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40 Cards in this Set
- Front
- Back
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Marketing
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a group of activities designed to expedite transactionsby creating, distributiing, pricing and promoting goods, services and ideas
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Exchange
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the act of living up one thing (money, credit, labor, goods) in returen (exchange) for something else (good, service, ideas)
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The exchange process
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Buyer-something of value (money, credit, labor, goods)-seller-something of value (goods, service, ideas)-start over
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Value
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a customer's subjective assessment of benefits relative to costs in determining the worth of a product
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Benefits
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anything a buyer recieved in exchange
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Costs
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anything a buyer must give up to obtain the product's benefits, monetary costs and time and effort expanded to product the product
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The maketing concept
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the idea that an organization should try to satisfy constomers' needs through coordinated activities that also allow it to achieve its own goals
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Produciton orientation
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19th century - manufacturing efficiency
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Sales orientation
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early 20th century - supply exceeds demand; a need to "sell" product exists
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Market orientation
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1950s - first determine what customers want, new technologies are helping to improve communication and are helping companies learn what customers want, build realtionships with customers
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Market
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a group of people who have a need, purchasing power and the desire and authority to spend money on goods, servies and ideas
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Target market
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a more specific group of consumers on whose needs and wants a company focuses on its maketing efforts
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Total-marker approach
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a firm tries to appeal to all consumers and assumes that they all have similar needs
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Market segmentation
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a strategy to divide the total market into groups of people with relatively similar product needs
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Markey segment
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a collectiong of individuals, groups, or organizations sharing one or more characteristics, thus having relatively similar needs and desires for a product
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Concentration approach
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a market segmentation strategy whereby a company develops one markering strategy approach to a single marker segment
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Multisegment approach
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a market segmentation strategy whereby a company aims its efforts at two or more segments, developing a market strategy for each
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Demographic
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age, income, gender, ethnicity, education
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Geopgraphic
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city, state, location, region, climate, population, size
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Psychographic
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person's attitude, personality, lifestyles, interests
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Behavioristic
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behavior of a person
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Product
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a good, service or idea that is tangible and intangible attributes that provides statisfaction and benefits consumers
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Price
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a value placed on a product or service that is exchanged between a buye and a seller
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Distribution
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making products available to consumers in the quanities and locations desired
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Promotion
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a persuassive form of communication that attempts to expedite a marking exchange by influencing individuals and organizations to accept goods, services and ideas
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Marketing research
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systematic and objective process to collect information about potentiial customers
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Marketing information systems
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a framework for accessing information about consumers from sources inside and outside the organization
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Primary data
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information collected directly from respondents
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Secondary data
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information compiled inside or outside organization for some purpose other than changing the current situation
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Virtual testing
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interactive mulitmedia research that combines sight, sound and animation to improve testing or products and their features
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Buying behavior
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decisions processes and actions of people who purchase and use products
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Perception
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process by which a person selects, organizes and interprets information recieved from one's senses
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Learning
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brings changes in behavior based on information and experience
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Attitude
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positive or negative feelings about something
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Personality
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individual's distinguishing character traits, attitudes or habits
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Social roles
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set of expectations of individuals based on some position they occupy
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Reference groups
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groups with whom buyers identify and whose values or attitudes they adopt
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Social classes
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ranking of people into higher or lower positions of respect
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Culture
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intergrated,accetped pattern of behavior including thought, speech, benefits, actions and artifacts
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The marketing environment
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external forces that directly and indirectly affect marketing stategy
-political, legal and regulatory foces -social forces -competitive and economics forces -technological forces |
