Exam 1 : Chapter 1 Flashcards Preview

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Flashcards in Exam 1 : Chapter 1 Deck (7)
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1
Q

Definition(s) of marketing

A
  • Exchange

- Customer orientation/satisfaction

2
Q

Misconceptions about marketing

A

Marketing = advertising
Marketing = sales
Marketing= retailing
Not mathematical

3
Q

Brief history of marketing (1850-present)

A

1850: Department Stores
1900: Academic Studies
1930: Supermarkets
1950: Television, Malls
1980: Services
2000: Internet, Relationships

4
Q

Broad “eras” (4) of marketing. Oldest to newest. Learn in order

A

Production era
Sales era
Marketing Concept era
Market orientation era.

5
Q

4P’s framework

A

The Marketing Mix

  1. Product: Features, Brand, Packaging, Service
  2. Price: List price, Discounts, Allowances, Credit terms
  3. Promotion: Advertising, Personal Selling, Public Relations, Sales promotion
  4. Place: Outlets, Channels, Coverage, Transportation
6
Q

Relationship marketing

A

2000: Internet, Relationships

Relationship marketing à Keep the client, keep the loyalty. It’s more profitable.

7
Q

Videos: Walmart

A

Wal-Mart’s Public Image
a. Eco-Friendly Walmart
i. Solar powered, wind powered, recycling
b. Reaching out to their customers and acting on the feedback
c. Raising minimum wages, health care
2. A lot of anti-walmart campaigns
a. Hurts employees à Medical
Wakeup Walmart