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41 Cards in this Set

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