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80 Cards in this Set
- Front
- Back
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Marketing
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a group of activities designed to expedite transactions by creating, distributing, pricing and promoting goods, services, and ideas
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What are the 4 P's of marketing?
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Product
Placement Pricing Promotion |
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Exchange
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the act of giving up one thing (money, credit, labor, goods) in return (exchange) for something else (goods, services, ideas)
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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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Costs
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anything a buyer must give up to obtain the producer's benefits
monetary costs and time and effort expended to procure the product |
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The Marketing Concept
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the idea that an organization should try to satisfy customers' needs through coordinated activities that also allow it to achieve its own goals
ex: Walmart's slogan "Save Money, Live better" |
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Production 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" products exists |
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Market Orientation
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an approach requiring organizations to gather information about customer needs, share information across the firm and use information to build long term relationships with customers
1950s -first determine what customers want -new technologies are helping to improve communication and are helping companies learn what customers want |
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Marketing Strategy
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a plan of action for developing, pricing, distributing and promoting products meeting the needs of specific customers
ex: oreo cookie |
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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, services 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 its marketing efforts
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Total-Market Approach
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a firm tries to appeal to all consumers and assumes that they all have similar needs
ex: salt, sugar, white bread, flour |
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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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Market Segment
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a collection of individuals, groups, or organizations sharing one of more characteristics, thus having relatively similar needs and desires for products
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Concentration Approach
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-type of segmentation approach
-a market segmentation strategy whereby a company develops one marketing strategy approach for a single market segment |
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Multisegment Approach
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-type of segmentation approach
-a market segmentation strategy whereby a company aims its efforts at two or more segments, developing a marketing strategy for each |
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Bases for Market Segmentation
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-demographic
-geographic -psycho graphic -behavioristic |
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Developing the Marketing Mix
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Product
Price Distribution Promotion |
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Product
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a good, service, or idea that has tangible and intangible attributes that provide satisfaction and benefits to consumers
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Price
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a value placed on a product or service that is exchanged between a buyer and seller
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Distribution
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making products available to consumers in the quantities and locations desired
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Promotion
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a persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals and organizations to accept goods, services and ideas
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Primary Data
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marketing information that is observed, recorded or collected directly from respondents
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Secondary Data
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information compiled inside or outside the organization for some purpose other than changing the current situation
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Buying Behavior
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decision processes and actions of people who purchase and use products
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What are the psychological variables for buying behavior?
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Perception
Learning Attitude Personality |
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What are some social variables for buying behavior?
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Social Rules
Reference Groups Social Classes Culture |
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What are some external forces that directly and indirectly affect marketing strategy?
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-political, legal, and regulatory forces
-social forces -competitive and economic forces -technological forces |
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What are the steps to developing new products?
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-idea development
-new idea screening -business analysis -product development -test marketing -commercialization |
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What are the keys to develop effective marketing strategy?
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-maintain right marketing mix
-satisfy target market -long term customer relationship **Successful companies have at least one dimension of value that surpasses all others |
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Convenience Product
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-purchased without doing research into price
-widely available -often for immediate consumption ex: a gallon of milk |
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Shopping Products
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-consumer has compared competitors' prices and has shopped around done
-price, features, quality, style, service and image all influence the decision to buy ex: clothing, furniture |
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Specialty Products
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-require the greatest level of research and shopping effort
-not willing to accept substitutes -consumers know exactly what they want and go out of their way to find it -price not the strongest consideration ex: designer clothing, art, antiques |
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Business Products
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used directly or indirectly in the operation or manufacturing processes of a business
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Product Line
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group of closely related products that are treated as a unit because of a similar marketing strategy, production, or end-use
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Product Mix
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all the products offered by the company
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The Product Life Cycle
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***Look at chapter 12 slide 11
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Branding
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-the process of identifying products
-name -term -symbol -design |
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Trademark
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-a brand registered with US patent and trademark office
-protected from use by any other firm |
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Manufacturer Brands
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initiated and owned by the manufacturer to identify products from production to point of purchase
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Private Distributor Brands
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costs less than manufacturer brands; owned and controlled by wholesaler or retailer
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Generic Products
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no brand name often come in simple packages and carry their generic name
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Product Quality
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the degree to which a good, service, or idea meets the demands and requirements of customers
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What are the 4 common pricing objectives?
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1. maximize profits and sales
2. boost market share 3. maintain the status quo 4. survival |
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New Product Pricing
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-price skimming
-penetration pricing |
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Psychological Pricing
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-even/odd
-symbolic/prestige pricing ex: $9.99 |
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Price Discounting
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-quantity discounts
-seasonal discount -promotional discounts |
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What are some distribution strategies?
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1. marketing channel
2. retailers 3. wholesalers |
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Marketing Channel
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a group of organizations that moves products from their product to consumers
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Retailers
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-buy products from manufacturers and sell them to customers for uses other than resale
-many now compete online |
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Wholesalers
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-intermediaries that buy from producers or other wholesalers and sell to retailers
-also called middlemen |
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Supply Chain Management
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**Look up--chapter 12 slide 20
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Intensity of Market Coverage
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depends on buyer behavior, the nature of the target market, and competition
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Intensive
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makes a product available in as many outlets as possible
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Selective
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uses only a small proportion of all available outlets to expose products
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Exclusive
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exists when a manufacturer gives a middleman the sole right to sell a product in a defined geographic territory
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Distribution Strategy
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-least flexible element of marketing mix
-commits resources and establishes contractual relationships -expansion into new markets may require new distribution strategy |
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Promotion Strategy
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-goal is to communicate with individuals, groups, and organizations
-encourages marketing exchanges -used to influence opinions and attitudes toward organizations, people, or causes |
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The Promotion Mix
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advertising
personal selling publicity sales promotion |
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Steps to Personal Selling
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1. prospecting
2. approaching 3. presenting 4. handling objections 5. closing 6. following up |
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E-Business
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carrying out the goals of business through use of the Internet
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Digital Media
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electronic media that function using digital codes
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Digital Marketing
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using digital media to develop communications and exchanges with customers
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What are the five key characteristics of Digital Marketing?
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1. addressability
2. interactivity 3. accessibility 4. connectivity 5. control |
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Addressability
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the ability for a business to identify consumers before they make a purchase
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Interactivity
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allows customers to express their needs and wants directly to the firm in response to its communications
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Accessibility
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allows consumers to find information about competing products, prices, and reviews and to become more informed about a firm and the relative value of its products
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Connectivity
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keeps customers and businesses connected with each other
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Control
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consumers' ability to regulate the information they receive via the Internet
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Where are the four best places for advertising? (Bonus)
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1. TV
2. Newspaper 3. Radio 4. Billboards |
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Online Social Networks
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a web-based meeting place for friends, family, co-workers and peers that lets users create a profile and connect with others for a variety of purposes
-build relationships with customers -provide product information -learn about customer needs -contact new target markets |
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What are the two factors that sparked the increase in consumer-generated information?
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1. increased tendency for consumers to publish their thoughts, opinions and review of products via blogs and other digital media
2. consumers tend to trust other consumers over corporation |
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Social Networks
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Facebook, Myspace, LinkedIn, Twitter
-2/3 of consumers have visited online social networking sites |
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What is the largest social networking site in the world?
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Facebook
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What is LinkedIn?
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a social network for professionals
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What social network is a hybrid social networking and blogging site?
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Twitter
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Market Research
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-gathering data on consumers
-asking consumers about preferences |
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Crowdsourcing
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using communities of interested consumers to gather input and feedback for marketing purposes
-helps small businesses on limited budgets compete with large businesses |
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Digital Media
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makes your company more efficient and productive
-transitions to digital media can be challenging -correct blend of traditional and digital media in marketing mix takes time and consideration -future marketing opportunities will require a knowledge of digital media and how to use them |
