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MKTG Midterm LOs, MKTG 396 Midterm - Athabasca University
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MKTG Midterm LOs, MKTG 396 Midterm - Athabasca University
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MKTG Midterm LOs, MKTG 396 Midterm - Athabasca UniversityMarketing ✔ Ans - the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
marketing process ✔ Ans - 1. Understand the marketplace
2. Design marketing strategy
3. Construct marketing program
4. Build profitable relationships
5. Capture value from customers
wants ✔ Ans - the form human needs take when shaped by culture and individual personality
demands ✔ Ans - wants that are backed by buying power
value proposition ✔ Ans - the full positioning of a brand—the full mix of benefits upon which it is positioned
market offering ✔ Ans - fulfills value proposition and delivers customer value and satisfaction
designing a marketing strategy ✔ Ans - 1. market segmentation
2. target marketing
3. differentiate and position
production concept ✔ Ans - management's task is to improve production
efficiency and decrease prices
product concept ✔ Ans - consumer favour products that offer the most in quality, performance, and innovative features (little promotional effort is
required) selling concept ✔ Ans - consumers will not buy enough of an organization's products unless it undertakes a large-scale selling and promotion effort
marketing concept ✔ Ans - achieving organizational goals depends on determining the needs and wants of target markets and delivering the desires satisfactions more efficiently and effectively than competitors do
societal marketing concept ✔ Ans - generating consumer satisfaction and long-run societal well-being through sustainable marketing strategies are key to achieving the company's goals and fulfilling its responsibilities
customer relationship management ✔ Ans - the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
customer engagement marketing ✔ Ans - aims to make a brand a meaningful part of consumers' conversations and lives through direct and continual customer involvement in shaping brand conversations, experiences, and community
customer equity ✔ Ans - the total combined customer lifetime values of all the company's customers
building lasting relationships requires ✔ Ans - - superior customer value
- superior customer satisfaction
company mission requirements ✔ Ans - - market oriented
- realistic
- specific
- motivating
- consistent with the market environment
strategic planning steps ✔ Ans - 1. define mission
2. set objectives
3. design portfolio
4. develop plans companies are changing organizational focus to customer relationship management ✔ Ans - true
sustainable marketing ✔ Ans - meeting the present needs of consumers and businesses while still preserving or enhancing the ability of future generations to meet their needs
sustainable marketing purpose ✔ Ans - socially and environmentally responsible actions that meet both the immediate and future needs of customers and the company
marketing impact on individual consumer welfare criticisms ✔ Ans - - high prices
- deceptive practices
- high-pressure selling
- shoddy or unsafe products
- planned obsolescence - poor service to disadvantaged customers
marketing impact on society ✔ Ans - - creating false wants
- too much materialism
- too few social goods
- cultural pollution
Marketing's Impact on Other Businesses ✔ Ans - - harming competitors
- reducing competition through acquisitions
- creating barriers to entry
- unfair competitive marketing practices
consumer acitvism ✔ Ans - an organized social movement intended to strengthen the rights and power of consumers relative to sellers
environmentalism ✔ Ans - an organized social movement seeking to minimize the harm done to the environment and quality of life by marketing practices
microenvironment ✔ Ans - actors close to the company that form its value delivery network or affect its ability to serve customers
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