Chapter 4 BMGT 372 || with 100% Errorless Answers.

Marketing correct answers Function responsible for linking the organization to its customers and is concerned with the "downstream" part of the supply chain Drives organization and supply chain decisions What are the tasks of marketing? correct answers Create demand for products Identify what customers want & need Identify market opportunities What is critical for marketing to understand? correct answers Exactly what satisfies customers Marketing Segmentation correct answers Distinguishing markets; mass marketing and target marketing Mass Marketing correct answers Treats market as a homogeneous group and reduces cost through economies of scale but can be too general for a large amount of other segments Target Marketing correct answers Smaller segments and groups; don't achieve economies of scale; sometimes isn't cost effective Transactional Marketing correct answers Production and selling concepts Idea is to push sales and make transactions through promotional techniques Customers not involved in production process and future insights not considered No focus on maintaining long term relationships Relational Marketing correct answers The marketing concept Need to understand what customers want and develop long term relationships; generate loyalty; type of marketing that is currently used Developed due to the growth of SCM Based on the understanding that it is more cost-effective to keep old customers rather than attract new ones Three Historical Perspectives of Marketing correct answers Production, selling and marketing concepts Production Concept correct answers Dominated early 20th century; unfulfilled demand for products; products easily sold Selling Concept correct answers Dominated middle 20th century; increased competition; less unfilled demand; little attention to customers Marketing Concept correct answers Began in 1970s; great product variety and customer selectiveness; focus on identifying what customers want and how to keep customers satisfied