Management L5

• What is the primary goal of marketing?

  Delivering value to customers
• How does CIM define marketing?


  Management process for satisfying customer requirements
• What does AMA state about marketing?

  Creating, communicating, and exchanging value offerings
• What is the role of marketing in the commercial sector?

  Create economic value by perceived customer value
• What is the definition of value in marketing?

  Comparison of product benefits versus costs
• What are some ways a company can deliver value?

  • Develop a superior product
  • Extend store hours during busy seasons
  • Offer price reductions
  • Provide usage information for products
• Who stated, "The aim of marketing is to know and understand the customer so well the product fits him and sells itself"?

  Peter Drucker
• What is the difference between customers and consumers?

  Customers purchase; consumers use the product
• What is Relationship Marketing?

  • Strategy for lasting customer relationships
  • Focuses on suppliers and customers
• What is Customer Relationship Management (CRM)?

  • Organized methods for better client connections
  • Aims to strengthen company-client relationships
• What does data warehousing refer to?

  Collection, storage, and retrieval of data
• What is the political-legal environment in marketing?

  Relationship between business and government regulations
• What does the sociocultural environment encompass?

  Customs, values, and demographic characteristics
• What is the technological environment in marketing?

  Ways firms create value for constituents
• What does the economic environment refer to?

  Conditions in the economic system of operation
• What is the competitive environment?

  The system in which businesses compete
• What is a substitute product?

  Product fulfilling the same need differently
• What is brand competition?

  Marketing appealing to consumer perceptions
• What is international competition?

  Domestic products competing against foreign products
• Who is a marketing manager?

  Manager planning and implementing marketing activities
• What is a marketing plan?

  Detailed strategy focusing on consumer needs
• What are marketing objectives?

  Goals intended to accomplish in marketing plan
• What is the marketing mix?

  • Combination of product, price, promotion, and place
  • Strategies used to market products
• What is market orientation?

  Organization-wide generation of market intelligence
• What is marketing research?

  Study of customer needs and how to meet them
• What is a target market?

  Group with similar wants and needs
• What is market segmentation?

  Dividing a market into customer categories
• What is product positioning?

  Fixing and communicating a product's nature
• What are geographic variables?

  Geographic units for segmentation strategy
• What is demographic segmentation?

  Using demographic characteristics for market segments
• What are the components of the marketing mix?

  • Product
  • Price
  • Promotion
  • Place
• What is an integrated marketing strategy?

  • Blends Four Ps or seven Ps of marketing
  • Ensures compatibility with company activities
• What should you consider when drawing up a marketing mix for Netflix?

  Product, price, promotion, and place
• What is the focus of international marketing?

  Market entry and standardization/adaptation strategies
• What are the four Ps of marketing?

  Product, Place, Price, Promotion
• How is 'Place' defined in the marketing mix?

  Delivery method of the offering to customers
• What does 'Price' represent in marketing?

  The amount customers pay for goods or services
• What does 'Product' refer to in marketing?

  Anything that satisfies customer needs
• What is the role of 'Promotion' in marketing?

  Using communications to persuade purchases
• What are the additional components of the marketing fundamentals besides the Four Ps?

  • People
  • Process
  • Physical evidence