What are the 5 core aspects of marketing? Marketing affects various stakeholders, satisfies customer needs and wants, entails an exchange, creates value through product, price, place, and promotion decisions, and can be performed by individuals and organizations. Marketing is only about digital platforms, does not involve physical products, is only for B2C interactions, and ignores stakeholder relationships. Marketing is only about selling products, focuses solely on profit, is performed only by large corporations, and does not consider customer needs. Marketing is a one-time activity, does not involve communication, is only about advertising, and is not concerned with value creation.

Marketing affects various stakeholders, satisfies customer needs and wants, entails an exchange, creates value through product, price, place, and promotion decisions, and can be performed by individuals and organizations.

What are the four components of the marketing mix? Price, Promotion, People, Process Place, Product, People, Promotion Product, People, Process, Physical Evidence Product, Price, Place, Promotion

Product, Price, Place, Promotion

Marketing Fundamentals: Core Concepts, Exchange Processes and Marketing Mix Elements

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Cards in this deck(100)

What is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large?

What are the 5 core aspects of marketing?

What is the trade of things of value between the buyer and the seller so that each is better off as a result?

What are items that can be physically touched?

What are intangible customer benefits that are produced by people or machines and cannot be separated from the producer?

What includes thoughts, opinions, and philosophies, and intellectual concepts which can be marketed, with the goal not being to make money?

What is a group of firms that make and deliver a given set of goods and services?

What reflects the relationship of benefits to costs?

What are the four components of the marketing mix?

What is the fundamental purpose of marketing, which involves creating value by developing a variety of offerings, including goods, services, and ideas to satisfy customer needs?

What is everything a buyer gives up in exchange for the product or service?

What is an indicator of value, with the biggest threat being store brands?

What represents all the marketing processes necessary to get the product to the right customer when they want it?

What does 'place' most commonly deal with in marketing?

What is communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response?

What type of transaction occurs from Apple to Costco?

What type of transaction occurs from Costco to the consumer?

What type of transaction occurs from eBay to the consumer?

In which era did most firms believe a good product would sell itself, focusing on product adding value?

In which era did firms find an answer to overproduction by focusing on sales, with place adding value?

In which era was the focus on what customers wanted, with firms discovering marketing communication and promotion adding value?

What era reflects the relationship of benefits to costs, implementing a marketing strategy according to what customers value, with price adding value?

What is the process where customers act as collaborators with a manufacturer or retailer to create the product or service that appeals mostly to them?

What is a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship?

What is the focus on identifying and building loyalty among the firm's most valued customers?

What involves using available customer data to find opportunities to satisfy their customers' needs better, keep down costs, and develop long-term loyalties?

By what percentage is social media spending forecasted to increase?

What percent of people link social media sites through their mobile devices?

Which company is known for its online eyeglass sales model where every pair you buy, they give one to someone in need?

What does a marketing strategy identify?

What is an advantage that cannot be copied by the competition and can be maintained over a long period of time, acting like a wall that the firm has built around its position in a market?

What are the four strategies to create and deliver value?

What do the most successful companies do to set themselves apart?

What involves a firm's focus on efficient operations and excellent supply chain management?

What involves a focus on retaining loyal customers and excellent customer service?

What involves a focus on achieving high-quality products, with effective branding and positioning being key?

What involves having a good physical location and internet presence?

What are the steps in the marketing plan?

What is a broad description of a firm's objectives and the scope of activities it plans to undertake?

What questions does the mission statement try to answer?

Who should be responsible for evaluating performance at each level of an organization?

Where is portfolio analysis performed?

What is a means of evaluating strategic business units on the basis of their business growth rates and their share of the market?

What are products that occur in high-growth markets and are high market share products?

What are products that are in low-growth markets but are high market share products, having excess resources that can be spun off to those products that need it?

What are products that appear in high-growth markets but have relatively low market shares, requiring significant resources to maintain and potentially increase their market share?

What are products that are in low-growth markets and have relatively low market shares, generating enough resources to sustain themselves but not destined for 'stardom'?

What is the strategy involving a current product or service in current markets?

What is the strategy involving a current product or service in new markets?

What is the strategy involving a new product or service in current markets?

What is the strategy involving a new product or service in new markets?

What entails a sense of purpose for the firm that is higher than simply making a profit by selling products and services?

What are the principles of conscious marketing?

What are voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders?

Why do companies engage in corporate social responsibility (CSR)?

Who are the key conscious marketing stakeholders?

What is the responsibility to employees in conscious marketing?

What happens when one firm in the industry leads the way toward conscious marketing?

What sets the overall tone for conscious marketing during the planning phase?

What must firms consider when identifying potential markets and ways to deliver the 4Ps during the implementation phase?

During which phase must managers be evaluated on their actions from an ethical perspective?

What are the steps in the ethical decision-making framework?

What includes the firm and its capabilities, competitors, corporate partners, and the physical environment?

Who is the first to affect the consumer in the immediate environment?

Who are the parties that work with the focal firm?

What are the macroenvironmental factors?

What is a group of people of the same generation who typically have similar purchase behaviors because they have shared experiences and are in the same stage of life?

How should marketers approach baby boomers, who are accustomed to traditional forms of media and have longer attention spans?

What is a unique differentiator for Gen X, which allows advertisers to leverage both traditional and digital media?

What are the key characteristics of millennials (Gen Y) as consumers?

How should marketers engage with Gen Z, who value shared experiences, authenticity, and social responsibility?

What comprises political parties, government organizations, and legislation and laws?

What consists of the actions a person takes in purchasing and using products and services?

What is the first stage of the buyer decision process, in which the consumer recognizes a problem or need?

What is the process where the buyer examines his or her own memory and knowledge about the product or service gathered through past experiences?

What is the process where the buyer seeks info outside his or her own personal knowledge base to help make the buying decisions?

What indicates how much control people think they have over the outcomes of various activities?

What is the belief that individuals have some control over the outcomes of their actions, leading them to engage in more search activities?

What is the belief that fate or other external factors control all outcomes?

What is the perceived danger inherent in a poorly performing product or service?

What is the risk associated with a monetary outlay, including the initial cost of the purchase and the costs of using the item or service?

What involves the fears that consumers suffer when they worry others might not regard their purchases positively?

What is the fear of actual harm should a product not perform properly?

What is associated with the way people will feel if the product or service does not convey the right image?

What encompasses all possible choices for a product category?

What includes those brands or stores that the consumer can readily bring forth from memory?

What comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision?

What consists of a set of salient, or important, attributes about a particular product?

What are product or service features that are important to the buyer and on which competing brands or stores are perceived to differ?

What is the set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives?

What assumes that the consumer, when evaluating alternatives, trades off one characteristic against another, such that good characteristics compensate for bad characteristics?

What involves choosing a product or service on the basis of a subset of its characteristics, regardless of the values of its other attributes?

What are products that are purchased without planning, such as fragrances and cosmetics in a department store and magazines in supermarkets?

What alters consumer behavior in a predictable way?

What is the 'no action' condition by imposing a choice on a person who fails to make a decision or does not actively opt for a different alternative?

What is the term for buyer's remorse?

What are some ways firms try to reduce dissonance?

What are the factors influencing the consumer decision process?

What is Maslow's Hierarchy of Needs?

What are the most basic human needs to be satisfied, including water, food, shelter, and clothing?

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