Podcast
Questions and Answers
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.
need
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.
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Desired value refers to what the customer ______ in a product or service.
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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 ______.
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Exchange is at the heart of marketing; it is an act of acquiring a preferred product from someone through offering something in ______.
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Marketing network includes the company and its supporting ______ such as customers, employees, suppliers, and distributors.
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Corporate strategies include creating an organizational structure and _____ reduction.
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A _____ statement defines the organization’s reason for being and its purpose.
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Ethics is rising to the top of the corporate _____ agenda.
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A mission statement should always aim high but it should not be an _____ statement.
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A mission should be _____ enough to lead action.
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A mission statement should be _____ for members of the organization and society.
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The philosophy of socially responsible and ethical behavior should be worked out by every company and _____ manager.
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A mission statement, which is indiscriminate, is likely to have little _____.
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A marketing ______ is an explanation of the goals needed by a company to accomplish its marketing efforts.
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The ______ refers to how the company plans to attain its marketing goals and objectives.
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______ is derived from the ancient Greek word 'strategos', meaning 'the general art'.
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Peter Drucker distinguished between tactical decisions and ______ decisions.
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The ______ of a company refers to the extensiveness of its strategic sphere, including the number and types of industries.
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Strategies need to specify preferred levels of accomplishment on one or more facets of ______.
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Every organization has restricted financial and human ______.
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Corporate strategy is managed by the ______ level, which is the top level in any organization.
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The geographic placement of production facilities is referred to as ______.
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The strategic decisions about what products to produce relate to ______.
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Inventory decisions refer to the means by which ______ are managed.
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Best options for transportation modes are often found by trading off the cost and ______.
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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.
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Promotion decisions are made to help inform the target market about the ______.
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Honesty involves being straightforward in dealings and presenting value and ______.
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A combination of various marketing techniques aimed at a common target is referred to as the ______.
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Loyal ______ are at the core of every business's success.
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Responsibility means accepting results of marketing practices and providing the needs of customers while becoming a good ______ of the environment.
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Fairness requires balancing buyer needs and seller ______ reasonably, avoiding manipulation in all forms.
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Personalized everything has transitioned into ______.
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Respect involves recognizing the basic human ______ of all individuals involved.
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Transparency is about forming a character of openness through communication, helpful criticism, ______, and discovery.
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Market research is the process of gathering data to find out whether a particular product/service will fulfill the needs of ______.
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Operational excellence is a strategy intended to achieve cost leadership and is best for markets where customers value cost over ______.
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A company's ______ seeks to outline where it is headed and what values are guiding that journey.
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A ______ can be written as simple as a single sentence or can be lengthy as a short paragraph.
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Setting up the ______ is the first task done by marketing managers.
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Competitive advantage is a gain over competitors achieved by offering consumers greater ______.
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Cost competitive advantage occurs when a company is able to utilize its skilled ______.
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Market Penetration involves a company using a ______ when it decides to market current products.
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Intensive growth strategies in business also include ______, where a company will sell new products to new markets.
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Product/service differentiation is another way that companies can have a competitive ______ in the marketplace.
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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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Description
Explore the crucial concepts related to customer needs, including existing, latent, and incipient needs. This quiz will challenge your understanding of wants, demand, and various demand scenarios. Test your knowledge and learn how these concepts are essential for effective marketing strategies.
