Marketing (not on exam)

AMA definition of marketing from 1985: marketing is the process of planning and executing the ________________, pricing, promotion, and __________________ of ideas, goods, and services to create ___________________ that satisfy individual and organizational objectives

conception; distribution; exchanges

AMA definition of marketing from 2004: an organizational ______________ and a set of processes for creating, communicating, and delivering _____________ to customers and for managing customer _______________________ in away that benefits the organization and its stakeholders - more than just selling products

function; value; relationships

the ideas of what marketing is has evolved to focus more on the _______________ rather than the _______________

customer; product

the 2004 def'n of marketing recognized the benefits to the organization and its stakeholders, including all individuals or groups affected by an organization's _________________ and ______________

decisions; actions

Kotler and Keller's _______________ definition of marketing - it's a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others

social

Kotler and Keller's __________________ definition - it's the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value

managerial

marketing: to serve a group of _____________________, organizations must direct ______________________ so that the right _______________ is sold in the right quantity at the right place at the right price and at the right _________

customers; activities; product; time

_____________ describes six competing concepts of marketing activities: Production, Product, Selling, Marketing, Customer, Societal Marketing

Kotler

____________________ concept: emphasizes efficiency of production and distribution of goods and services

production

_______________________ concept: assumes consumers are primarily interested in product availability and low prices

production

___________________ concept: deliver as many Rx's as possible, regardless of appropriateness, at the lowest price possible

production

___________________ concept: emphasizes product quality and improvement over time

product

__________________ concept: assumes consumers evaluate product quality and appreciate well-made products

product

__________________ concept: may focus on designing a great service without input from those who will benefit from it (customers)

product

________________ concept: focused on stimulating consumer interest through aggressive sales and promotion efforts

selling

_________________ concept: assumes that consumers must be coaxed into buying products

selling

_______________ concept: sole concern is hard sales, rather than customers' needs, wants, and post purchase satisfaction

selling

_________________ concept: those with negative views toward marketing use this concept's practice as their evidence

selling

_________________ concept: focused on identifying and addressing the needs of consumers, rather than convincing consumers to use the products and services that the marketer prefers

marketing

________________ concept: takes care in selecting appropriate target markets, or distinct groups of buyers who may benefit from a given product or service

marketing

____________________ concept: states that it's easier/better to change the product to what the customer wants and needs than to convince them to use products and services available

marketing

________________ concept: like the marketing concept, but suggests marketing to individual customers rather than target markets

customer

_______________ concept: customization of products

customer

______________ concept: focused on the creation of lifetime value for individual customers

customer

________________ _______________ concept: focused on delivering products and services in a way that preserves or enhances the consumer's and the society's wellbeing

societal marketing

________________ ___________________ concept: combines several features of the marketing concept, customer concept, and societal marketing concept

holistic

____________: basic human requirements

needs

_____________: desire for a specific satisfier of a need

wants

_____________: wants, backed by an ability to pay

demands

in terms of health economics, ____________ are what experts believe to be the amount of medical care a person should have to remain or become as healthy as possible; based on this def'n, the ____________ of a patient are not necessarily apparent to the patient

needs; needs

true or false: the needs of a patient are not necessarily apparent to the patient

true

using pharmaceutical expertise to translate __________ into ___________ and ________________ is an integral part of our profession

needs; wants; demands

responding to expressed or stated needs is an important responsibility, but there are also instances where customers have a want or need that they themselves don't recognize/understand - these are known as _______________ needs

latent

the core concept of marketing is _________________

exchange

_________________: a process of obtaining a desired product from someone by offering something in return

exchange

when two parties reach an agreement, a ____________________ or trade of values between two or more parties takes place

transaction

________________: one party gives an item of value to another party without receiving anything tangible in return

transfer

the _________________ _________ is a set of tools an organization uses to pursue its objectives with respect to its target market

marketing mix

the marketing mix is classified into the four P's of marketing: ________________, _______________, _____________, _______________, and the unofficial fifth P, __________________

product; price; place; promotion; positioning

in pharmacy, physical goods are usually combined with a _______________, although it's not uncommon for a _______________ to be provided without a physical good

service; service

types of services associated with pharmaceutical care: ________________________ services, _____________________-related value-added pharmaceutical services, ______-___________________-related value-added pharmaceutical services

dispensing; dispensing; non-dispensing

___________ is what is given up or sacrificed to obtain a product

price

for the consumer, the price includes not only the ______________ given to the provider, but also the time, effort, and ___________________ related to searching for, purchasing, and using the product

money; discomfort

several variables need to be considered when setting a price including the ________ function, ________________________'s prices, and the current _________________ for that product/service

cost; competitor; demand

__________ ________________: the cost of producing, distributing, and selling the product, plus a return for risk and effort

cost function

____________: creating utility by having the product available when and where targeted customers want to buy it

place

________________________: informing, reminding, and persuading the target market about an organization and its offerings

promotion

_____________________ ______ includes advertising (via newspaper, radio, TV, etc.) as well as sales promotion, PR, direct marketing, and personal selling

promotional mix

____________________________: designing the company's image and offering to occupy a distinctive place in the mind of the target market

positioning

______________________________: internal standards used by customers when evaluating a product or service

expectations

________________ service level: What customers believe can and should be delivered

desired

_________________ service level: Minimum level of service customers are willing to accept

adequate

________ ____ ______________________: The difference between adequate and desired service levels

zone of tolerance

_____________________ service level: The service customers believe that they're most likely to get

predicted

_________________________: a person's feelings of pleasure or disappointment resulting from comparing a product's perceived performance in relation to his or her expectations

satisfaction

________________: broadly defined as "superiority or excellence"

quality

______________ quality: customers' long-term cognitive evaluation of a firm's service delivery; results from a comparison of expectations and perceptions of service performance

service

_____________________ quality: refers to perceptions on what is received from a service

technical

__________________ quality: refers to perceptions on how service was performed

functional

the 5 dimensions of service quality are:

tangibles; reliability; responsiveness; assurance; empathy

_____________________: the appearance of a firm's physical facilities, equipment, personnel, and communication materials

tangibles

_______________________: the ability of the firm to perform the promised services dependably and accurately

reliability

______________________________: the willingness of the firm to help customers and provide prompt service

responsiveness

_______________________: the knowledge and courtesy of employees and their ability to convey trust and confidence

assurance

____________________: the caring, individualized attention the firm provides to its customer

empathy

________________: the difference between perceived benefit and perceived cost

value

value can be increased by increasing _____________________ derived from the core product

benefits

value can be increased by providing or enhancing ______________________________ services

supplementary

value can be increased by reducing ___________________ costs

monetary

value can be increased by reducing ___________________________ outlays associated with acquiring and using the product (i.e. time, effort, discomfort)

nonmonetary

debate exists as to how loyalty should be conceptualized and ______________________, as well as what ___________________ loyalty

measured; generates

Reichheld suggests that firms only be aware of a single-item measure when considering the concept of loyalty: How likely is it that...

you would recommend Company X to a friend or colleague?

Reichheld's question: How likely is it that you would recommend Company X to a friend or colleague? has been shown to be related to the __________________ growth rate of firms in several industries

revenue

________________________ marketing often utilizes loyalty programs

relationship

relationship marketing often utilizes ______________ programs

loyalty

_______________________ marketing: activities aimed at developing long-term, cost-effective links between an organization and its customers for the mutual benefit of both parties

relationship

relationship marketing is in contrast to ________________________ marketing, in which the focus of both parties is to make the cost of each individual transaction

transactional

relationship marketing: activities aimed at developing long-term, cost-effective links between an organization and its customers for the ___________ _______________ of both parties

mutual benefit

the growing interest towards ______________________ marketing began in the early 1980s, signaling a change in the nature of general marketplace transactions away from ______________________ marketing

relationship; transactional

values of relationship marketing: ______________________-oriented company management

marketing

relationship marketing: focusing on ___________________________ and viewing suppliers, customers, and others as partners rather than as combatants; the belief that relationships will create ______________ value, leading to an extension of the duration of the relationship

collaboration; mutual

emphasizing relationship and __________ values is part of relationship marketing - ______________________ rather than rigidity should guide the management of customer relationships. customers are _______________________ and should be treated as such

service; flexibility; individuals

relationship marketing: all parties should take active roles and hold _________________________________

responsibilities

results of relationship marketing: encourages ___________________ marketing over __________________ marketing

retention; attraction

results of relationship marketing: the longer customers remain in relationships, the more ______________________ they become to the company

profitable

results of relationship marketing: significantly more _______________________ to attract new customers than to retain existing ones; theoretically relationship marketing is the less expensive and more profitable way to conduct business

expensive

results of relationship marketing: customer benefits - long-term relationships can reduce stress and _______ for customers as ____________ in the service provider increases; simplifies one's life and offers social benefits

risk; trust

intense competition and pressure on containing ________ has pushed pharmacy owners, large corporations, and hospitals to seek new sources of _____________________

costs; revenue

a ______________________ ____________ describes what goods and services a pharmacy will offer, at which groups its marketing efforts will be targeted, and the specific marketing activities it will undertake

marketing plan

elements of a ___________________ ___________ are SWOT analysis, goals and objectives, target markets, marketing mix, and control processes

marketing plan

elements of a marketing plan are ________ analysis, goals and _________________, target ___________, marketing _______, and _____________ processes

SWOT; objectives; markets; mix; control

___________ statements are general and provide direction for the practice to meet the mission of the pharmacy

goal

goal statements are _____________ and provide direction for the practice to meet the ____________of the pharmacy

general; mission

________________ ________________: groups toward which marketing activities are directed; involves marketing segmentation (groups with similar wants and needs)

target markets

market ________________________ - groups w/ similar wants and needs

segmentation

_________________ ______: set of decisions that the pharmacy makes to market its goods and services

marketing mix

eight P's of ____________ marketing: product, place, price, promotion, process, personnel, physical facilities, productivity and quality

service

eight P's of service marketing:

product, place, price, promotion, process, personnel, physical facilities, productivity and quality

_____________ process: allows assessment of performances in comparison with selected objectives

control

control process is focused on the _______________ of care, __________________ performance, patient ____________________, and service growth

quality; financial; satisfaction