Marketing Quiz

Marketing
The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large.
Value
Benefits a consumer recieves from buying a good or service.
Market Value
A person has this because they have qualities that set them apart from others needs and wants.
Stakeholders
Buyers, sellers, investors in a company, and places where goods and services are made.
Consumer
Can be individuals or organizations, whether a company, government, sorority, or charity.
Marketing Concept
Marketers first identify consumer needs and then provide products that satisfy those nees, ensuring the firms long-term profitability.
Need
Difference between a consumer’s actual state abd some ideal or desired state. (Eating, Social acceptance)
Want
Desire for a particular product we use to satisfy a need in specific wys that are culturally and socially influenced
Benefit
What the product delivers when needs or wants are satisfied.
Demand
The result of buying power or resources.
Market
Consumers who chare a common need that can be satisfied by a specific product and who have the resources, willingness, and authority to make the purchase.
Marketplace
Location where buying and selling occurs face to face.
Virtual Goods
Only exist on a computer server.
Mass Market
Consist of all possitive customers in a market regardless of the differences in their specific needs and wants.
Market Segment
A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.
Target Market
Segment on which an organization focuses its marketing plan and toward which it directs its marketing efforts.
Marketing Mix
Consist of the tools the organization uses to create a desired response among a set of predefined consumers.
FOUR P’s of the Marketing Mix
Price, Product, Place, Promotion
Product
What ever is offered for sale in the exchange. This aspect of marketing mix includes the design and packaging of a good, as well as its physical features and any associated sercives, such as free delivery.
Price
The assignment of value, or the amount the consumer musy exchange to recieve the offering.
Promotion
Includes all the activites marketers undertake to inform consumers about their products and to encourage potential customers to buy these products.
Place
The availability of the product to the customer at the desired time and location. The relates to SUPPLY CHAIN
Supply Chain
PLACE – The set of firms that work together to get a product from a producer to a consumer.
Production Era – ORIENTATION
Focuses on the most efficient ways to produce and distribute products. Firms view the market as a HOMEGENOUS group that will be satisfied with the basic function of a product.
Sales Era – Selling Orientation
The management views marketing as a sales function, or a way to move products out of warehouses so that inventories don’t pile up. Gaines popularity after WWII.
Unsought Goods
Products that people dont tend to buy without some prodding(i.e. Cemetery plots)
Relationship Era – Consumer Orientation
Satisfies customer needs and wants
Total Quality Management
This perspective take many forms, but essentially irs a management philosophy that involves all employees from the assembly line onward in continuous product quality improvement.
Triple Bottom-line Orientation
Building long-term bonds with consumers rather than merely selling them stuff today.
Financial Bottom Line
Financial profits to stakeholders
Social Bottom Line
Contributing to the communities in which the company operates
Environmental Bottom Line
Creating sustainable business practices that minimize damage to the environment or that even improve it.
Social Marketing Concept
Marketers must satisfy customers needs in ways that also benefit society while still delivering a profit to the firm
Sustainability
Metting present needs without compromising the ability of future generationg to meet their needs. The environmental impact of product is a crucial pillar.
Green Marketing
Strategies that support environmental stewardship by creating an envcironmentally-founded differential benefit in the minds of consumers.
Accountability
Measuring just how much value marketing activities create. TRIPLE BOTTOM LINE
Consumer Goods
The tangible products that individual consumers purchase for personal or family use.
Services
These are intangable products that we pay for and use but never own.
Business-to-business Marketing
Marketing of goods and services from one organization to another.
Not-for-profit Organizations
Museums, zoo’s, and churches.
Idea, Place, and People Marketing
Tourism marketing, convincing consumers to wear seatbelts, promoting rock and sports stars.
Why is Marketing Evil?
Marketing corrupts society, Advertising and marketing are uneccessary, and marketers promise miracles and manipulate consumers.