Podcast
Questions and Answers
Experiences are knowledge or skill which is gained from doing, seeing or feeling ______.
Experiences are knowledge or skill which is gained from doing, seeing or feeling ______.
things
Utility means an overall ability of a product to gratify ______ and want.
Utility means an overall ability of a product to gratify ______ and want.
need
Cost means the ______ of a product.
Cost means the ______ of a product.
price
Customer value is the difference between the customer gains from owning and using a product and the ______ of combining the product.
Customer value is the difference between the customer gains from owning and using a product and the ______ of combining the product.
Desired value refers to what the customer ______ in a product or service.
Desired value refers to what the customer ______ in a product or service.
Satisfaction is a person’s feeling of delight or displeasure as a result of comparing a product’s perceived performance in relation to his/her ______.
Satisfaction is a person’s feeling of delight or displeasure as a result of comparing a product’s perceived performance in relation to his/her ______.
Exchange is at the heart of marketing; it is an act of acquiring a preferred product from someone through offering something in ______.
Exchange is at the heart of marketing; it is an act of acquiring a preferred product from someone through offering something in ______.
Marketing network includes the company and its supporting ______ such as customers, employees, suppliers, and distributors.
Marketing network includes the company and its supporting ______ such as customers, employees, suppliers, and distributors.
Corporate strategies include creating an organizational structure and _____ reduction.
Corporate strategies include creating an organizational structure and _____ reduction.
A _____ statement defines the organization’s reason for being and its purpose.
A _____ statement defines the organization’s reason for being and its purpose.
Ethics is rising to the top of the corporate _____ agenda.
Ethics is rising to the top of the corporate _____ agenda.
A mission statement should always aim high but it should not be an _____ statement.
A mission statement should always aim high but it should not be an _____ statement.
A mission should be _____ enough to lead action.
A mission should be _____ enough to lead action.
A mission statement should be _____ for members of the organization and society.
A mission statement should be _____ for members of the organization and society.
The philosophy of socially responsible and ethical behavior should be worked out by every company and _____ manager.
The philosophy of socially responsible and ethical behavior should be worked out by every company and _____ manager.
A mission statement, which is indiscriminate, is likely to have little _____.
A mission statement, which is indiscriminate, is likely to have little _____.
A marketing ______ is an explanation of the goals needed by a company to accomplish its marketing efforts.
A marketing ______ is an explanation of the goals needed by a company to accomplish its marketing efforts.
The ______ refers to how the company plans to attain its marketing goals and objectives.
The ______ refers to how the company plans to attain its marketing goals and objectives.
______ is derived from the ancient Greek word 'strategos', meaning 'the general art'.
______ is derived from the ancient Greek word 'strategos', meaning 'the general art'.
Peter Drucker distinguished between tactical decisions and ______ decisions.
Peter Drucker distinguished between tactical decisions and ______ decisions.
The ______ of a company refers to the extensiveness of its strategic sphere, including the number and types of industries.
The ______ of a company refers to the extensiveness of its strategic sphere, including the number and types of industries.
Strategies need to specify preferred levels of accomplishment on one or more facets of ______.
Strategies need to specify preferred levels of accomplishment on one or more facets of ______.
Every organization has restricted financial and human ______.
Every organization has restricted financial and human ______.
Corporate strategy is managed by the ______ level, which is the top level in any organization.
Corporate strategy is managed by the ______ level, which is the top level in any organization.
The geographic placement of production facilities is referred to as ______.
The geographic placement of production facilities is referred to as ______.
The strategic decisions about what products to produce relate to ______.
The strategic decisions about what products to produce relate to ______.
Inventory decisions refer to the means by which ______ are managed.
Inventory decisions refer to the means by which ______ are managed.
Best options for transportation modes are often found by trading off the cost and ______.
Best options for transportation modes are often found by trading off the cost and ______.
Ethics is likely to center on the individual or marketing group ______, while social responsibility takes into concern the entire consequence of marketing practices in society.
Ethics is likely to center on the individual or marketing group ______, while social responsibility takes into concern the entire consequence of marketing practices in society.
Promotion decisions are made to help inform the target market about the ______.
Promotion decisions are made to help inform the target market about the ______.
Honesty involves being straightforward in dealings and presenting value and ______.
Honesty involves being straightforward in dealings and presenting value and ______.
A combination of various marketing techniques aimed at a common target is referred to as the ______.
A combination of various marketing techniques aimed at a common target is referred to as the ______.
Loyal ______ are at the core of every business's success.
Loyal ______ are at the core of every business's success.
Responsibility means accepting results of marketing practices and providing the needs of customers while becoming a good ______ of the environment.
Responsibility means accepting results of marketing practices and providing the needs of customers while becoming a good ______ of the environment.
Fairness requires balancing buyer needs and seller ______ reasonably, avoiding manipulation in all forms.
Fairness requires balancing buyer needs and seller ______ reasonably, avoiding manipulation in all forms.
Personalized everything has transitioned into ______.
Personalized everything has transitioned into ______.
Respect involves recognizing the basic human ______ of all individuals involved.
Respect involves recognizing the basic human ______ of all individuals involved.
Transparency is about forming a character of openness through communication, helpful criticism, ______, and discovery.
Transparency is about forming a character of openness through communication, helpful criticism, ______, and discovery.
Market research is the process of gathering data to find out whether a particular product/service will fulfill the needs of ______.
Market research is the process of gathering data to find out whether a particular product/service will fulfill the needs of ______.
Operational excellence is a strategy intended to achieve cost leadership and is best for markets where customers value cost over ______.
Operational excellence is a strategy intended to achieve cost leadership and is best for markets where customers value cost over ______.
A company's ______ seeks to outline where it is headed and what values are guiding that journey.
A company's ______ seeks to outline where it is headed and what values are guiding that journey.
A ______ can be written as simple as a single sentence or can be lengthy as a short paragraph.
A ______ can be written as simple as a single sentence or can be lengthy as a short paragraph.
Setting up the ______ is the first task done by marketing managers.
Setting up the ______ is the first task done by marketing managers.
Competitive advantage is a gain over competitors achieved by offering consumers greater ______.
Competitive advantage is a gain over competitors achieved by offering consumers greater ______.
Cost competitive advantage occurs when a company is able to utilize its skilled ______.
Cost competitive advantage occurs when a company is able to utilize its skilled ______.
Market Penetration involves a company using a ______ when it decides to market current products.
Market Penetration involves a company using a ______ when it decides to market current products.
Intensive growth strategies in business also include ______, where a company will sell new products to new markets.
Intensive growth strategies in business also include ______, where a company will sell new products to new markets.
Product/service differentiation is another way that companies can have a competitive ______ in the marketplace.
Product/service differentiation is another way that companies can have a competitive ______ in the marketplace.
Flashcards
Customer Value
Customer Value
The difference between customer gains from using a product and the cost of buying it.
Perceived Value
Perceived Value
The benefit a customer believes they receive after a purchase.
Satisfaction
Satisfaction
A person's feeling (delight or displeasure) after evaluating how a product performed compared to their expectations.
Exchange
Exchange
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Marketing Network
Marketing Network
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Market
Market
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Relationship Marketing
Relationship Marketing
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Marketing
Marketing
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Marketing Ethics
Marketing Ethics
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Market Research
Market Research
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Competitive Advantage
Competitive Advantage
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Operational Excellence
Operational Excellence
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Product Leadership
Product Leadership
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Marketing Responsibility
Marketing Responsibility
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Marketing Fairness
Marketing Fairness
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Marketing Transparency
Marketing Transparency
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Location (Marketing)
Location (Marketing)
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Production (Marketing)
Production (Marketing)
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Inventory Decisions
Inventory Decisions
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Customer Experience
Customer Experience
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Personalized Everything
Personalized Everything
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Video Content Marketing
Video Content Marketing
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Social Media Marketing
Social Media Marketing
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Engaged Analytics
Engaged Analytics
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Marketing Strategy
Marketing Strategy
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Marketing Plan
Marketing Plan
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Corporate Strategy
Corporate Strategy
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Business Level Strategy
Business Level Strategy
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Functional Strategies
Functional Strategies
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Strategy Origins
Strategy Origins
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Strategic vs Tactical Decisions
Strategic vs Tactical Decisions
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Strategy Components
Strategy Components
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Corporate Mission
Corporate Mission
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Mission Statement
Mission Statement
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Corporate Strategies
Corporate Strategies
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Ethics in Business
Ethics in Business
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Feasible Mission
Feasible Mission
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Precise Mission
Precise Mission
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Motivating Mission
Motivating Mission
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Distinctive Mission
Distinctive Mission
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Company Vision
Company Vision
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Marketing Objectives
Marketing Objectives
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Competitive Advantage
Competitive Advantage
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Cost Competitive Advantage
Cost Competitive Advantage
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Market Penetration
Market Penetration
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Market Development
Market Development
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Product Development
Product Development
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Diversification
Diversification
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Study Notes
Customer Needs
- Existing need: A readily obtainable, short-term customer need.
- Latent need: A need that exists but hasn't been expressed due to a lack of a product to fulfill it.
- Incipient need: A desired need where no product currently exists to fulfill it.
- Wants: Desires for specific products, shaped by culture and personal preferences.
- Demand: The desire for a particular product, backed by the ability and willingness to purchase it.
- No Demand: A lack of desire for a product, often due to customers avoiding the product.
- Latent Demand: A demand for a product or service that isn't actually realized until a product offering satisfies the demand.
- Declining Demand: A decrease in consumer demand over a period of time, despite ongoing demand for the product.
- Irregular Demand: Unpredictable or inconsistent demand levels.
- Full Demand: A situation where the demand for a product matches the supply available.
- Overfull Demand: When consumer demand exceeds the supply capacity.
- Unwholesome Demand: Demand for a product with negative characteristics or harmful attributes.
Marketing Concepts
- Marketing: The offering of products, services, information, or experiences to meet customer needs and wants.
- Product: Anything offered to a market for attention, acquisition, use, or consumption.
- Service: An activity or benefit offered to the buyer, normally intangible, not resulting in ownership of anything.
- Experience: Knowledge or skill gained from doing, seeing, or feeling things.
- Utility: A product's overall ability to meet needs and wants.
- Cost: The monetary value of a product.
- Customer Value: The difference between the customer's gains and the cost of a product.
- Desired Value: The customer's benefit expectations from a product.
- Perceived Value: The customer's personal assessment of a product's benefit after purchasing it.
- Satisfaction: The feeling of pleasure or displeasure resulting from comparing a product to its customer expectations.
- Exchange: Acquiring a desired product in exchange for something of value.
Marketing Management
- Transaction: A simple or complex decision or commitment.
- Relationship Marketing: Building enduring, successful relationships with important parties.
- Marketing Network: A system combining the company with key stakeholders.
- Market: Potential customers sharing a need or want, and willing/able to participate in an exchange.
- Marketer: A person looking for buyers to participate in exchange.
- Prospect: A potential buyer considered by the marketer.
Marketing Management
- Marketing Management: The planning, implementation and control of programs to cultivate desirable exchanges and relationships.
- Conversional Marketing: Changing negative to positive demand; aimed at products or services most disliked.
- Stimulational Marketing: Turning latent or non existent demand; product or services not yet familiar.
- Developmental Marketing: Encouraging demand for a product or service that will benefit from growth or development.
- Remarketing: Reviving interest when demand for a product has decreased.
- Synchromarketing: Aligning demand patterns with supply.
- Maintenance Marketing: Keeping demand at a stable level.
- Demand Marketing: Stimulating demand to match supply.
- Counter Marketing: Reducing demand to levels more manageable.
- Marketing Strategy: The plan for achieving company goals and objectives.
- Marketing Plan: Details how a company will achieve its marketing plan.
- Strategy: Ancient Greek word meaning "the art of the general"
Marketing Strategy
- Ethics: A company's social responsibility, including individual and organizational issues.
- Honesty: Integrity and trustworthiness in business dealings
- Respect: Recognizing dignity and treating all involved parties with respect.
- Fairness: Balancing participant needs, transparency and avoiding manipulation.
- Corporate Strategy: Top-level management decisions for the entire organization.
- Business Level Strategy: Decisions focusing on specific operational units or areas within a business.
- Functional Strategy: Decisions by the various operational departments.
- Corporate Mission: A reason for the organization's existence.
- Mission Statement: A written declaration of purpose.
- Philosophy: The company's values regarding ethical practices.
- Values and Culture: Shared principles and behaviours within the organization.
- Vision: Desired future condition for the organization and stakeholders.
Marketing Processes
- Production Decisions: The kinds of products to be created.
- Inventory Decisions: Strategies for managing inventory levels.
- Transportation Decisions: Options for distributing products.
- Promotion Decisions: Ways to make products more appealing to customers.
- Marketing Controls: Ongoing assessment of effectiveness and course correction.
- Marketing Analytics: Measurement and analysis of marketing performance.
- New Delivery Methods: New ways for products and services to be delivered to customers.
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