Questions and Answers
What is the organizational function and set of processes for creating, communicating, and delivering value to customers?
marketing
What is customer relationship management?
using info about customers to create marketing strategies that develop and sustain desirable customer relationships
What do a corvette, a dinner at the olive garden, and a stay at the Hilton all possess?
utility
The utility created by converting production inputs into finished products is ___ utility.
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What is the utility created by transferring ownership of a product?
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Between the 1920s and 1950s, businesses had a strong ___ orientation.
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What is the approach to marketing that involves the entire business organization?
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A market is a group of individuals and/or organizations that have needs for products in a given category and have the ability, willingness, and ___ to purchase such products.
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Markets are classified as either:
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What type of market is Western Civic Club part of?
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What is Dell's market classified as?
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What does marketing strategy consist of?
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What is a marketing segment toward which a company directs its marketing effort called?
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Study Notes
Marketing Fundamentals
- Marketing encompasses processes for creating, communicating, and delivering value to customers while managing relationships to benefit organizations and stakeholders.
- Customer Relationship Management (CRM) involves utilizing customer information to design marketing strategies that foster sustainable relationships.
Utility Concepts
- Utility refers to the satisfaction derived from goods or services. Examples include a corvette, dining at Olive Garden, and staying at Hilton hotels.
- Form utility is created by transforming production inputs into finished products, making them usable and desirable.
- Ownership utility occurs through the transfer of product ownership from seller to buyer.
Historical Business Orientations
- From the 1920s to the 1950s, businesses adopted a sales orientation focusing on enhanced advertising, expanded sales forces, and high-pressure selling techniques.
- The marketing concept emphasizes that the entire organization should engage in satisfying customer needs while meeting its objectives.
Market Definitions
- A market comprises individuals or organizations with product needs, who can purchase based on ability, willingness, and authority.
- Markets are categorized into consumer markets and business-to-business (B2B) markets, reflecting the nature of the buyers.
Institutional Markets
- Organizations like Western Civic Club operate in an institutional market, which has different goals compared to profit-driven businesses.
- Dell is also categorized within the institutional market, underscoring its focus on organizations rather than individual consumers.
Marketing Strategy
- A marketing strategy involves selecting and analyzing a target market while developing and maintaining an appropriate marketing mix tailored to that audience.
- The target market is the specific marketing segment a company aims to reach with its efforts.
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Description
Test your knowledge on marketing principles, customer relationship management, and the concepts of utility. This quiz covers the historical business orientations and how marketing strategies have evolved over time.
