Chapter 1 Marketing Concepts and Process Key terms Definition Customer needs States of felt deprivation Marketing Channel Basics Wants The form human needs take as they are shaped by culture and indiv.
Chapter Key terms Definition Customer needs States of felt deprivation The form human needs take as they are shaped by culture and individual personality Human wants that are backed by buying power Some combination of products, services, information, or experiences offered to a market to satify a need or want The customer's evaluation of the difference between all the benefits and all the costs of marketing offer relative to those of competing offers The extent to which a products's perceived performance matches a buyer's expectitations The act of obtaining a desired object from someone by offering something in return The set of all actual arid potential buyers of a products or service The process by which companies engage customers, build strong customer relationsips, and create customer value in order in order to capture value from customer value in order to capture value from customers in return the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better Wants Demand Market offerings Marketing Channel Basics Marketing Concepts and Process Customer perceived value Customer satisfaction Exchange Market Concepts Markeitng Production concept Product concept Selling concept Marketing concept Societal marketing concept Customer relationship management Customer lifetime value Customer equity Marketing planning Marketing implenmentation Marketing mix Marketing control Marketing audit Marketing Landscape Societal marketing Consumerism Sustainable marketing than competitors The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction The value of the entire stream of purchases a customer makes over a lifetime of patronage The total combined customer lifetime values of all of the company's customers The central instrument for directing and coordinating the marketing effort Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives The set of tactical marketing tools product, price, place, and promotion that the firm blends to produce the response it wants in the target market The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved A comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance A company should make marketing decisions by considering consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests An organized movement of citizens and government agencies designed to improve the rights and power of buyers in relation to sellers Socially and environmentally responsible Digital marketing Customer-engagement marketing Consumer-generated marketing Question True/False marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations r to meet their needs involves using digital marketing tools such as websites, social media, mobile ads and apps, online video, email, blogs, and other digital platforms to engage consumers anywhere, anytime via their computers, smartphones, tablets, internet ready TVs, and other digital devices Making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community Brand exchanges created by consumers themselves - both invited and uninvited - by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers Answers Price is total expenses to get the benefits from using products FALSE Many sellers make the mistake of paying more attention to the specific product they offer than to the benefits and experiences produced by these products These sellers suffer from selling concept TRUE In Customer-generated marketing, consumers themselves are playing a bigger role in shaping their own brand experiences and those of others TRUE Customer asset is the total combined customer lifetime values of all of the company's customers FALSE Customer-perceived value is determined by a customer's personal assessment of the benefits and costs of a market offering relative to those of competing offers TRUE Match Wants are needs that are shaped by personal preferences, culture, or religion TRUE Marketing concept is the idea that a company’s marketing decisions should consider consumer’s wants, the company’s requirements, consumers’ long-run interests, and society’s longrun interests FALSE Marketing consists of actions taken to create, maintain, and grow desirable profitable with target audiences involving a product, service, idea, or other object relationships buy again and tell others about their good experiences Dissatisfied customers often switch to competitors and disparage the product to others Customer value and are key building blocks for developing and managing customer relationships The marketing manager’s aim is to engage, keep, and grow target customers Satisfied customers Customer satisfaction Customer value by creating, delivering, and communicating superior Explainations Marketing Implementation Marketing mix Production concept Marketing control Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives The set of tactical marketing tools— product, price, place, and promotion— that the firm blends to produce the response it wants in the target market The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements The process of measuring and evaluating the results of marketing strategies and plans and Customer equity Marketing Audit Custumer relationship management Marketing Strategy Markeitng concept Product concept MCQ The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer According to the production concept, consumers will favor products that are and A firm that uses the selling concept takes a(n) approach The art and science of choosing target markets and building profitable relationships with them is called Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment? taking corrective action to ensure that objectives are achieved The total combined customer lifetime values of all of the company’s customers A comprehensive, systematic, independent, and periodic examination of a company’s environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company’s marketing performance The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements long-run welfare available; affordable inside-out marketing management strategic planning Consumer insight Marketing information system (MIS) Marketing research observational reasearch Ethnographic research Survey research Experimental research Focus group interviewing Online marketing research Online focus groups Sample is a term that implies a depth of understanding of consumers; more than that, it implies sensible use of this understanding to help consumers fulfil their needs is really an information bank where data relevant to the marketing decision makers is a systematic process of searching, collecting, analysing and interpreting information to helps marketing manager making effective marketing decision, to solving a marketing problem that they are facing to Gathering primary data by observing relevent people, actions and situation A form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environments" Gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses Personal interviewing that involves inviting small groups of people to gather for a few hours with a trained interviewer to talk about a product, service, or organization The interviewer "focuses" the group discussion on important issues Collecting primary data through internet and mobile surveys, online focus groups, consumer tracking, experiments, and online panels and brand communities Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior A segment of the population selected for marketing research to represent the population as a whole Questionnaire A research instrument consisting of a series of questions for the purpose of gathering Sampling unit Population Coding Hypothesis Data analysis Codebook Mean Mode Standard deviation Median Question The real value of marketing information lies in how it is used—in the customer insights that it provides The customer service department keeps records of customer satisfaction or service problems It is a source of marketing research information Starbucks wants to know how customers would react to a new breakfast menu item, they should use marketing intelligence The marketing world is filled to the brim with information from innumerable sources Nowadays, marketers don’t need more information; they need better information from respondents It can be thought of as a kind of written interview A typically thought of as an object that has been sampled from a statistical population Any complete group of people or entities sharing some common set of characteristics the group from which a sample is taken The process whereby raw data are transformed into standardized form suitable for machine processing and analysis An unproven proposition that can be supported or refused by market research Statistical and/or qualitative consideration of data gathered by research The document used in data processing and analysis that tells the location of different data items in a data file An average computed by summing the values of several observations and dividing by the number of observations An average representing the most frequently observed value or attribute A measure of dispersion around the mean An average representing the value of the "middle" case in a rank-ordered set of observations Answers TRUE TRUE FALSE TRUE FALSE information And they need to make better use of the information they already have To create value for customers and build meaningful relationships with them, marketers must first gain fresh, deep into what customers need and want The research is to describe things, such as the market potential for a product or the attitudes of consumers who buy the product A is a research instrument consisting of a series of questions for the purpose of gathering information from respondents must be conducted to have good information for making marketing decision is the method in which the researcher selects the easiest population members from which to obtain information To test hypotheses about cause-andeffect relationships, the research can be classified as a Answer Causal research Normally, the hardest step in the research process is defining the problem and research (b) Online Marketing Reasearch Observational research Closed-ended Questions Mean Focus group interviewing insights Descriptive Questionnaire Marketing research Convenience sample Causal Objectives Collecting primary data through internet and mobile surveys, online focus groups, consumer tracking, experiments, and online panels and brand communities Gathering primary data by observing relevant people, actions, and situations provide answers that are easier to interpret and analyze An average computed by summing the values of several observations and dividing by the number of observations Personal interviewing that involves inviting small groups of people to gather for a few hours with a trained interviewer to talk about a product, service, or organization Simple random sample Methodology Findings Sample Data analysis Which of the following is NOT a potential source for marketing intelligence? This involves the process and methods used to gather information, analyze it, and report findings related to marketing of goods and services Which is not the method of primary data collection? Three basic or main components of marketing information system are _ What is one of the benefits of a marketing information system? Every member of the population has a known and equal chance of selection explains why the research design is appropriate for achieving the research objectives and answering the research questions It is where the results of the study are reported in detailprovide answers that are easier to interpret and analyze .A segment of the population selected for marketing research to represent the population as a wholeIt is where the results of the study are reported in detailprovide answers that are easier to interpret and analyze tatistical and/or qualitative consideration of data gathered by research.An average computed by summing the values of several observations and dividing by the number of observations collecting primary data Markeitng Research Publication internal data, marketing research, marketing intelligence It helps you know more about your competitors' actions It helps you understand what motivates people to buy a product It provides you with information about your customers' buying habits and wants is the systematic collection Marketing intelligence and analysis of publicly available information about consumers, competitors, and developments in the marketing environment _ data refers to the data which is Secondary readily available The first step in Marketing Research is to Identify and Define the Problem Your colleague is confused about using the marketing research process, as he knows that something is wrong but is not sure of the specific causes to defining the problem and research objectives investigate He seems to be having problems with , which is often the hardest step to take Which of the following is not a reason deciding how many staff to hire to businesses use marketing research? manufacture the goods Chapter Marketing Environment Key terms Definition Form an important link in the company's Suppliers overall customer value delivery network Firms that help the company to promote, sell Marketing intermediaries and distribute its goods to final buyers A company or individual that competes for Competitor trade with one's own Any groups that has an actual or potential Publics interest in or impact on an organization's ability to achieve its objectives The actors close to the company that affect its ability to serve its customers - the The micro-environment company, suppliers, marketing intermediearies, customer markets, competitors and publics This group influences the company's ability to obtain funds Banks, investment analysts, Financial publics and stockholders are the major financial publics This group carries news, features, editorial opinions, and other content It includes Media publics television stations, newspapers, magazine, and blogs and other social media Those with the ability to affect the company or its products/ services through legislation Goverment publics and laws that could regulate or restrict product manufacturing or marketing efforts Citizen-action publics Organized groups with special interests who would question the actions of a company, potentially placing it in the public spotlight ...Societal marketing concept Customer relationship management Customer lifetime value Customer equity Marketing planning Marketing implenmentation Marketing mix Marketing control Marketing audit Marketing. .. instrument for directing and coordinating the marketing effort Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives The set of tactical marketing. .. Explainations Marketing Implementation Marketing mix Production concept Marketing control Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives