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27 Cards in this Set
- Front
- Back
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what is marketing? |
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. |
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how marketing evolved: four periods |
1. the production era (1700's to 1920's) to produce as many goods as possible 2. the selling era (1920's to 1950's) to use creative and aggressive sales techniques to sell products 3. the marketing concept era (1950's to 1990s) focus on customers, service and profitability 4. the customer relationship era (1990's to present) focus on using customer information to satisfy their expectations |
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sellers market |
a market in which there is more demand for products then there is supply (the production era) |
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buyers market |
in which there were more products available then there were buyers (selling era) |
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selling concept |
which emphasized high powered sales techniques to sell products (selling era) |
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marketing concept |
focuses on customer satisfaction, service, and profitability (marketing concept era)
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customer relationship management |
finding out everything possible about customers and then using that information to satisfy and even exceed their expectations in order to build customer loyalty over the long term (customer relationship era) |
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what does the world "value" mean in marketing? |
a customer's perception that a certain product offers a better relationship between costs and benefits than competitors products do. |
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what are three things organizations have to offer? |
product:a good or service that can satisfy customer needs product line: a collection of products designed for a similar market/are physically similar. product mix: the combination of all product lines that a firm offers |
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the consumer buying process: 5 steps in making decisions |
1. problem recognition "i realize i have a problem to resolve" 2. information search "I need a solution" 3. evaluating alternatives "weigh pros and cons of available products" 4. purchase decision "ill choose this one or not choose at all" 5. postpurchase evaluation "I'm happy/unhappy with my purchase" |
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consumer buying behavior |
the behavior shown by consumers in considering and buying various products |
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factors influencing buying behavior: five factors |
1. culture and subculture values and attitudes 2. social class 3. reference groups 4. personal image 5. situational matters |
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developing a marketing strategy: |
1. identifying the target market among market segments 2. creating the right marketing mix to reach that target market 3. dealing with important forces in the external marketing environment |
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a marketing strategy relies on: |
market segmentation: dividing a market into groups who's members have similar characteristics target marketing strategy: consisting of marketing directly to such segments-the target market |
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what are five types of market categories for individual or household consumers? |
geographic: categorizes customers according to geographic location demographic: categorizing consumers according to statistical characteristics of a population such as gender, age, income, education, etc. psychographic: categorizing people according to lifestyle, values, and psychological characteristics benefit: categorizing people according to the benefits, or attributes, that people seek in a product user rate: categorizing people according to volume or frequency of usage |
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one-to-one marketing |
reducing market segmentation to the smallest part-individual customers |
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what are three market segments that businesses may target in marketing to other businesses? |
geographic segmentation- categorizing customers based on location customer based segmentation- categorizing customers according to size, industry type, etc. product-use-based segmentation-categorizes business customers according to how they will use the seller's product |
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what are four justifications for developing new products? |
1. to stay ahead or match the competition 2. to continue to expand revenues and profits 3. to fill out a product line 4. to take advantage of an opportunity |
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The marketing process/4P strategy |
1. developing a product that will fill consumer wants 2.pricing the product 3. distributing the product to a place where consumers will buy it 4. promoting the product |
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The product strategy (4p's) |
concept testing - marketing research designed to solicit initial consumer reaction to new product ideas
test marketing- process of testing products among potential users |
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the pricing strategy (4ps) |
pricing-figuring out how much to charge for a product-the price, or exchange value, for a good or service |
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the place distribution (4ps) |
distribution- the process of moving goods or services from the seller to prospective buyers |
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the promotion strategy (4ps) |
promotion- all the techniques companies use to motivate consumers to buy their products |
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marketing research |
the gathering and analyzing of data about issues relating to the marketing of goods and services |
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marketing research (4 steps) |
1. define the problem 2. collect facts 3. analyze the data 4. take action |
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secondary data |
information acquired and published by others |
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primary data |
data derived from original research |
