Podcast
Questions and Answers
Which of the following BEST describes the role of marketing in a business?
Which of the following BEST describes the role of marketing in a business?
- Creating products and services that meet market demands
- Promoting products and services to potential customers
- Building and maintaining relationships with customers
- All of the above (correct)
Marketing is a random process, with no specific strategies or tactics.
Marketing is a random process, with no specific strategies or tactics.
False (B)
What are the four P's of the marketing mix?
What are the four P's of the marketing mix?
Product, Price, Place, Promotion
A ____ is a basic necessity, while a ____ is a way to fulfill that need.
A ____ is a basic necessity, while a ____ is a way to fulfill that need.
Which of the following is NOT a characteristic of product orientation in marketing?
Which of the following is NOT a characteristic of product orientation in marketing?
Sales orientation is primarily concerned with ensuring customer satisfaction.
Sales orientation is primarily concerned with ensuring customer satisfaction.
What is the key difference between B2B and B2C marketing?
What is the key difference between B2B and B2C marketing?
The marketing orientation emphasizes understanding and meeting ______ before creating and selling products.
The marketing orientation emphasizes understanding and meeting ______ before creating and selling products.
Match the following marketing orientations with their primary characteristics:
Match the following marketing orientations with their primary characteristics:
Which of the following is NOT a strategy for becoming a value-driven firm?
Which of the following is NOT a strategy for becoming a value-driven firm?
Marketing only impacts businesses, not non-profit organizations.
Marketing only impacts businesses, not non-profit organizations.
What is the concept of customer lifetime value (CLV)?
What is the concept of customer lifetime value (CLV)?
What primarily influences consumers to choose bottled water over tap water?
What primarily influences consumers to choose bottled water over tap water?
Marketing improves consumer preferences for products they have not tasted before.
Marketing improves consumer preferences for products they have not tasted before.
What is the term for all activities necessary to deliver a product to the right customer?
What is the term for all activities necessary to deliver a product to the right customer?
Promotion is ________ by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response.
Promotion is ________ by a marketer that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or elicit a response.
Match the marketing mix components with their corresponding purposes:
Match the marketing mix components with their corresponding purposes:
Which company uses customer data to predict fashion trends and coordinate deliveries?
Which company uses customer data to predict fashion trends and coordinate deliveries?
91% of North American Companies do not use social media for marketing purposes.
91% of North American Companies do not use social media for marketing purposes.
What technology does Zara implement to keep up with the latest trends?
What technology does Zara implement to keep up with the latest trends?
The process of collecting customer data to enhance relationships is known as ______.
The process of collecting customer data to enhance relationships is known as ______.
Which of the following is NOT a benefit of marketing?
Which of the following is NOT a benefit of marketing?
Building customer relationships focuses solely on short-term goals.
Building customer relationships focuses solely on short-term goals.
Match the following marketing benefits with their descriptions:
Match the following marketing benefits with their descriptions:
What strategy should firms use to balance benefits with costs?
What strategy should firms use to balance benefits with costs?
Which of the following is NOT part of a marketing exchange?
Which of the following is NOT part of a marketing exchange?
The marketing mix includes only product and price.
The marketing mix includes only product and price.
A _______ is a basic necessity, while a _______ is a way to fulfill that need.
A _______ is a basic necessity, while a _______ is a way to fulfill that need.
What is the primary goal of marketing?
What is the primary goal of marketing?
Match each aspect of the marketing mix with its description:
Match each aspect of the marketing mix with its description:
Good marketing is a random process.
Good marketing is a random process.
What is a target market?
What is a target market?
Marketing occurs in many settings, helps create ________, satisfies customer needs and wants, and includes an ________.
Marketing occurs in many settings, helps create ________, satisfies customer needs and wants, and includes an ________.
What does "providing value" in marketing involve?
What does "providing value" in marketing involve?
Which of the following is NOT part of "Place" in the marketing mix?
Which of the following is NOT part of "Place" in the marketing mix?
________ Orientation focuses on selling as many products as possible without focusing on customer preferences.
________ Orientation focuses on selling as many products as possible without focusing on customer preferences.
What is the triple bottom line in value-based orientation?
What is the triple bottom line in value-based orientation?
How do firms become more value-driven?
How do firms become more value-driven?
________ is the field that examines all activities necessary to deliver a product to the right customer at the right time.
________ is the field that examines all activities necessary to deliver a product to the right customer at the right time.
Which of the following is NOT a benefit of marketing?
Which of the following is NOT a benefit of marketing?
Marketing helps ________ ventures and encourages ________ in industries.
Marketing helps ________ ventures and encourages ________ in industries.
Which of the following would NOT be considered part of a supply chain?
Which of the following would NOT be considered part of a supply chain?
Flashcards
Consumer Behaviour
Consumer Behaviour
The study of how individuals make decisions to spend their resources on consumption-related items.
Marketing Mix
Marketing Mix
A combination of factors that can be controlled by a company to influence consumers to purchase its products.
Price
Price
The amount of money that a buyer pays in exchange for a product or service, representing what the buyer gives up.
Place (Distribution)
Place (Distribution)
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Promotion (Marketing)
Promotion (Marketing)
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Marketing
Marketing
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4 P's of Marketing
4 P's of Marketing
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Consumer Positioning
Consumer Positioning
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Need vs Want
Need vs Want
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Target Markets
Target Markets
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Marketing Exchange
Marketing Exchange
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Product in Marketing Mix
Product in Marketing Mix
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Promotion in Marketing Mix
Promotion in Marketing Mix
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B2B Marketing
B2B Marketing
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B2C Marketing
B2C Marketing
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C2C Marketing
C2C Marketing
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Product Orientation
Product Orientation
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Sales Orientation
Sales Orientation
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Market Orientation
Market Orientation
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Value-based Orientation
Value-based Orientation
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Value-Driven Firms
Value-Driven Firms
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Sharing Information
Sharing Information
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Customer Lifetime Value (CLV)
Customer Lifetime Value (CLV)
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Customer Relationship Management (CRM)
Customer Relationship Management (CRM)
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Social Media Marketing
Social Media Marketing
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Balancing Benefits and Costs
Balancing Benefits and Costs
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Global Marketing Importance
Global Marketing Importance
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Supply Chain Marketing
Supply Chain Marketing
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Fashion Trend Forecasting
Fashion Trend Forecasting
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Study Notes
Marketing Principles
- Marketing is a set of business practices designed to plan and present products/services to build effective consumer relationships.
- Good marketing is not random.
- Marketing mix is comprised of 4 Ps.
- Core aspects of marketing involve satisfying customer needs and wants, through exchange, using the 4 Ps, and done by individuals and organizations.
Providing Value
- Maintaining a loyal customer base.
- Creating products that satisfy diverse consumer needs.
- Positioning products effectively.
- Continuously building brand value.
Customer Needs and Wants
- Needs are basic necessities, wants are ways to fulfil these needs.
- Market segments are groups of customers with similar needs and wants.
- Firms target specific customer segments in selling products/services.
Marketing Exchange
- An exchange occurs between two parties.
- It's not only about money, but can be information for convenience.
- A marketing exchange is NOT simply a buyer and seller exchanging money for a good or service.
- Sellers provide products or services.
- Sellers communicate and facilitate delivery.
- Sellers assess advertising effectiveness.
- Buyers complete the exchange by providing money and information.
Marketing Mix Decisions (4 Ps)
- Product: Creating value (product/service, brand, size, quality, features, packaging, warranty).
- Price: Transacting value (list price, discounts, allowances, costs, payment terms).
- Place: Delivering value (marketing channels, distribution intensity, locations, retailers, online, supply chain, logistics).
- Promotion: Communicating value (advertising, sales promotion, personal selling, public relations, direct marketing, e-media).
Promotion of Ideas
- Promotion of ideas includes thoughts, opinions, philosophies, and intellectual concepts.
- Marketing creates value from ideas.
Consumer Behaviour (Bottled Water)
- Bottled water is more expensive than tap water.
- Convenience, safety (less minerals), and luxury/cool feelings are reasons for higher price.
- Some consumers prefer tap water.
Marketing Mix: Price
- Price is the value given up in exchange for a product (money, time, energy).
Marketing Mix: Place (Delivering Value)
- Necessary activities to get the product to the right customer when they want it. This includes supply chains and store locations.
Marketing Mix: Place (Marketing Channels, Distribution Strategy)
- How a company gets products to the right customer.
Marketing Mix: Promotion (Communicating Value)
- Activities that inform, persuade, and remind potential buyers.
Marketing: Performed by Individuals/Organizations
- Business to Business (e.g., wholesaling).
- Business to Consumer.
- Consumer to Consumer (e.g., online marketplaces, swaps).
Marketing Impacts Stakeholders
- Businesses impact entities such as both profit and nonprofit entities, developing economies and entire industries.
Marketing Orientations
- Product Orientation: Focuses on developing and distributing innovative products, with little consideration for whether they best meet customer needs.
- Sales Orientation: Views marketing as a selling function, focusing on selling as many products as possible rather than focusing on consumer needs.
- Market Orientation: Focuses on understanding customer needs and wants before designing products or services.
- Value-Based Orientation: Balances customer needs, profits, social & environmental responsibility (e.g., triple bottom line: people, profits, planet).
Relationship Marketing and Customer Lifetime Value (CLV)
- Relationship marketing builds customer loyalty and value.
- CLV is the total revenue a customer is expected to generate throughout their relationship with a company.
How Firms Become Value-Driven
- Sharing information and balancing customer benefits and costs.
- Building and maintaining customer relationships efficiently using technology.
Value-Driven Businesses
- Zara uses sophisticated information technology to track trends and deliver products quickly.
- Fast fashion retailers like Zara use marketing effectively to keep up with latest trends or satisfy consumer needs.
Expanding Global Presence
- Marketing can expand global presence.
- Marketing involves many activities to reach consumers globally.
- Goods and services are available to target markets across the globe.
Marketing Importance
- Marketing is critical to all members in the supply chain.
- Marketing creates value for the customers.
- Marketing is persuasive across channels and members.
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