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32 Cards in this Set
- Front
- Back
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Marketing
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set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
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Exchange process
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activity in which two or more parties give something of value to each other to satisfy perceived needs.
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Utility
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power of a good or service to satisfy a want or need
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time utility
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making a good or service available when customers want to purchase it.
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place utility
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making a product available in a location convenient for customers
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ownership utility
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an orderly transfer of goods and services from the seller to the buyer.
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Marketing concept-
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company-wide consumer orientation to promote long-run success.
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20 million
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how many not-for-profit exist worldwide
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Non-traditional marketing
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Cause, Place, Event, Person, Organization
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Target market-
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group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences.
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consumer (B2C) product
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good or service that is purchased by end users
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business (B2B) product
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: good or service purchased to be used, either directly or indirectly, in the production of other goods for resale
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Product strategy - Marketing Mix
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involves the nature of the product and its package design, brand names, trademarks, and product image.
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Distribution strategy - Marketing Mix
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ensures that customers receive their purchases in the proper quantities at the right times and locations.
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Promotional strategy - Marketing Mix
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blends advertising, personal selling, sales promotion, and public relations to achieve its goals of informing, persuading, and influencing purchase decisions.
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Pricing strategy - Marketing Mix
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setting profitable and justifiable prices for the firm’s product offerings, sometimes subject to government scrutiny.
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Standardization-
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offering the same marketing mix in every market.
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Adaptation-
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developing a unique marketing mix to fit each market’s local competitive conditions, consumer preferences, and government regulations.
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Mass customization-
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allows a firm to mass produce goods and services while adding unique features to individual or small groups of orders.
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Marketing research
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the process of collecting and evaluating information to support marketing decision making
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Secondary data
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Previously published data from trade associations, advertising agencies, marketing research firms, and other sources.
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Primary data
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Data collected through observation, surveys, and other forms of observational study.
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Data mining
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computer searches of customer data to detect patterns and relationships.
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Business intelligence
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activities and technologies for gathering, storing, and analyzing data to make better competitive decisions
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Market segmentation–
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the process of dividing a total market into several relatively homogeneous groups.
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80/20 principle
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frequent customers have a higher lifetime value, so businesses allocate resources accordingly
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Frequency marketing
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reward purchasers with cash, rebates, and other premiums (TGI Fridays reward program)
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Affinity programs
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solicit involvement based on common interest
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Comarketing
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businesses jointly market each others’ products
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Cobranding
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firms link their names in a single product
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Relationship marketing-
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developing and maintaining long-term, cost-effective exchange relationships with partners.
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Consumer behavior-
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actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions.
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