Ch. 13: Marketing

Front 1

4 P's of Marketing Mix

Back 1

Product
Price
Place
Promotion

Front 2

Product

Back 2

A good, service, or idea that satisfies a consumer’s want or need.

Front 3

Tes Marketing

Back 3

Testing product concepts among potential product users. (Used so as not to waste money.)

Front 4

Brand Name

Back 4

A word, letter, or a group of words or letters that differentiates one seller’s goods from a competitor’s.

Front 5

Factors PRICING is dependent on...

Back 5

Competitors’ prices
Production costs
Distribution
High or low price strategies

Front 6

Promotion

Back 6

All the techniques sellers use to inform people about their products and motivate them to purchase those products.

Front 7

Promotion Aspects

Back 7

Advertising
Personal Selling
Public Relations
Word of Mouth
Sales Promotions

Front 8

Perfect Promotion

Back 8

Get customers emotional about your product

Be a likable salesperson

Front 9

Marketing Research

Back 9

Analyzing markets to determine challenges and opportunities, and finding the information needed to make good decisions.

Uncovers market trends and attitudes held by company insiders and stakeholders.

Front 10

Secondary Data

Back 10

Existing data that has previously been collected by sources like the government.

Incurs no expense and is usually easily accessible.

Doesn't always provide all information necessary for marketers.

Front 11

Primary Data

Back 11

In-depth information gathered by marketers from their own research.

E.g. Telephone, online and mail surveys, personal interviews, and focus groups...

Front 12

Focus Group

Back 12

A group of people who meet under the direction of a discussion leader to communicate opinions.

Front 13

Key Benefits of Marketing Research

Back 13

Analyze customer needs and satisfaction
Analyze current markets and opportunities
Analyze effectiveness of marketing strategies
Analyze marketing process and tactics currently used
Analyze the reasons for goal achievement or failure

Front 14

Environmental Scanning

Back 14

The process of identifying factors that affect marketing success.

Front 15

Factors involved in the environmental scan

Back 15

Global, technological, sociocultural, competitive, and economic factors

Front 16

ABC's of Marketing

Back 16

Always be customer-focused.
Benchmark against the best firms.
Continuously improve performance.
Develop the best value package.
Empower your employees.
Focus on relationship building.
Goal achievement is the reward.

Front 17

Consumer Market

Back 17

All the individuals or households that want goods and services for personal use and have the resources to buy them

Front 18

B2B (Business-to-Business Marketing)

Back 18

Individuals and organizations that buy goods and services to use in production or to sell, rent, or supply to others

Front 19

B2B Marketing Differences

Back 19

1. There are relatively few customers.
2. Customers tend to be large buyers.
3. Markets are geographically concentrated.
4. Buyers are more rational than emotional.
5. Sales are direct.
6. Promotions focus heavily on personal selling.

Front 20

Market Segmentation

Back 20

Divides the total market into groups with similar characteristics.

Front 21

Target Marketing

Back 21

Selecting which segments an organization can serve profitably.

Front 22

Geographic Segmentation

Back 22

Dividing the market by cities, counties, states, or regions

Front 23

Demographic Segmentation

Back 23

Dividing the market by age, income, education, and other demographic variables

Front 24

Psychographic Segmentation

Back 24

Dividing the market by group values, attitudes, and interests

Front 25

Benefit Segmentation

Back 25

Dividing the market according to product benefits the customer prefers

Front 26

Volume (Usage) Segmentation

Back 26

Dividing the market by the volume of product use

Front 27

Niche Marketing

Back 27

Identifies small but profitable market segments and designs or finds products for them

Front 28

One-to-one marketing

Back 28

Developing a unique mix of goods and services for each individual consumer

Front 29

Mass Marketing

Back 29

Developing products and promotions to please large groups of people--one size fits all

Front 30

Relationship Marketing

Back 30

Rejects the idea of mass production and focuses toward custom-made goods and services for customers