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Questions and Answers
What is marketing?
A process by which companies create value for customers and build strong customer relationships to capture value in return.
Which of the following is NOT a core marketplace concept?
What is the importance of understanding the marketplace?
It allows businesses to meet customer needs and wants effectively.
Customer needs, wants, and __________ are related concepts in marketing.
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What does the production concept in marketing suggest?
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What is meant by customer relationship management?
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The marketing concept prioritizes society’s long-run interests over consumers' needs.
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Which marketing management process step involves creating a marketing strategy?
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Match the marketing management orientations with their descriptions:
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How do shifts in secondary cultural values impact individuals' views of themselves?
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In the context of generational marketing, which factor is least likely to be influenced by the microenvironment?
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Which component of the microenvironment would most influence how organizations adapt to technological shifts?
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What role do suppliers play in the microenvironment concerning generational marketing?
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Which element in the microenvironment can shape societal views about nature, affecting marketing strategies?
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Which generation is classified as having been born between 1965 and 1976?
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What is a key aspect of generational marketing?
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Which of the following is an example of a demographic trend?
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Which demographic population shift is noted in the content?
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What does the demographic environment NOT include?
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How does the demographic landscape impact markets?
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Which characteristic is NOT typically considered in demographic analysis?
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Which of the following best describes the concept of changing family structures?
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Which of the following groups would NOT be classified as a type of public in relation to an organization's marketing efforts?
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What term best describes the collective factors that affect a company's ability to engage with its target audience?
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Which of the following represents a proactive approach to responding to the marketing environment?
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Which market type involves organizations purchasing products for further production or use in services rather than resale?
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Which component is NOT included in the macro environment affecting marketing strategies?
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What is the primary focus of the 'reactive' approach in responding to the marketing environment?
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In generational marketing, which factor is considered least relevant when understanding the target audience?
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Which grouping is a part of the micro environment impacting an organization's marketing strategy?
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Study Notes
Marketing Defined
- Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
- Needs are states of felt deprivation.
- Wants are the form that needs take as shaped by culture and individual personality.
- Demands are wants backed by buying power.
- Exchange is the act of obtaining a desired object from someone by offering something in return
- Market is a set of actual and potential buyers of a product.
Core Marketplace Concepts
- Customer Relationship Management is a process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
The Marketing Management Process
- The marketing management process involves five steps:
- Analyzing marketing opportunities
- Developing marketing strategies
- Implementing marketing strategies
- Managing marketing performance
- Evaluating marketing performance
Marketing Management Orientations
- Production Concept - Consumers will favor products that readily available and highly affordable.
- Product Concept - Consumers favor products that offer the most quality, performance, and features.
- Selling Concept - Consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort.
- Marketing Concept - Knowing the needs and wants of the target markets and delivering the desired satisfaction better than competitors.
- Societal Marketing Concept - The company’s marketing decisions should consider consumers' wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.
The Macroenvironment
- The macroenvironment encompasses the larger societal forces that affect a company’s ability to serve its customers.
- It is the "what's going on in the world outside of our industry"
- It can be divided into six major components:
- Demographic: The study of human populations, including size, density, location, age, gender, race, occupation, and other statistics.
- Economic: Economic factors affect consumer buying power and spending patterns.
- Natural: The natural environment provides resources and poses threats to the company.
- Technological: Technological forces create new products and opportunities but can also render existing products obsolete.
- Political/Legal: Political and legal forces influence the marketing environment by enacting laws, regulations, and court decisions.
- Cultural: Influences a person's values, perceptions, wants, and behaviors.
Demographic Environment
- The demographic environment comprises people, who make up markets.
- Key demographic trends:
- Changing age and family structures
- Geographic population shifts
- Educational characteristics
- Population diversity
- Generations:
- Baby Boomers (born 1946 to 1964)
- Generation X (born 1965 to 1976)
- Millennials (born 1977 to 2000)
- Generation Z (born after 2000)
- Generational marketing: Segmenting people by lifestyle or life stage instead of age.
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Changing American family:
- More single-parent families
- More married couples without children
- More same-sex couples
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Changes in the workforce:
- More women in the workforce
- More people working from home
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Diversity: Markets are becoming more diverse:
- International: Growth in emerging markets
- National: Diversity within countries
- Ethnicity: Growing number of ethnic minorities
- Gay and lesbian
- Disabled:
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Geographic shifts in population:
- Growth in U.S. Sun Belt states (Texas, Florida, Arizona, etc.)
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Shifts in secondary cultural values: Values can either be core (generally enduring) or secondary (more open to change). Secondary cultural values are:
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People's views of themselves:
- From emphasizing thriftiness, hard work, and practicality to focusing on personal fulfillment, self-expression, and leisure
- People's views of others:
- Concerns about social issues and social causes
- People's views of organizations:
- Increasing distrust and cynicism
- People's views of society:
- Increased concerns about the environment and social responsibility
- People's views of nature:
- A growing appreciation for the natural environment
- People's views of the universe:
- Increasing openness to new spiritual and metaphysical beliefs
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People's views of themselves:
Microenvironment
- The microenvironment consists of forces close to the company that affect its ability to serve its customers-- the company itself, competitors, suppliers, marketing intermediaries, customers, publics.
- The company: All departments within the company must work together to create and deliver value to customers. Marketing managers must consider other company groups.
- Customers: The most important factor in the microenvironment. Marketing managers need to understand the needs and wants of their customers.
- Competitors: Businesses that compete in the same market as the company.
- Suppliers: Businesses that provide the company with raw materials or components.
- Marketing intermediaries: Businesses that help the company to promote, sell, and distribute its products.
- Publics: Any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives.
Responding to the Marketing Environment
- Companies can either react or proactively respond to the marketing environment.
- Uncontrollable: Factors that the company cannot control, such as the economy, technology, and government regulations.
- Proactive: Companies can take aggressive actions to affect forces in the environment, shaping their own future.
- Reactive: Companies can only react and adapt to forces in the environment.
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Description
This quiz covers fundamental marketing concepts, including the definitions of marketing, needs, wants, demands, exchange, and market. Additionally, it explores customer relationship management and the marketing management process steps, essential for effective marketing strategies.
