BUSN Ch. 10 Marketing Flashcards

Chapter 10: Marketing: Building Profitable Customer Connections

1
Q

What is marketing?

A

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, partners, and society at large.

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2
Q

What is utility in the context of marketing?

A

The ability of goods and services to satisfy consumer “wants.”

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3
Q

What is the marketing concept?

A

A philosophy that customer satisfaction, now and in the future, should be the central focus of the entire organization.

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4
Q

What is the role of the customer in marketing?

A

Front and centre, with focus on customer relationship management: acquiring, maintaining, and growing profitable customer relationships by consistently delivering unmatched value.

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5
Q

What is value in the context of marketing?

A

A customer perception that a product has a better relationship than its competitors between the cost and the benefits.
(It’s so expensive, but tooootally worth it! Turns out the two competing products are made in the same factory!)

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6
Q

List the elements of marketing strategy.

A

Target audience
Market segmentation
Marketing mix
Marketing environment

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7
Q

What is market segmentation?

A

Dividing your market into segments or groups of people with similar characteristics.

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8
Q

What is a target audience?

A

A group of people who are most likely to buy a particular product.

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9
Q

What is a marketing mix?

A

The most effective blend of marketing strategies for product, price, distribution, and promotion to reach your target market.
(The 4 Ps, if distribution = place)

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10
Q

Describe the consumer purchasing decision-making process.

A

Need recognition, then information search, then evaluation of alternatives, then purchase decision, then post-purchase behaviour.

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11
Q

Describe the business purchasing decision-making process.

A

More methodical, driven by product specifications and internal, formal requests for products with certain criteria.
Purchasing requires training and is a specialized position.

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12
Q

What is marketing research?

A

The process of gathering, interpreting, and applying information to uncover marketing opportunities and challenges and to make better marketing decisions.

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13
Q

What is primary data?

A

New data that marketers compile for a specific research project. (First-hand, proprietary stuff)
This stuff is more expensive, but much more useful.

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14
Q

What is secondary data?

A

Existing data that marketers gather or purchase for a research project. (Second-hand, everybody knows about this shitty data yo)
This stuff is cheaper, but not as useful.

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15
Q

What are business marketers?

A

Marketers who direct their efforts towards people who are buying products to use either directly or indirectly to produce other products. (B2B)

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16
Q

What are consumer marketers?

A

Marketers who direct their efforts towards people who are buying products for personal consumption. (B2C)