• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/37

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

37 Cards in this Set

  • Front
  • Back

define: Marketing

The activity and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society at large.

what are two types of contemporary marketing?

  • Websites that help buyers find the best price, identify product features, and question sellers.
  • Blogs and social networking sites that cultivate consumer relationships.

what are the four eras of US marketing?

  1. Production Era

  2. Selling Era

  3. Marketing Concept Era

  4. Customer Relationship Era

describe the production era and the selling era

produce all you can, and then try to sell it through pursuasion

describe the marketing concept era

Three parts:


  1. customer orientation: Finding out what customers want and then providing it.
  2. service orientation: Making sure everyone in an organization is committed to customer satisfaction.
  3. profit orientation: Focusing on the goods and services that will earn the most profit.

describe the customer relationship era

Customer Relationship Management:


  • Learning as much as you can about customers and doing what you can to satisfy or exceed their expectations.

  • Organizations seek to enhance customer satisfaction building long-term relationships.

  • Even non-profit organizations apply ideas and concepts in marketing.

define: product

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

define: test marketing

  • Testing product concepts among potential product users.

define: brand name

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

what factors does pricing a product depend on?

  • Competitors’ prices
  • Production costs
  • Distribution and accessibility (Middlemen are important in place strategies because getting a product to consumers is critical.)
  • Price strategies

define: promotion

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

what methods does promotion include?

  • Advertising
  • Personal selling
  • Public relations
  • Sales promotions

define: marketing research

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

what are the four steps of marketing research?

  1. Defining the problem or opportunity and determining the present situation.
  2. Collecting research data.
  3. Analyzing the data.
  4. Choosing the best solution and implementing it

define: secondary data


  • Existing data that has previously


    been collected by sources like the government

  • Secondary data incurs no expense and is usually easily accessible.

  • Secondary data doesn’t always provide all the needed information for marketers.

define: primary data


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

  • Telephone, online and mail surveys, personal interviews, and focus groups are ways to collect primary data.

define: focus group

A group of people who meet under


the direction of a discussion leader to communicate opinions.

define: environmental scanning

  • The process of identifying factors that affect marketing success.

what factors are involved in environmental scanning

  • Global factors

  • - Technological factors

  • - Socio-cultural factors

  • - Competitive factors

  • - Economic factors

what are the ABC's of marketing


  • 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.

define: consumer market

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

define: B2B market

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

define: Demographic Segmentation

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

define: Geographic Segmentation

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

define: Psychographic Segmentation

-- Dividing the market by group values, interests, and opinions.

define: Benefit Segmentation -

- Dividing the market according to product benefits the customer prefers.

define: Volume (Usage) Segmentation --

Dividing the market by the volume of product use.

what are the 5 types of segmenting?

1. volume


2. benefit


3. demographic


4. geographic


5. psychographic

define: niche marketing

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

define:


  • One-to-One Marketing--


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

define: Mass Marketing --

Developing products and promotions to please large groups of people.

define: Relationship Marketing--

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

KEYS to SUCCESSFUL RELATIONSHIP


MARKETING

  • Effective relationship marketing is built on:

  • Open communication

  • Consistently reliable service

  • Staying in contact with customers

  • Trust, honesty, and ethical behavior

  • Showing that you truly care

what are the steps in consumer decision-making process?

  1. Problem recognition

  2. Search for information

  3. Evaluating alternatives

  4. Purchase decision

  5. Post-purchase evaluation

what are the key factors in consumer decision-making?


  • Learning

  • Reference Groups

  • Culture

  • Subcultures

  • Cognitive Dissonance: psychological conflict that may occur after a purchase

what are some types of B2B markers?

  • Manufacturers
  • Wholesalers and retailers
  • Hospitals, schools and charities
  • Government


Products are often sold and resold several times before reaching final consumers.

B2B marketing differences?

  • There are relatively few customers.

  • Customers tend to be large buyers.

  • Markets are geographically concentrated.

  • Buyers are more rational than emotional.

  • Sales are direct.

  • Promotions focus heavily on personal selling.