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38 Cards in this Set
- Front
- Back
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What is Marketing?
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The process of planning and executing the conception, pricing, promtion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives.
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Place These in Order
The Marketing Concet Era The Selling Era The Customer Relationship Era The Production Era |
The evolution of marketing in the United States involved four eras:
1) Production 2) Selling 3) Marketing Concept 4) Customer Relationship |
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Time Period of Production Era and why is it known as the production Era?
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Early 1900s, the general philosophy of business was "Produce as much as you can because there is limitless market" Most goods were bought as soon as they became available.
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Time Period of Selling Era and what is it?
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By the 1920's, businesses had developed mass-productions techniques (assembley lines) and production capacity often exceeded the immediate market demand. Therefore, the business philosophy turned from an emphasis on production to an emphasis on selling.
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Time period of the Marketing Concept era and what it means?
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After WWII ended in 1945 , there was a tremndous demand for goods and services among those returning and then they had a baby boom resulting in increased consumer spending. Businesses recognized the nee to be responsive to customers if they wanted to get their business to suceed and the Marketing Concept emerged.
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What are the three steps to the marketing concept?
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1. Customer Orientation
2. Service Orientation 3. Profit Orientation |
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What is Customer Orientation?
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Finding out what consumers want and provide it for them. That's exactly what Lance Fried did with his waterproof MP3 player.
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What is Service Orientation?
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Make sure everyone in the organization has the same objective: customer satisfaction. This should be a total and integrated organizational effort. That is everyone from the president of the firm to the delivery people should be customer oriented.
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What is Profit Orientation?
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Focus on those goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs.
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What time period is the Customer Relationship Era and what is it?
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Early 1990s and early 2000s managers extended the marketing concept by adopting the concept of customer relationship management.
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What is Customer Relationship Management?
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The process of learning as much as possible about customers and doing everything you can to satisfy them- or even exceed their expectations-with goods and services over time.
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What is the Marketing Mix?
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The ingredients that go into a marketing program.
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What are the ingredients of this marketing mix?
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The 4 P's
Product Price Place Promotion |
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What is Brand Name?
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A word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors.
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What is Promotion?
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All the techniques sellers use to motivate people to go buy their products or services.
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What is Marketing Research?
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The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions.
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What is Secondary Data?
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Information that has already been compiled by others and published in journals and books or made available online.
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What is Primary Data?
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Data that you gather yourself (not from secondary sources such as books and magazines).
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What is a Focus Group?
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A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues.
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What is Environmental Scanning?
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The process of identifying the factors that can affect marketing success.
-Sociocultural -Economic -Competitive -Technological -Global. |
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What is the Consumer Market?
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All the individuals or households that want goods and services for personal consumption or use.
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What is B2B?
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All the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent or supply goods to others.
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What are the four steps in the Market Research Process?
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1. Defining the Question and determining the present situation.
2. Collecting Data 3. Analyzing Reseach Data 4. Choosing the best solution and implementing it. |
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What is Market Segmentation?
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The process of dividing the total market into groups whose members have similar characteristics.
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What is Target Segmentation?
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Marketing directed toward thsoe groups (marget segments) and organization decides it can serve profitably.
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What is Geographic Segmentation?
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Dividing the market by geopgraphic area.
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What is Demographic Segmentation?
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Dividing The market by age, income, and education level.
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What is Psychographic Segmentation?
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Dividing the market using the group's values, attitutes and interests.
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What is Benefit Segmentation?
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Dividing the market by determining which benefits of the product to talk about.
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What is Volume/Usage Segmentation?
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Dividing the market by usage(volume of use). Meaning does your product attract more women or men. Older or younger customers.
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What is Niche Marketing?
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The process of finding small but profitable market segments and designing or finding products for them.
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What is One-to-One Marketing?
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Developing a unique mix of goods and services for each individual customer.
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What is Mass Marketing?
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Developing products and promotions to please large groups of people.
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What is Relationshp Marketing?
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Marketing Strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.
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What technique can small businesses use to counter large corporations?
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Relationship Management
or Customer Relationship Management. |
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The Decision Making Process
1. Problem Recognition 2. Information Search 3. Alternative Evalution 4. Purchase Decision (Y or N) 5. Cognitive Dissonance |
Info Card
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Info
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Consumer Decision Making Process
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Info Card
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The Differences to B2B and Consumer Markets
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