MKTG 3310 Wolter - Auburn Exam 1 PDF

MKTG 3310 Wolter- Auburn Exam 1 Study online at https://quizlet.com/_dmeenm 1. Customers determine value!: Who determines the value of a product? 2. They offer product propositions- A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy the...

MKTG 3310 Wolter- Auburn Exam 1 Study online at https://quizlet.com/_dmeenm 1. Customers determine value!: Who determines the value of a product? 2. They offer product propositions- A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs. Value propositions answer the customer's question: "Why should I buy your brand rather than a competitor's?": If companies don't determine value, what do they do? 3. The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. (What you get) - (what you give): What is customer's perceived value? 4. Satisfaction: A pleasurable fulfillment response to a consumption experience. Driven by disconfirmation (not negative per se) 5. You can go into a place (like McDonalds) with low expectations and the company meets it, then you'll leave satisfied: How is satisfaction determined? What does this tell us about McDonald's? 6. American Customer Satisfaction Index It shows that the customer satisfaction matters: What is the ACSI and why does it matter? 7. Market: The set of actual and potential buyers of a product. Buyers= people with both the desire and ability to buy a specific offering. 8. NO- come to this conclusion based on how we define a market: Is there such a thing as an Auburn target market? Why or why not? 9. Book says they do, but professor thinks this is wrong.: Do markets share a common need or want? 10. LBGT hasn't affected their satisfaction rate. They have good customer service. People who got mad about it, they just don't go.: What does the definition of a market tell us about Chik-Fil-A's customer satisfaction in relation to the LGBTQ controversy? 11. Aquire cash flow from customer - stimulate demand and manage customer value: What is the unique contribution of marketing to a firm? 12. Marketing: The art and science of co-creating value 13. Marketing uses data- science When does the science not actually hold- art: Why is marketing an art and science? 14. Marketing is a vague concept: What do I mean when I say marketing is a philosophy, a discipline, a unit, and a set of activities? - not on test 15. Relays information Cigarettes are bad Promotes Red Cross 1/5  MKTG 3310 Wolter- Auburn Exam 1 Study online at https://quizlet.com/_dmeenm Epi-Pen marketing gets price down: How would you answer the statements that marketing is advertising, not necessary, selling more things to more people..., or the devil? 16. Marketing Concept: Achieving the organization's goals depend on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do 17. Selling, production, product, societal marketing and marketing: What are the different concepts that compete with the marketing concept? 18. Production concept: holds that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving produc- tion and distribution efficiency. One of oldest orientations that guides sellers 19. Product concept: Holds that consumers will favor products that offer the most in quality, performance, and innovative features; therefore, the organization should devote its energy to making continuous product improvements 20. Selling Concept: Holds that consumers will not buy enough of the firm's prod- ucts unless it undertakes a large-scale selling and promotion effort. The selling concept is typically practiced with unsought goods - those that buyers do not normally think of buying, such as life insurance or blood donations. 21. Societal Marketing concept: questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare.Is a firm that satisfies the immediate needs and wants of target markets always doing what's best for its consumers in the long-run? 22. Marketing Orientation: The implementation of the marketing concept through- out an organization. Represented as the generation, dissemination, and use of customer information across an organization. 23. Generate information on market Disseminate to other department And the incentivize for other departments to use: What three characteristics of a firm are needed to be market oriented? 24. A focus on maximizing shareholder value: What is a shareholder concept? 25. Companies aren't reinvesting back into their employees. They're not find- ing growth opportunities: What are potential problems with a focus on sharehold- ers? 26. Some combination of products, services, information, or experiences of- fered to a market to satisfy a need or want Consumers needs and wants are fulfilled through market offerings: What is a market offering? 27. Needs: States of felt deprivation 2/5  MKTG 3310 Wolter- Auburn Exam 1 Study online at https://quizlet.com/_dmeenm 28. Wants: The form human needs take as they are shaped by culture and individual personality 29. Demands: Human wants that are backed by buying power 30. High prices, deceptive practices, high-pressure selling, shoddy, harmful, or unsafe products, planned obsolescence, poor service to disadvantage customers False wants and too much materialism, too few social goods, cultural pollu- tion: What are the evils of marketing? 31. They have the right to expect a product to be safe. Expect a product to perform as claimed.: What are current consumer "rights" 32. Be well informed about a product, be protected against questionable prac- tices, influence products and marketing in ways that improve "quality of life," consumer in a way that will preserve the world for future generations Each proposed right has led to more specific proposals by sonsumerists and consumer protection actions by the government.: What are the proposed consumer rights? 33. One party in exchange has more info that puts the other market in a disadvantage Who has most information- businesses: What is the argument that consumers need protected rights and not to be held to a buyer beware mentality? 34. Competition encourages innovation: What is the Milton Friedman view of businesses role in the world? 35. Sustainable marketing- socially and environmentally responsible market- ing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs Whereas, the societal marketing concept considered the future welfare of con- sumers and the strategic planning concept considers future company needs, the sustainable marketing concept considers both: How is societal marketing different than sustainable marketing 36. We define what the role is for our institutions and organizations: What does the consideration of organizations and institutions have to do with the contrast between Milton Friedman's view of business's role and the societal concept's view? 37. Consumer wants on some issues Businesses have some resources If you do it correctly, there is potential for financial returns: What are the three arguments for businesses to engage in other causes besides seeking a profit? 38. Firms are rewarded when: Quality is strong. Stakeholders make intrinsic attributions about a firm's motive 3/5  MKTG 3310 Wolter- Auburn Exam 1 Study online at https://quizlet.com/_dmeenm CSR spending is synergistic with R&D Advertising spending is higher compared to competitors: What factors deter- mine whether firms are "rewarded" for engaging in CSR? 39. Good management (CSR -> CSR spending) and Penance (CSI -> CSR) (Companies feel bad about what they've done) Good management allows returns: Which two mechanisms are the primary ones in effect to explain firm's CSR spending? Which one leads to financial returns? 40. Cause-Related Marketing CRM: When charitable actions of a firm are tied directly to consumer revenue 41. Cause sponsorship was estimated at $1.78 billion in 2013, but worldwide advertising spending in 2013 was approximately $500 billion: What is the annual amount of money spent on cause related marketing? 42. Cause-related marketing is approximately.04% of advertising spending: - What is this amount in relation to advertising spending? Big or small? 43. Brands and the cause must fit--- quality comes first Conceptual congruence's: corporate values, target market, product position- ing, mission, brand personality Perceptual congruence: color composition, size, shape, visibility: Why is cause-related marketing so hard to get right? 44. Value Creation R&D, supply chain coordination, co-creation: Activities influence the potential magnitude of the advantage 45. Value appropriation patents, branding, advertising: Activities influence the amount of the advantage a firm is able to capture and the length of time the advantage persists 46. Firm, Society, Competitiors: Who are the main appropriators? 47. It seems like it would be appropriation, but its is a mix of the two: Is marketing more related to value creation or appropriation? 48. Beanie babies- value creation (not everyone can make) Fidget spinner- value appropriation Chinese company appropriating Legos Nike selling shoes for limited time- creation Wikipedia- everyone can use it: What do fidget spinners, Beanie Babies, Nike, and Legos tell us about marketing's role in value creation and appropriation? 49. Marketing strategy: Specifies a target market and marketing mix "Which customers will we serve (segmentation and targeting)? How will we create value for them (differentiation and positioning)?" The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships 4/5  MKTG 3310 Wolter- Auburn Exam 1 Study online at https://quizlet.com/_dmeenm 50. Consumers who respond in a similar way to a given set of marketing efforts: What is a market segment 51. Product positioning: Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target. 52. Product Differentiating: Actually differentiating the market offering to create superior customer value 53. Marketing mix: Set of tactical tools - product, price, place, and promotion- that the firm blends to produce the response it wants in the target market 54. Product, price, promotion, place: What are the 4 Ps? 55. Omits or underemphasizes service products Needs to include packaging as a product decision: What do the 4 A's say about the 4 P's? 56. product—acceptability Price—affordability Place—accessibility Promotion—awareness: What kind of activities fit under each of the 4 Ps? 57. The value of the entire stream of purchases a customer makes over a lifetime of patronage: What is customer lifetime value? 58. The total combined CLVs of all of a company's current and potential customers: What is customer equity? 59. Better measure a firm's performance than current sales or market sale: - What do the two metrics above allow a firm to do? 60. The share companies get of a customer's purchasing in their categories: - What is share of customer? 61. It's dangerous. We are always trying to dominate the market: What is market share? 62. Economies of scale (when you get big, you get more efficient) Market power Quality of management It is not because high market share companies can charge higher prices...: - What is the benefit of market share? Why? 63. It has a negative relationship. It gets harder to serve a big group of customers: How is market share related to customer satisfaction? 64. Manage: Organize resources to achieve goals effectively, efficiently, and strate- gically 65. Accounting: Tracks revenue, cost flows, profits, etc. and communicates these to managers and owners 66. Finance: Acquire cash flow from investors. Evaluate and manage the firms financial risk, assets, and shareholder value 5/5