Vocabulary Words
This is a term that describes the "activity, set of instructions and processes for creating, communicating and exchanging offering that have values for customers, clients, aprtners and society at large"
What is marketing (pt1 - slide 4)
What is this statement known as?
"To attract, retain and cultivate customers so that customers benefit from the goods and services they buy. That way, companies achieve their goals and profits"
What is "The Goal of Marketing" (pt2 - slide 7)
Taylor Swift's Folklore and Evermore are some examples of this type of marketing stage
What is Product Orientation (pt1 - slide 12)
These are the marketing concepts
What is (1) Production Concept, (2) Selling Concept, (3) Socially Marketing Concept, (4) Marketing Concept, (5) Product Concept ("Pros and Cons" - slide 5)
Business conducts itself in the best interest of consumers and society
What is "Socially Responsible Marketing" (pt1 - slide 12)
This is a term that has the following definition: "a group who have a similar need for a product or service, the resources to purchase the product or service, and the willingness and ability to buy it"
What is "A Market" (pt2 - slide 6)
When a company prioritizes identifying the needs and desires of customers and creating products and services that satisfy them.
What is "Marketing Orientation" (pt1 - slide 12)
This is the term that is defined as "The idea that the consumer prefer products and services that are easily available and affordable"
What is "The Production Concept" ("Pros and Cons" - slide 7)
The series of steps businesses follow to promote their products or services to potential customers.
What is "Marketing Process" or "Processing" (p3 - slide 5)
This term is defined as "an organization [that] cannot satisfy the needs of all consumers, so it concentrates its efforts on a segment of the population."
What is a "Target Market" (pt2 - slide 13)
Grammarly and 16Personalities are examples of this type of marketing stage
What is "Marketing Orientation" (pt1 - slide 12)
This is the term that is defined as "a customer-centred approach to product design (getting to know their customers’ likes and dislikes)."
What is "The Marketing Concept" ("Pros and Cons" - slide 10)
A tangible commodity produced and – eventually – purchased to satisfy the current wants and perceived needs of the buyer.
What is "Consumer Goods" (p3 - slide 6)
These are the two main sections of the marketing process
What is "Creating value for customers and build customer relationship" AND "Capturing value from customer in return" (pt2 - Slide 10)
These are the three steps that this sub-type of marketing follows:
(1) Identifies and satisfies consumer needs
(2) Delivers satisfaction better than competition
(3) Enhances the well-being of society through sound relationship and coorporate citizenship
What is "Socially Responsible Marketing" (pt1 - slide 13)
These are the two pros and cons of the "Production Concept"
What is PRODUCTION PROCESS PROS: (1) Low prices, (2) High Profit, (3) Mass Production -- AND -- CONS: (1) Low quality, (2) Obselete, (3) Not Personalized ("Pros and Cons" - slide 6)
Practices that some companies adopt to acknowledge the larger social and environmental impacts
of their product and services.
This approach is also known as ethical corporate marketing.
What is "Socially Responsible Marketing" (SRM) (p3 - slide 6)
These are the five different elements of the marketing process
What is (1) to Assess customer needs
(market analysis, consumer analysis), (2) Identify and select target market,
(3) Develop Marketing strategy (4 P’s), (4) Develop Customer relationship strategy (satisfaction, loyalty), (5) Evaluation and control (marketing activity review, financial review) (pt2 - slide 8)
These are all the names of the four stage of marketing
(1) Product Orientation, (2) Selling Orientation, (3) Marketing Orientation + (4) Socially Responsible Marketing (pt1 - slide 12)
This is the term that is defined as "the belief that customers will not purchase an adequate quantity of a product or services unless they are actively persuaded to do so"
What is "The Selling Concept" ("Pros and Cons" - slide 7)