Module 1: Marketing Fundamentals Flashcards Preview

Comm 204 > Module 1: Marketing Fundamentals > Flashcards

Flashcards in Module 1: Marketing Fundamentals Deck (70)
Loading flashcards...
1

role of marketing is it works ______ with other areas within a business and with _______ outside the business

collaboratively
stakeholders

2

marketers ultimate objective is to

drive profits for a company

3

focuses on consumers and providing them with value with products that meet their needs

marketing

4

they attempt to create images for their products that set them apart from competition

marketers

5

marketers creating images for products that set them apart allows them to

build lasting relationships

6

focusing on customer needs and wants helps develop these 2 things

customer value
customer loyalty

7

things humans require to survive

needs

8

things humans desire

wants

9

all the goods/services, ideas, or experiences offered to consumers to satisfy their needs and wants

marketing offerings

10

evaluated based on perceived benefit - perceived cost

value to customers

11

measured by sales, profits, donations, and long term customer relationships

value to marketers

12

unique combination of benefits that will satisfy the needs of targeted consumers (price, quality, convenience, etc.)

customer value proposition

13

creating products with added value is achieved through: (3)

product design
pricing strategies
service elements

14

4 elements of the marketing mix

product, price, place, and promotion

15

all attributes that make up a g/s to satisfy customer need

product

16

design, packaging, service and brand are examples of

product elements

17

pricing strategy, discounts, returns are examples of

pricing elements

18

location, distribution and logistics are examples of

place elements

19

advertising, digital, PR, personal selling are examples of

promotion elements

20

tools needed to communicate with consumers about products

promotion

21

process of planning and managing g/s/i to meet consumer n/w

marketing

22

set of potential buyers with common n/w that are satisfied through exchange

market

23

specified group of potential consumers marketers aim their marketing efforts

target market

24

is designed to appeal to specific target market

marketing mix

25

first step of the Marketing Process

understand the marketplace and consumer n/w

26

second step of the marketing process

manage the marketing mix to meet consumer needs

27

third step of the marketing process

capture value from customers to create profits and customer equity

28

which step in the marketing process do we conduct primary and secondary research

1rst step

29

in which step of the marketing process do we develop a marketing strategy and execute a marketing program

2nd step

30

in which step of the marketing process do we evaluate and measure if objectives have been achieved

3rd step