Flashcards in this deck (34)

• What is the definition of marketing according to Fahy & Jobber (2012)?

  Marketing is about selling products at the lowest price.

  Marketing is the delivery of value to customers at a profit.

  Marketing is the process of manufacturing goods.

  Marketing involves advertising and promotion only.
  marketing definitions
• What does the American Marketing Association (2017) state about marketing?

  Marketing is a form of entertainment.

  Marketing includes activities, institutions, and processes for creating, communicating, and delivering value offerings.

  Marketing focuses only on customer service.

  Marketing is solely about selling products.
  marketing definitions
• What are the two types of benefits in customer value?

  Direct Benefits and Indirect Benefits.

  Tangible Benefits and Intangible Benefits.

  Functional Benefits and Symbolic Benefits.

  Monetary Benefits and Non-Monetary Benefits.
  marketing customer_value
• What marked the Industrial Revolution's impact on marketing?

  Decline in the use of marketing concepts.

  Increased focus on luxury goods only.

  Mass production, lower priced goods, and international trade.

  Emphasis on local markets only.
  marketing history
• What significant shift occurred during the Selling Era in the USA (1910-1920)?

  Marketing was abandoned in favor of direct sales.

  Marketing began incorporating scientific methods and research.

  Marketing focused solely on production efficiency.

  Marketing emphasized emotional appeals over research.
  marketing history
• What is the difference between Micro Marketing and Macro Marketing?

  Micro Marketing focuses on global strategies; Macro Marketing is local.

  Micro Marketing is about advertising; Macro Marketing is about sales.

  Micro Marketing is at the individual firm level; Macro Marketing looks at societal impacts.

  Micro Marketing is only for small businesses; Macro Marketing is for large corporations.
  marketing concepts
• How does customer value balance perceived benefits and perceived sacrifices?

  Customer Value = Perceived Benefits + Perceived Sacrifice.

  Customer Value = Perceived Sacrifice - Perceived Benefits.

  Customer Value = Perceived Benefits x Perceived Sacrifice.

  Customer Value = Perceived Benefits - Perceived Sacrifice.
  marketing customer_value
• When did marketing practices begin to emerge according to historical records?

  Marketing emerged during the Renaissance period.

  Marketing practices began in the 20th century.

  Marketing started with the Industrial Revolution.

  Marketing has been around since ancient times, dating back to Ancient Greece.
  marketing history
• What is a key characteristic of Macro Marketing?

  It focuses only on individual firms.

  It ignores economic factors.

  It is solely about advertising strategies.

  It considers societal impacts and the role of marketing in social processes.
  marketing concepts
• Who contributed to early marketing theories focusing on the centrality of the customer?

  Philip Kotler and David Aaker

  Henry Ford and Thomas Watson

  Peter Drucker and Michael Porter

  Ralph Starr Butler and Arch W. Shaw
  marketing theory
• When was the Journal of Marketing launched?

  1920

  1950

  1936

  1945
  marketing history
• What term emerged during the 1920s to 1940s related to marketing?

  transactional marketing

  relationship marketing

  digital marketing

  scientific marketing management
  marketing terminology
• What was a significant impact of WWII on US consumer markets?

  Stagnation of marketing practices

  Decline in consumer markets

  Continued growth of consumer markets

  Increased product shortages
  marketing history
• What characterized the 1950s in terms of marketing practices?

  Shift towards consumption

  Increased trust in consumers

  Focus on production

  Decline of advertising
  marketing history
• What is a central concept in marketing?

  Brand loyalty

  Product quality

  Customer value

  Market share
  marketing concepts
• What does the lecture aim to examine regarding the Transactional Marketing paradigm?

  Cultural impacts

  Historical origins

  Technological advancements

  Advantages and socio-economic context
  marketing objectives
• What shift occurred in marketing theory from pre-1940s to the 1950s?

  From descriptive to prescriptive

  From qualitative to quantitative

  From analytical to observational

  From theoretical to practical
  marketing theory
• What socio-economic development occurred in the 1950s in the USA?

  Economic recession

  Decreased media consumption

  Rural decline

  Population growth and urbanization
  socio-economics history
• Who emphasized the managerial nature of marketing decisions in 1957?

  Philip Kotler

  Wroe Alderson

  David Aaker

  Peter Drucker
  marketing theory
• What is the title of the work that emphasized the managerial nature of marketing decisions?

  Marketing Behaviour and Executive Action

  Marketing Principles and Practices

  Marketing Strategies for Success

  The Art of Marketing Management
  marketing management
• Who introduced the concept of market segmentation?

  Borden (1954)

  McCarthy (1960s)

  Smith (1956)

  Kotler (1967)
  marketing segmentation
• What are the elements of Borden's Marketing Mix introduced in 1954?

  Product, Price, Positioning, People

  Product, Price, Place, Promotion

  Price, Place, Promotion, Packaging

  Product, Promotion, People, Process
  marketing mix
• Which book by Philip Kotler further institutionalized the managerial approach to marketing?

  Principles of Marketing

  Marketing Strategy

  Marketing Research

  Marketing Management (1967)
  marketing books
• What was a key criticism of Transactional Marketing?

  Inadequate use of digital marketing

  Over-reliance on market research

  Focus on transactions rather than relationships

  Emphasis on brand loyalty
  marketing criticisms
• What does Customer Lifetime Value (CLV) emphasize?

  Short-term marketing campaigns

  Immediate sales transactions

  Long-term relationships with customers

  Single transaction focus
  marketing customer
• What was a significant economic condition affecting marketing in the 1960s and 1970s?

  Increase in print advertising

  Mass consumption in the US and UK

  Rise of e-commerce

  Decline in consumer spending
  marketing economics
• What did critics argue was missing from transactional marketing models?

  Customer interaction and co-creation

  Innovative advertising techniques

  Market research methodologies

  Effective pricing strategies
  marketing criticism
• What was a focus of B2B marketing that raised doubts about Transactional Marketing?

  Minimizing marketing costs

  Maximizing immediate sales

  Building trust and relationships

  Focusing solely on product features
  marketing b2b
• What challenge did Transactional Marketing face due to sophisticated consumers?

  Desire for lower prices

  Interest in one-time purchases

  Need for personalized, long-term relationships

  Demand for more product features
  marketing challenges
• What was a major limitation of Transactional Marketing (TM)?

  Focus on Long-Term Relationships

  Inability to Cope with Sophisticated Consumers

  Adaptability to Diverse Markets

  Customer-Centric Approach
  marketing transactional_marketing
• What did critics say about Transactional Marketing?

  It was too flexible for diverse markets

  It focused too much on customer relationships

  It did not put the customer at the heart of the business

  It met the needs of discerning consumers
  marketing criticism
• What economic condition did TM struggle with?

  Booming Market Conditions

  Rapid Economic Growth

  High Consumer Demand

  Stagnant Economy
  economy marketing
• What new marketing approaches emerged due to TM's limitations?

  Emphasis on product-centric decisions

  Short-term sales strategies

  Focus on long-term relationships

  Transactional exchanges
  marketing new_approaches
• What was TM's focus that contrasted with the needs of sophisticated consumers?

  Singular exchanges

  Customer engagement

  Service marketing

  Personalized marketing
  marketing consumer_behavior