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33 Cards in this Set
- Front
- Back
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marketing |
planning & executing the: development, pricing, promotion, and distribution of: ideas, goods, and services to create exchanges that satisfy both buyers and sellers objectives |
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marketing concept |
the idea that the whole firm is directd toward serving present and potential customers at a profit. |
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value |
relative comparison of a products benefits versus its costs |
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consumer goods |
products purchased by individual sale for their personal use |
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industrial goods |
products purchased by companies to use directly or indirectly to produce other products |
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services |
intangible products, such as time, expertise, or an activity that can be purchased |
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relationship marketing |
a type of marketing that ephasizes lasting relationships with customers and suppliers. |
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marketing managers |
managers responsible for planning and implementing all the marketing mix activities that result in the transfer of goods or services to customers |
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marketing plan |
a detailed strategy for gearing the marketing mix to meet consumer needs and wants |
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marketing mix |
the combination of product, pricing, promotion, and distribution strategies used in marketing a product |
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product |
a good, service, or idea that satisfies buyers' needs and demands |
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product differentiation |
the creation of a productor product image that differs enough from existing products to attract consumers |
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price |
that part of the marketing mix concerned with choosing the appropriate price for a product to meet the firm's profit objectives and buyer's purchasing objectives |
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distribution |
the part of the marketing mix concerned with getting products from the producer to the buyer, including physical transportation and choice of sales outlets. |
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promotion |
that part of the marketing mix concerned with selecting the appropriate echnique for selling a product to a consumer |
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target market |
any group of people who have similar wants and needs and may be expected to show interest in the same products |
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market segmentation |
dividing a market into categories according to traits customers have in common |
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geographic variables |
geographical units that may be considered in a segmentation strategy |
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demographic variables |
characteristics of populations that may be considered in a developing a segmentation strategy |
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multicultural marketing |
marketing activities directed at various ethnic groups in canada |
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psychographic variables |
psychological traits that a group has in common, including motives, attitudes, activities, interests, and opinions |
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product positioning |
the establishment of an easily identifiable image of a product in the mind of consumers |
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market research |
the systematic study of what buyers need and how best to meet those needs |
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secondary data |
information already available to market researchers as a result of previous research by the firm or other agencies |
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primary data |
information developed through new research by the firm or its agents |
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observation |
a market research technique involving viewing or otherwise monitoring consumer buying patterns |
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survey |
a market research technique based on questioning a respresentative sample of consumers about purchasing attitudes and practices |
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focus group |
a market research technique involving a small group of people brought together and allowed to discuss selected issues in depth |
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experimentation |
a market research technique in which the reactions of similar people are compared under different circumstances |
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consumer behaviour |
the study of the process by which customers come to purchase and consume a product or service |
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rational motives |
those reasons for purchasing a product that involve a logical evaluation of a product attributes such as cost, qualtiy, and usefulness |
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emotional motives |
those reasons for purchasing a product that involve non-objective factors |
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word of mouth marketing (buzz marketing) |
opinions about the value of products passed among consumers in informal discussions |
