Comm 101 chapter 12

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Questions and Answers

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?

<p>A past era in marketing that placed emphasis on increased output and production efficiency (B)</p> Signup and view all the answers

What is the marketing mix?

<p>The combination of marketing activities that deliver value to customers (C)</p> Signup and view all the answers

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

<p>Product, price, placement, and promotion (A)</p> Signup and view all the answers

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

<p>Includes decisions about a product's design, features, brand name, packaging, and warranty (A)</p> Signup and view all the answers

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

<p>Setting a price based on the demand and cost for a good or service (A)</p> Signup and view all the answers

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

<p>Providing information to target markets, techniques sellers use to motivate customers (C)</p> Signup and view all the answers

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

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

What does the term 'utility' mean?

<p>The ability of a product to satisfy a human need (A)</p> Signup and view all the answers

What are the four kinds of utility?

<p>Form, place, time, and possession utility (A)</p> Signup and view all the answers

A marketing strategy is:

<p>a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives (A)</p> Signup and view all the answers

What is the target market?

<p>A group of individuals for which a business develops a specific marketing mix (D)</p> Signup and view all the answers

What is market segmentation?

<p>The process of separating, identifying, and evaluating the layers of a market to identify a target market into market segments (A)</p> Signup and view all the answers

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

<p>Demographic, lifestyle, geographic, and behavioral segmentation (B)</p> Signup and view all the answers

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

<p>By focusing solely on customer purchase history (A)</p> Signup and view all the answers

What is customer relationship management (CRM)?

<p>Tracking and organizing information about current and prospective customers to create marketing strategies that develop and sustain desirable customer relationships (B)</p> Signup and view all the answers

What is marketing research?

<p>The process of systematically gathering and analyzing data concerning a particular marketing program (A)</p> Signup and view all the answers

What is target marketing?

<p>The specific group of consumers toward which a company directs its marketing efforts. (B)</p> Signup and view all the answers

the consumer decision process:

<p>Explains the thought process that accompanies major purchases (A)</p> Signup and view all the answers

What are the steps in the consumer decision process?

<p>recognize problem --&gt; research information --&gt; evaluate alternatives --&gt; purchase --&gt; evaluate after purchase (C)</p> Signup and view all the answers

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

<p>Recognize problem --&gt; purchase --&gt; evaluate after purchase (B)</p> Signup and view all the answers

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

<p>Understand the external environment, define target market, create a competitive advantage and develop a marketing mix (B)</p> Signup and view all the answers

What are the three types of competitive advantage?

<p>Differential, cost, and niche competitive advantage (A)</p> Signup and view all the answers

What is cost competitive advantage?

<p>A firm's ability to produce a product or service at a lower cost than its competitors (D)</p> Signup and view all the answers

What is differential competitive advantage?

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

What is niche competitive advantage?

<p>A firm's ability to target and effectively serve a single segment of the market within a limited geographic area (B)</p> Signup and view all the answers

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

<p>social, economic, competitive, technological, political &amp; legal forces (A)</p> Signup and view all the answers

What are the goals of non-profit marketing?

<p>Effect social change, further social causes, and evaluate the relationship between market and society (B)</p> Signup and view all the answers

What are the four steps in the marketing research process?

<p>Define the research goal, gather information, interpret information, and make marketing decisions (A)</p> Signup and view all the answers

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

<p>Primary + Secondary Research (A)</p> Signup and view all the answers

What is primary research?

<p>Research that involves the company collecting new data directly from sources: surveys, customer reviews (B)</p> Signup and view all the answers

What is secondary research?

<p>Market research information that has already been gathered and published by someone outside the company (A)</p> Signup and view all the answers

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

<p>The right product, in the right place, at the right price, at the right time (A)</p> Signup and view all the answers

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

<p>the right product, in the right place, at the right price, at the right time (A)</p> Signup and view all the answers

Flashcards

What is marketing?

The process of creating customer relationships by offering valuable goods, services, or experiences.

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