MAR 2011 Chapter 1 LOs

L.O.1-1: What is a marketer's role in creating value?

• Setting costumer relationships in ways that benefit the organization and its employees.

• Creating a supply chain to perform or support the delivery of a company's products to customers.

• Understanding marketplace demands and providing consumers with benefits that meet their needs and wants.

• Finding the correct target audiences to avoid and target when choosing promotions and advertisements.

L.O.1-1: What is a market's role in communicating value?

• Communicating not only what a product is but also what value that product brings to its potential customers.

• Creating the perception of an absolute want through the promotion of products.

• Eliminating false propaganda and a warped image of a product or service.

• Using word-of-mouth and on-the-ground personal selling to enhance the knowledge of a product or service on a local level.

L.O.1-1: What is a marketer's role in delivering value?

• Finding modern door-to-door internet-based corporations to create supply chain contracts.

• Establishing a supply chain that consists of multiple companies directly linked through an upward and downward flow of sources between company and consumer.

• Establishing a practical and cost-efficient intermodal form of transportation between DCs and retailers or consumers.

• Outsourcing and officializing contracts between different companies to overall enhance the speed and schedule of delivering back-orders to consumers.

L.O.1-2: What is the first mentioned era of marketing in textbook and what did it consist of?

• Production Orientation; after the 1920s, companies did not do much for the overall brand image, but focused on customer loyalty to products.

• Sales Orientation; prior to the 1920s, companies focused only on increasing sales, but did not consider costs and had relatively low profit margins.

• Product Orientation; prior to the 1920s, companies believed that quality products would sell themselves with efficient processes and production.

• Sales Orientation; following the 1920s, companies advertised a growth in sales to increase customer and brand loyalty.

L.O.1-2: Following production orientation, what strategy did marketers use?

• Sales Orientation; from the mid 1920s to the end of WWII, companies used personal selling and advertising to persuade consumers to buy products.

• Product & Consumer Orientation; from the mid 1920s to the end of WWII, companies focused on matching specific products with specific consumer and personality types.

• Marketing Concept; from the mid 1920s to end of WWII, companies switched from advertising to political and rhetoric propaganda.

• Product & Sales Orientation; from the mid 1920s to the end of WWII, companies emphasized and used high product sales to demonstrate high quality.

L.O.1-2: The marketing concept, which started in the 1950s and is still evolving today, involves:

• allowing consumers to find products throw digital marketing and online social networking.

• advocates a firm's long-term success that must include a companywide effort to satisfy customer needs.

• advocates attracting, maintaining, and enhancing customer relationships.

• persuading customers of a higher value in products and services compared to competitors.

L.O.1-2: In this new era of marketing, what trends have been noticed in mediums of marketing?

• Newspaper subscriptions have decreased, while news from social media sites has increased.

• Mobile app downloads have increased while the use of internet-based websites has decreased.

• Radio station advertisements have increased in recent years, while music phone applications have decreased.

• Cable subscriptions have decreased while streaming services like Netflix and Hulu have increased.

L.O.1-3: What is a customer need?

• Needs are the products and services that are used frequently due to social and cultural norms.

• Needs are formed by personality, culture, and buying situation.

• Needs are the private essentials of livelihood that are found in every household.

• Needs are states of felt deprivation such as desiring clothing, shelter, or safety.

L.O.1-3: What is a customer want?

• Wants are the products and services that are used frequently due to social and cultural norms.

• Wants are the form that human needs are shaped by personality, culture, and buying situation.

• Wants are the private essentials of livelihood that are found in every household.

• Wants are states of felt deprivation such as desiring clothing, shelter, or safety.

L.O.1-4: What does 'product' mean in relation to the marketing mix?

• The specific combination of goods, services, or ideas that a firm offers to consumers.

• The amount of something - money, time, or effort - that a buyer exchanges with a seller to obtain a product.

• The activities a firm undertakes to make its product available to potential consumers.

• All the activities that communicate the value of a product and persuade customers to buy it.