation, service orientation, and profit orientation.
- Customer Relationship Era: (Present) Customer Relationship Management (CRM) focuses on learning about and satisfying customer needs and expectations to build long-term relationships
Nonprofit Marketing
- Nonprofit marketing tactics often include fundraising, public relations, special campaigns, ecological practices, changing public opinions, and increasing organizational memberships.
- Key strategies for Nonprofits include determining the firm's goals and objectives, focusing on long-term marketing, building a competent board of directors, exercising strategic planning, training volunteers, and segment the target market.
The Four Ps of Marketing
- Product: A good, service, or idea that satisfies consumer wants or needs. Implements through product concept testing among potential users
- Price: Determined by many factors: competitors' prices, production costs, distribution, and high/low-price strategies.
- Place: Middlemen are crucial in place strategies because getting the product to the consumer is critical
- Promotion: Techniques used to inform people about products and motivate them to buy. Includes advertising, personal selling, public relations, word-of-mouth, and sales promotions
Developing Products and Services
- Products include goods, services, and ideas.
- Test marketing involves testing products with potential users.
- Brand names differentiate products from competitors.
Pricing & Placing
- Pricing decisions depend on many factors, including competitors’ prices, production costs, and distribution costs. Strategies vary from high to low prices.
- Middlemen play a vital role in placing products to consumers.
Promoting the Product
- Promotion encompasses all methods used to inform people about products and encourage purchases.
- Techniques include advertising, personal selling, public relations, word-of-mouth, and sales promotions.
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