BNAD 303 ch 1

what are components of the price paid by the buyer?
-energy
-money
-time
__________ is the component of the four Ps of marketing that it used by marketers to inform persuade, and reminds potential buyers about a product or service to influence their opinions and produce a response
promotion
what 2 things are related to marketing in the production-oriented era?
-manufacturers were concerned with product innovation, not with satisfying the needs of the individual
-retailers were considered places to hold inventory until it was sold
which of the following are associated with marketing, as defined by the American Marketing Association?
-institutions that facilitate the exchange of offerings that have value for customers
-activities that communicate offerings that have value for society at large
-processes used to create value for clients
what were the primary characteristics of the market-oriented era?
-it was a buyer’s market
-products were designed to focus on consumers’ needs
in a ____________ orientations, lifetime profitability is more important than the amount of money made during each transaction.
relational
which of the following are characteristics marketers seek out in potential customers?
-individuals/businesses who have an ability to buy the products/services
-individuals/businesses who have an interest in the company’s products/services
Recently, it has become important for value-oriented marketers to ___________________________________________ with customers.
move from a transactional orientation to a transitional perspective
what are the 4 Ps?
-product
-promotion
-place
-price
what are the 6 core aspects of marketing?
1. satisfying the customers needs and wants
2. entail and exchange
3. require 4 Ps
4. can be performed by both individuals and organizations
5. affects various stakeholders
6. helps create value
what is value?
the relationship of benefits to costs
what is Customer Relationship management (CRM)?
a business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among firms’ most valued customers