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24 Cards in this Set
- Front
- Back
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The 4 P's of marketing |
Product,Price,Promotion and Place |
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Exchange Process |
Giving up something for something someone would rather have |
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6 steps of exchange process |
1.Must be two parties 2.Must be able to communicate other party 3.Must be able to deliver 4.Must want to deal with other party 5.Must be free to accept/reject 6.Must have something other party desires |
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Goods |
Tangible |
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Services |
Intangible |
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Marketing Philosophies |
How companies want to be perceived by the public as far as what they are |
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Market Orientation |
We make what customers want/surveys |
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Sales Orientation |
Aggressive sales to make quick profit |
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Social Orientation |
What we make benefits society in some way ; health/enviroment |
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Product Orientation |
We so what we do best/ create;innovative |
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Customer Value |
The relationship between benefits and the sacrifice necessary to obtain those benefits. ( As a business you need to sacrifice to get back) |
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examples of customer value: BUSINESS SENSE |
1.offer products with good quality 2.earn the customers trust 3. fair and realistic prices 4.factual 5.cognitive dissonance 6.nice atmosphere 7.location |
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examples of customer value: PERSONAL SENSE |
1.be friendly 2.smile 3.greeting 4.remember names 5.be available 6.listen 7.compliment 8.humor 9.small talk 10.energetic |
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The 80/20 Principle |
20 % of customers make up 80 % of sales |
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Empowerment |
Giving employees responsibilities that give them authority. To make decisions without consulting anyone, to be trusted |
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Teamwork |
Collaborative efforts putting everyone on the same page and accomplishing a goal as a unit |
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Enabling |
When companies give employees necessary knowledge and tools to handle a problem |
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Promotional Mix
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The various methods of promotion used in marketing |
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Advertising |
Appeals to large audience non personal most expensive ex: tv,radio,billboards |
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Publicity |
When someone talks about your business in some manner in the media format ex: internet, tv |
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Public Relations |
When a company or person promotes their good will/charity |
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Word of Mouth |
When customers based on their experience speak about the views of your business |
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Sales Promo |
Incentives ex: BOGO, rebates,coupons,samples |
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Personal Selling |
Face to face selling, usually when promoting exclusive items/services |
