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41 Cards in this Set
- Front
- Back
Exchange
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Is the act of obtaining a desired product/service from someone by offering something in return
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5 conditions for exchange
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1. Two parties
2. each party much have something of value 3. Each party is free to accept/reject exchange offer 4.Each party is capable of communic/delivery 5. Each party believes it is appro or desirable to deal with other party |
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Macro Marketing
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Concerned w/ the creation and delivery of a desired standard of living for society through the effective and efficent exchange process that involve an economys good and services
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Micro Marketing
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Marketing is concerned w/ the satifaction of a customers needs and the accomplishment of an organizations marketing obejective through the effective and efficent exchange processes that involve an organizations good and services
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Need
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Something you must have
food, clothing, shelter, safty |
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Want
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is a learned behavior which is marketing job to teach consumers
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Demands
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Are specific products that are backed up by an ability and willingness to buy
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Utlity
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the want & satisfying power of a good or service
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Form utility
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Conversion of raw material into furnished goods, a funtion of production
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Place utility
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having products availabe for consumption and conveinient locations
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Time utility
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Having products available at conveinient times
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Ownership Utility
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creating facilities to transfer the title to products at the time of purchase
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Information Utility
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Transfering of wanted and needed information to customers
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Marketing concept
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is a company wide consumer orientation with the objective of achieveing long run profits
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1. Market focus
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occurs when a corporte culture is systematically committed to the continous creation of superior customer value.
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2. consumer orientation
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decide how to meet these need/wants using the organizations scarce resources
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3.Coordinated Marketing effort
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all business function work together to provide customer value
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4. A understanding
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of the importance of marketing intelligence, marketing research, customer contact
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5. A set
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of specific marketing goals and target profitablity
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Meaning mix/strategy elements
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Product
Price Promotion Distribution |
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Product
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comprises decisions about the packaging design branding, trademark,product life cycle,product design
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Distribution
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deals with the broad range of activitirs concerned with the physical flow of goods and services from the point of orgin to the point of consumption
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Price
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The method of setting fair and justifyable prices
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Promotion
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personal selling, advertising and sales promotion tools utilized by the firm to communicate with potiential customers and current customers.
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Consumer behavior
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is the decision process and physical activities individuals engage in when evalutating acquiring usuing and disposing of goods and services during an exchange process.
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Purchasing Roles
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1. Initator
2. Influence 3. Buyer 4. User |
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Initator
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the individual who determines that some need/want is not being met
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Influence
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a person why by some intentional or unintentional word or action influence the purchase decision, the actual purchase and or use of the product
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Buyer
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The indivisual who actually makes the purchase transaction
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User
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The person who most directly involved in the consumption or use of the purchase
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Model
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is a simplified representation of reality
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Advantages of model
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1. Frame work of reference is provide for research
2. Facilitates the learning process 3. Models are useful in theory construction 4.Provide a mechanism to better explain behavior |
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Marketing segmentation
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the act of dividing an overall market into distinct groups of buyers-market segments who might require customized/unique products and or marketing mixes
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Consumer characteristics
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geographical seg
demograpical seg Psychographic seg |
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Geographical seg
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the dividing of an overall market into relativetly homogenous groupss on the population location
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Demographic Seg
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the dividing of an overall market into relatively homogeonous groups on the basis of characteristics such as age, gender, religion.
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Psychographic Seg
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Utilizes behaviors, profiles developed from the analyis of consumers activiteis, interest and opinion, relating to the targer markets life style.
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Consumers response
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Benefit Seg
Usage Seg Occassion Seg Enthusiams Seg |
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Benefit Seg
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focus on the benefits the consumer expects to dervice from a product or service
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Usage Seg
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The marketer segms the market on the basis of usage and consumption rate of the product that facilitates the development of a need
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Enthusiams/Affect Segmentation
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People in a market can be segmented based on their degree of affect/enthusiams for a product/positive/indiff/negat/hostile
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