24 Questions
What is the equation that defines Demand?
Wants + Buying Power
What is a Marketing Offering?
A combination of products, services, information, or experiences offered to a market to satisfy a need or want.
What are the three components of a Market Offering?
Products, Services, and Brand Experiences
What happens when sellers focus too much on their products rather than the benefits they provide?
Marketing Myopia occurs
What is the relationship between expectations and customer satisfaction?
If performance is lower than expectations, satisfaction is low, and if performance is higher than expectations, satisfaction is high.
What is an exchange in marketing?
Act of obtaining a desired object from someone by offering something in return.
What is the goal of a Marketing Offering?
To satisfy a customer's need or want.
What is the difference between a need and a want?
A need is a fundamental requirement, while a want is a desired object or service.
What is the main idea behind the selling concept?
The main idea behind the selling concept is that consumers will not buy enough of the organisation's products unless it undertakes a large scale selling or aggressive selling and promotion offer.
What is the marketing concept, and how does it differ from the selling concept?
The marketing concept holds that achieving organisational goals depends on the ability to determine the needs and wants of target markets and deliver the desired satisfactions more effectively and efficiently than competitors do. It differs from the selling concept in that it focuses on understanding customer needs rather than just pushing the product.
What is the societal marketing concept, and how does it relate to the marketing concept?
The societal marketing concept considers consumers' wants, the company's desires, consumers' long-run interests, and society's long-run interests in marketing decisions. It is an extension of the marketing concept, as it not only focuses on customer needs but also considers the broader societal implications.
What are the 4 Ps of marketing, and how do they relate to the marketing mix?
The 4 Ps of marketing are Product, Price, Place (Distribution), and Promotion. They are all part of the marketing mix, which is a key component of the integrated marketing plan.
What is the primary goal of customer relationship management (CRM)?
The primary goal of customer relationship management (CRM) is to build and maintain profitable customer relationships by delivering superior customer value and satisfaction.
What is the main difference between the selling concept and the marketing concept?
The main difference between the selling concept and the marketing concept is that the selling concept focuses on pushing the product to the customer, whereas the marketing concept focuses on understanding and meeting customer needs.
What is the role of the integrated marketing plan in the marketing process?
The integrated marketing plan transforms the marketing strategy into action, and includes the marketing mix and the 4 Ps of marketing.
What is the key factor in building customer relationships, according to the concept of customer relationship management?
The key factor in building customer relationships is delivering superior customer value and satisfaction.
What is the primary goal of marketing management?
To find, attract, keep, and grow customers by creating, delivering, and communicating superior value.
What is the definition of a market?
The set of actual and potential buyers of a product who share a need or want that can be satisfied through exchange relationships.
What are the main elements in a modern marketing system?
Suppliers, company (marketer), competitors, marketing intermediaries, and consumers.
What is the purpose of market segmentation?
To divide the market into segments of customers.
What is a target market?
A specific segment of customers that a company chooses to serve.
What is the value proposition?
The unique benefit that a company offers to its customers.
What is the relationship between marketing actions and relationships?
Marketing actions build and maintain relationships with target audiences.
What is the goal of designing a winning marketing strategy?
To find, attract, keep, and grow customers by creating, delivering, and communicating superior value.
Study Notes
Marketing Concepts
- The selling concept emphasizes aggressive selling and promotion to convince consumers to buy products.
- The marketing concept focuses on determining customers' needs and wants, and delivering superior satisfaction more effectively and efficiently than competitors.
Societal Marketing Concept
- The societal marketing concept considers consumers' wants, the company's desires, consumers' long-run interests, and society's long-run interests in marketing decisions.
Integrated Marketing Plan
- The integrated marketing plan transforms marketing strategy into action, including the marketing mix and the 4 Ps: Product, Price, Place (Distribution), and Promotion.
Building Customer Relationships
- Customer relationship management involves building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Marketing Offerings
- Needs and wants are fulfilled through marketing offerings, which can be a combination of products, services, information, or experiences.
Market Offerings
- Products can be persons, places, organizations, information, or ideas.
- Services are intangible and do not result in ownership.
- Brand experiences should immerse the consumer in the brand and be personal.
Marketing Myopia
- Marketing myopia occurs when sellers focus too much on their products and lose sight of the benefits and experiences they provide.
Customer Value and Satisfaction
- Customer satisfaction is influenced by expectations: lower performance than expected leads to low satisfaction, while higher performance leads to high satisfaction.
Exchanges and Relationships
- An exchange is the act of obtaining a desired object by offering something in return.
- Relationships are built and maintained through marketing actions, involving an idea, product, service, or other object, with value building relationships.
What Is a Market?
- A market is the set of actual and potential buyers of a product, sharing a need or want that can be satisfied through exchange relationships.
Modern Marketing Systems
- A modern marketing system includes suppliers, the company (marketer), competitors, marketing intermediaries, and consumers, with major environmental forces affecting each element.
Marketing Management
- Marketing management is the art and science of choosing target markets and building profitable relationships with them, aiming to find, attract, keep, and grow customers by creating, delivering, and communicating superior value.
Designing a Winning Marketing Strategy
- A winning marketing strategy requires answers to questions about target markets, value propositions, and how to serve customers best.
This quiz assesses knowledge of different marketing concepts, including the selling concept, marketing concept, and their applications in business.
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