MKT 327 Module 1

Marketing is
used to create a new customer
Marketing is
used at the societal, business, and personal level
Marketing (definition of a job description)
the social mechanism that fuels economic development and improved quality of life by connecting members of a society and sectors of an economy enabling specialization
Marketing (definition as a method)
a business mechanism that forms and manages connections between the organization and its customers or constituents; also coordinates activities across a value chain in order to create, communicate, deliver, and capture value for those customers or constituents
Self marketing
the set of activities to establish and communicate one’s self image and personal assets in order to form and sustain relationships and achieve personal goals
The essence of marketing
activities and strategies to build community and relationships through the discovery of customer needs and wants then using this as a stage to create, deliver, and capture value.
concept of macro marketing
The process by which organizations creates, communicates, delivers, and captures value in order to build strong relationships in order to create customers
How does marketing perform it’s most essential role at the macro level?
Through the universal marketing functions.
Grading
organizing goods and/or services according to quality or perceived performance
Buying
looking for, evaluating, and selecting goods and/or services
Selling
promoting or advocating for a good or service and/or negotiating for its price
Storing
holding products until the time is appropriate for making or breaking bulk
Standardization
organizing goods and/or services according to size or functionality
Risk Taking
bearing or taking steps to mitigate the uncertainties that occur in a market system or in the marketing process
Transportation
moving goods and services from one location to another
Financing
providing cash flow that enables production or purchase
Collecting and Disseminating market information
the collection, analysis, distribution, and/or storage of data, facts, and opinions that contribute to marketing decision making.
The main purpose of a macro-marketing system is to overcome the ___________ and
_____________ inherent in economic systems.
separations, discrepancies
Which of the following produces (as opposed to create) value primarily through production marketing, as opposed to marketing or innovation?
task, form
Which of the following best defines the term ‘customer perceive value’, or just customer value?
Buyer’s benefits at a specified price
Which of the following creates (as opposed to produce) value primarily through marketing?
task, time, place, form, possession
Production Era
support the development of the assembly line and mass production(1910-1920)
Sales Era
1930-1960
Customer Era
1960-now
Relationship Era
1980-current
Drucker Statement
business has only 2 key challenges: innovation and marketing
Anatomy of connections
connections allow specialization which leads to development and market creation
marketing creates…
value in a product which in the end creates customers
Which of the following refers to a group of individuals, groups, or organizations that are integrated within a dynamic network of environmental cause and effect activities that share purpose and proximity?
community
Which of the following produces (as opposed to create) value primarily through marketing, as opposed to production?
time, place, possession
The marketing mix is to micro marketing as which of the following is to macro marketing.
universal marketing functions
What type of utility makes goods and services conveniently available?
place
Utility is a term that describes the want-satisfying potential of a good or service. What are the four fundamental types of utility?
form, place, time, ownership
The essential function of marketing includes which of the following types of connections?
communal, psychological, physical
Which of the following economic utilities is unique to a service as opposed to a product?
task
The ultimate goal of marketing (the result of the process) at the micro or managerial level is to create which of the following?
value
What is the social process called that directs an economy’s flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the society’s objectives?
macro marketing
Which of the following is one of the benefits or results of marketing at the societal domain?
quality of life
What type of utility makes goods and services available when they are wanted?
time
managerial marketing
the set of activities for creating, communicating, delivering, and exchanging offerings that benefit it’s customers, the organization, its stakeholders and society at large
Market creation
creating or linking to a community, creating or linking to a channel of distribution, discovering customers needs/wants which allows us to capture value, establishing market relationships necessary to have emotional connections
community
a group of individuals or organizations that have common purpose, linked perspectives, and physical or virtual proximity
Community-centric marketing strategy
a set of activities which pursue an intimate relationship between its current community of customers and makes them co partners in the process to develop market offerings that are tailored to meet those customers needs and can change when the customers needs change
Benefits of community-centric marketing
reduces the amount of marketing expenditures needed to penetrate a market, increases customers brand loyalty, solidifies authenticity of a company’s market offerings, and helps drive and direct innovation
market place
physical community
market space
virtual community
Marketing with meaning is about turning strangers into friends and friends into customers.
false
Which of the following defines ritual, one of the underlying components of a community?
The artifacts or communal actions that embed meanings into the community
The community member’s sense of duty or the community’s behavioral norms
All of the managerial marketing tasks below are part of the market creation activities except for which one?
delivering value
Which of the following are required for a market to exist as opposed to marketing activities and transactions to be able to occur? (select all that apply)
individuals have desire to buy, there are two or more parties with a need, individuals have the physical ability to buy, individuals have the financial ability to buy
A community-centric marketing strategy is most effective in which of the following situations
economic or industry down turn
The context or cultural category that enables some action or expression to communicate a message to others internal or external to the community enabling some common understanding.defines which of the following components of a community?
meaning
Marketing with meaning is about improving customers’ lives through the marketing itself.
true
In the article, “What Marketing with Meaning Can Do For You” the definition of the term ‘meaning’ is synonymous with which of the following concepts?
brand ideals
purpose
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges defines which of the following?
marketing management
The collective common beliefs, perspectives, and identity held by members of community with respect to some purpose or cause, or object or brand defines the term
shared consciousness
Which of the following elements of a community serve to reinforce the shared consciousness of the community?
rituals, traditions
Which of the following statements defines a market?
A collection of individuals or organizations with a common need, and the desire and ability (in terms of accessibility or affordability) to satisfy that need.
A location (physical or virtual) where buyers encounter sellers for the purpose of viewing and/or selling their goods or services.
Marketing with meaning adds value to people’s lives independent of
purchase, buying
A product that delivers tangible and emotional value is in essence delivering
meaning
Which of the following statements defines a community?
A group of individuals or organizations with common purpose , linked perspectives or experiences, and physical or virtual proximity.
A location (physical or virtual) where buyers encounter sellers for the purpose of viewing and/or selling their goods or services.
A collection of individuals or organizations with a common need
Which of the following are required for marketing activities and transactions to be able to occur as opposed to simply enabling a market to exist? (select all that apply)
individuals have desire to buy
there are two or more parties with a need
universal marketing functions are at work
individuals have physical ability to buy
communication can occur or is at work
individuals have the financial ability to buy
Which of the following would be considered part of the support activities of a value chain?
procurement
infrastructure
human resource management
The mutual interactive, ongoing two way connection of product and its persona with some aspect of buyer’s life or lifestyles is referred to as a
relationship
A consumer’s _________ is their overall rating of their experience using a product or service relative to their expectations.
satisfaction
Which of the following is an element of the customer retention process as opposed to the customer acquisition process?
relationship or relational exchange
loyalty
The extent to which a product or service creates appropriate experiences, feelings, or emotions for a buyer.
experiential
A want-satisfying value that is created by making it possible to transfer title of goods or services from one party to another; or transfer authorization for usage from one party to another.
ownership
The extent to which consumers attach or associate some psychological meaning to a product or service.
symbolic
Any physical object, service, idea, person, event, place, or organization offered to satisfy consumers’ needs and wants.
product
A want-satisfying value that is created when a product or service is made available when it is wanted
time
The monetary amount of a product or service reflecting its perceived value and enabling organization to achieve financial goals.
price
Setting the objectives for communicating value and creating the messages and formants for achieving them.
promotion
A want-satisfying value that is created when knowledge and materials are converted into a finished product capable of performing some desired function.
form
The costs or other sacrifices associated with the purchase, ownership, and or use of a product or service are called_____ costs.
transaction
Which of the following would be considered part of the primary activities of a value chain?
marketing and sales, service, inbound logistics
Effective marketing can most influence which of the following?
wants
The philosophy of customer orientation focuses on which of the following?
satisfying customer needs and wants
What are the six key forces important in creating and capturing value?
relationships, sustainability, global, diversity, technology and E-commerce, price
A responsive and effective customer support system would be an example of an ________source of value for a _______type of value or utility
interactions,
A ___________ is the state of desiring to satisfy some want with a particular product or service that is accessible and affordable.
demand
A____________ is what consumers perceive they gain from owing or using a product or service over and above the cost of acquiring it.
value
Porter’s Value Chain is a useful strategic management tool in that it provides a fuller picture of which of the following?
cost drivers
A________is a set of activities that an organization carries out to create value for its customers.
value chain
product
creates value
promotion
communicates value
place
delivers value
price
captures value
A want is a specific form of consumption that satisfies what?
a need
Addressing the amount of time required to search for a product or service is an example of an ____________ source of value for a __________ type of value or utility.
environment
Which of the following is NOT a step of the marketing strategy process?
licensing
A__________ is a specific learned form of expressed or desired behavior or consumption designed to satisfy some state of deprivation.
want
A measure of a buyer’s insistence, faithfulness, or allegiance for purchasing a particular product or service as reflected by their repeated purchase, willingness to pay more, or willingness to exert more effort in acquiring is referred to as
loyalty
A business definition describes which of the following?
the contributions a company seeks to make to customers and society
Which of the following elements of a corporate vision is defined as the set of values, ideas, and behavioral norms that are learned and shared among members of an organization, and dictates the nature of the organizations primary objectives?
Corporate Philosophy or Culture
Lark Inc.is an American electronics company that is currently reviewing new geographical markets to sell its highly popular LED televisions. By 2020 it plans to open new stores across all the major South Asian cities in order to provide personal, customized products and services to all of its clients. Lark is most likely following a which of the following types of strategy.
customer intimacy
The basic characteristic of a network organization is
confederation
Which of the following is not part of a company’s vision statement?
strategic direction
Which of the following is true with regard to strategic planning?
finding the game plan for long-run survival and growth is the focus of strategic planning.