Principles of Marketing 351 - Chapter 1 & Course Overview

Comprehensive practice flashcards for CSUF Principles of Marketing 351, covering syllabus policies, core marketing concepts, management philosophies, market orientation, and reasons for studying marketing.

What percentage of the overall course grade is allocated to Attendance & Participation in Principles of Marketing 351?

Attendance & Participation accounts for $15\%$ of the grade ($150$ points out of $1,000$ total points).

Where can students purchase the required 'Principles of Marketing Videobook' and how much does it cost?

It can be purchased on the Great River Learning (GRL) platform at https://www.GRLcontent.com/ for $34.99$.

What is the policy for pop quizzes in Principles of Marketing 351?

Five pop quizzes ($100$ total points) are administered at the start of class during the semester, lasting $5$ minutes for $5$ questions. The lowest score is dropped, using the best $4$ scores.

What is the deadline for checking in for attendance at the beginning of class?

Check-ins must be completed within the first $10$ minutes of class on feedbackforgreg.com/marketing using the daily class code.

How is marketing defined according to Chapter 1?

Marketing 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 two primary facets of marketing?

1) A philosophy, attitude, perspective, or management orientation that stresses customer satisfaction. 2) An organizational function and set of processes used to implement this philosophy.

What is the definition of an exchange in marketing?

An exchange is people giving up something in order to receive something else they would rather have.

What five conditions must exist for an exchange to take place?

1) At least two parties. 2) Each party has something of value. 3) Each party can communicate and deliver. 4) Each party is free to accept or reject the offer. 5) Each party believes it is appropriate or desirable to deal with the other party.

What is the core focus of the Production Philosophy?

It focuses on internal production capabilities and works well when demand exceeds supply and economies of scale are important.

What is the main focus and potential flaw of the Product Philosophy?

It focuses on producing the highest quality goods, but it may fail if that is not what the customer actually wants.

What is the focus of the Sales Philosophy?

It emphasizes push techniques and aggressive hard selling.

What is the focus of the Marketing Philosophy?

It focuses on achieving long-term organizational goals by best serving customers' needs and wants.

What is the principle behind the Societal Marketing Philosophy?

An organization should satisfy customer wants and business goals while also benefiting or preserving society's long-term best interests.

How did former Procter & Gamble CEO A.G. Lafley summarize the shift in power to consumers?

He stated, 'The customer is boss.'

What five characteristics are used to compare sales and market orientations?

1) The organization's focus, 2) The firm's business, 3) Those to whom the product is directed, 4) The firm's primary goal, and 5) The tools used to achieve the organization's goals.

What is customer value?

Customer value is the relationship between benefits and the sacrifice necessary to obtain those benefits.

What is customer satisfaction?

Customer satisfaction is customers' evaluation of a good or service in terms of whether it has met their needs and expectations.

What is relationship marketing?

Relationship marketing is a strategy that focuses on keeping and improving relationships with current customers.

What four elements are critical for successful relationship marketing strategies?

1) Customer-oriented personnel, 2) Effective training programs, 3) Employees empowered to make decisions and solve problems, and 4) Teamwork.

What is empowerment in customer service?

Empowerment is the delegation of authority to solve customers' problems quickly—usually by the first person the customer notifies regarding a problem.

How do sales-oriented firms and market-oriented firms differ in how they define their business?

A sales-oriented firm defines its business in terms of goods and services, whereas a market-oriented firm defines its business in terms of the benefits its customers seek.

What are three key advantages of defining a firm's business in terms of customer benefits?

1) Ensures the firm keeps focusing on customers, 2) Encourages innovation and creativity, and 3) Stimulates awareness of changes in customer desires and preferences.

How do sales-oriented and market-oriented organizations differ regarding target markets?

A sales-oriented organization targets 'everybody' or the 'average customer,' while a market-oriented organization aims at specific groups of people.

What is Customer Relationship Management (CRM)?

A company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.

What is Big Data?

Big Data refers to the discovery, interpretation, and communication of meaningful patterns in data.

What is on-demand marketing?

On-demand marketing is delivering relevant experiences, integrated across both physical and virtual environments, throughout the consumer's decision and buying process.

How does a market-oriented organization achieve its ultimate goal of making a profit?

By creating customer value, providing customer satisfaction, and building long-term relationships with customers.

What is promotion in marketing?

Promotion is the means by which organizations communicate with present and prospective customers about the merits and characteristics of their organization and products.

According to the course material, why does Costco achieve an employee retention rate of $94\%$?

Costco achieves a $94\%$ retention rate thanks to its high pay, generous benefits, and trust in its employees.

What market strategy does Patagonia exemplify?

Patagonia exemplifies a market-oriented target strategy by offering upscale and outdoor sports clothing tailored specifically to its target market.

What four reasons are given for studying marketing?

1) Marketing plays an important role in society, 2) Marketing is vital to business organizations, 3) Marketing offers outstanding career opportunities, and 4) Marketing affects everyday life.

Approximately what percentage of every dollar spent by consumers pays for marketing costs?

About half of every dollar ($50\%$) spent pays for marketing costs such as research, packaging, transportation, advertising, and sales expenses.