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What is the ultimate goal of marketing?
Providing value and benefits to customers.
What does AMA stand for?
American Marketing Association.
What acronym helps remember the components of marketing?
C.C.D.E. → Creating, Communicating, Delivering, Exchanging.
What is a market?
The place where the seller and buyer meet and negotiate.
What are needs?
Human requirements for survival.
What influences wants?
Lifestyle, culture, and practices.
What are demands?
Human wants supported by financial ability to buy.
What acronym represents needs, wants, and demands?
NWD.
What is the first step in the marketing process?
Understanding the marketplace and customer needs and wants.
What is a marketing strategy?
Constructing an integrated marketing program that delivers superior value.
What does the marketing program aim to build?
Profitable relationships and customer delight.
What is the ultimate goal of customer relationships?
Capture value from customers.
What is customer equity?
Total combined customer lifetime value.
What acronym helps remember the components of customer relationships?
CMMSC.
What does the production concept focus on?
Availability, affordability, and production efficiency.
What do customers prefer according to the product concept?
Quality, performance, and innovation.
What is the focus of the selling concept?
Aggressive promotion and sales effort.
What does the marketing concept emphasize?
Understanding and satisfying customer needs.
What does the societal marketing concept focus on?
Customer needs, societal well-being, and long-term sustainability.
What is the relationship marketing concept about?
Establishing, maintaining, and strengthening customer-business relationships.
What are marketing utilities?
Value or benefit that customers derive from a product or service.
What is form utility?
Converts raw materials into finished products.
What is place utility?
Makes products accessible in locations where customers can buy them.
What is time utility?
Makes products available when customers need them.
What is possession utility?
Customer can take ownership at the right time and place.
What is information utility?
Helps customers know how, when, and why to use a product.
What are consumer goods?
Goods for consumption.
What are industrial goods?
Goods for creating other goods or as raw materials.
What are undifferentiated goods?
Goods that are the same no matter what.
What are differentiated goods?
Goods that vary in features or characteristics.
What are consumable goods?
Goods used for a short time.
What are durable goods?
Goods with a long lifespan.
What are convenience goods?
Goods purchased frequently with no thinking needed.
What are shopping goods?
Goods that require effort and evaluation.
What are specialty goods?
Goods that require a large effort by the consumer to buy.
What are unsought goods?
Goods that are rarely looked for but bought when needed.
What is the focus of traditional marketing?
The product itself.
What is the goal of contemporary marketing?
Profit plus customer delight.
What does marketing organization ensure?
Smooth flow of marketing plans, policies, and programs.
What is consumer content in marketing organization?
Should be accessible everywhere, not only online.
What does company capabilities refer to?
Strengthening the capacity to produce or deliver goods.
What is the key to communication in marketing?
Building strong, long-term relationships.
What does competition in marketing involve?
Identifying and responding to competitors effectively.
What is the focus of the commodity approach?
Physical uniqueness or origin of the product.
What does the management approach focus on?
Decision-making at the micro level.
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