Comm 101 chapter 12

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What is marketing?

A method of sales only

The entire process of creating relationships with customers by offering goods, services, and experiences they value (correct)

An advertisement strategy that focuses on digital mediums

A customer service approach to handle complaints

What is branding?

The relationship between a company and its customers that is built on trust (correct)

The logo of a company

The color scheme used in advertising

The price point of a product

What is customer orientation?

The current era in marketing where an organization first determines what customers need and then develops products to fill those needs. (correct)

A strategy focused solely on maximizing profits without regard for customer satisfaction.

A marketing approach that emphasizes brand recognition over customer feedback.

A method of product development that ignores market trends.

What is production orientation?

A past era in marketing that placed emphasis on increased output and production efficiency Signup and view all the answers

What is the marketing mix?

The combination of marketing activities that deliver value to customers Signup and view all the answers

What are the 4 P's of the marketing mix?

Product, price, placement, and promotion Signup and view all the answers

What is involved in the product element of the marketing mix?

Includes decisions about a product's design, features, brand name, packaging, and warranty Signup and view all the answers

What is involved in the pricing element of the marketing mix?

Setting a price based on the demand and cost for a good or service Signup and view all the answers

What is involved in the promotion element of the marketing mix?

Providing information to target markets, techniques sellers use to motivate customers Signup and view all the answers

What is involved in the place, placement (or distribution) element of the marketing mix?

Creating the means by which products flows from the producer to the consumer (distribution for good/service/idea) Signup and view all the answers

What does the term 'utility' mean?

The ability of a product to satisfy a human need Signup and view all the answers

What are the four kinds of utility?

Form, place, time, and possession utility Signup and view all the answers

A marketing strategy is:

a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives Signup and view all the answers

What is the target market?

A group of individuals for which a business develops a specific marketing mix Signup and view all the answers

What is market segmentation?

The process of separating, identifying, and evaluating the layers of a market to identify a target market into market segments Signup and view all the answers

What should you consider when separating target markets through market segmentation?

Demographic, lifestyle, geographic, and behavioral segmentation Signup and view all the answers

How is demographics used in market segmentation to identify a target market?

By focusing solely on customer purchase history Signup and view all the answers

What is customer relationship management (CRM)?

Tracking and organizing information about current and prospective customers to create marketing strategies that develop and sustain desirable customer relationships Signup and view all the answers

What is marketing research?

The process of systematically gathering and analyzing data concerning a particular marketing program Signup and view all the answers

What is target marketing?

The specific group of consumers toward which a company directs its marketing efforts. Signup and view all the answers

the consumer decision process:

Explains the thought process that accompanies major purchases Signup and view all the answers

What are the steps in the consumer decision process?

recognize problem --> research information --> evaluate alternatives --> purchase --> evaluate after purchase Signup and view all the answers

What is the buying decision process when it is facilitated by branding?

Recognize problem --> purchase --> evaluate after purchase Signup and view all the answers

What are the four steps involved in creating a marketing strategy?

Understand the external environment, define target market, create a competitive advantage and develop a marketing mix Signup and view all the answers

What are the three types of competitive advantage?

Differential, cost, and niche competitive advantage Signup and view all the answers

What is cost competitive advantage?

A firm's ability to produce a product or service at a lower cost than its competitors Signup and view all the answers

What is differential competitive advantage?

A firm's ability to provide a unique product or service that offers something of value, besides a lower price Signup and view all the answers

What is niche competitive advantage?

A firm's ability to target and effectively serve a single segment of the market within a limited geographic area Signup and view all the answers

The 5 forces of the external environment that affect marketing activities are:

social, economic, competitive, technological, political & legal forces Signup and view all the answers

What are the goals of non-profit marketing?

Effect social change, further social causes, and evaluate the relationship between market and society Signup and view all the answers

What are the four steps in the marketing research process?

Define the research goal, gather information, interpret information, and make marketing decisions Signup and view all the answers

What are the two ways we gather information in the market research process?

Primary + Secondary Research Signup and view all the answers

What is primary research?

Research that involves the company collecting new data directly from sources: surveys, customer reviews Signup and view all the answers

What is secondary research?

Market research information that has already been gathered and published by someone outside the company Signup and view all the answers

Adding value to a brand and satisfying a customer requires giving them:

The right product, in the right place, at the right price, at the right time Signup and view all the answers

What principle is involved in adding brand value and satisfying a customer?

the right product, in the right place, at the right price, at the right time Signup and view all the answers