Marketing Midterm

Front 1

What is marketing?

Back 1

creating value for customers, satisfying needs and wants, building strong customer relationships.

Front 2

What is the goal for marketing?

Back 2

attract new customers
keep and grow current customers

Front 3

What are the 4P`s of marketing?

Back 3

Product
price
place
promotion

Front 4

5 step marketing process

Back 4

research
design strategy
implement
monitor /control
equity

Front 5

research

Back 5

understanding the marketplace and customer needs
needs= physical (food, safety,etc) social (belonging, affiliation) individual (self esteem/expression, knowledge )

Front 6

market offering

Back 6

Some combination of products, services, information, or experience offered to a market to satisfy a need or want

Front 7

market myopia

Back 7

The mistake of paying more attention to the specific products a company offers than the benefits and experiences produced by these products

Front 8

market

Back 8

the set of all actual and potential buyers of a product or service

Front 9

Marketing management

Back 9

the art and science of choosing target markets and building profitable relationship with them

Front 10

production concept

Back 10

The idea that consumers will favor products that are available and highly affordable,therefore, the organization should focus on improving production and distribution efficiency

Front 11

Product concept

Back 11

The idea that the consumer will favor products that offer the most quality, performance, and features, therefore, the organization should devote its energy to making continuous product improvements

Front 12

selling concept

Back 12

The idea that consumers will not buy enough of the firm's product unless the firm undertakes a large scale selling and promotions effort

Front 13

Marketing concept

Back 13

a philosophy in which achieving organizational goals depends on knowing the needs and wants of target market and delivering the desired satisfaction better than competitors

Front 14

societal marketing concept

Back 14

The idea that a company 's marketing decision should consider consumers wants, the company 's requirements, consumer 's long run interests and society 's long run interest

Front 15

customer relationship

Back 15

The overall process of building and maintaining profitable customers relationship by delivering superior customer value and satisfaction

Front 16

customer perceived value

Back 16

The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers

Front 17

different customers

Back 17

stranger~low potential profit, low loyalty
butterflies ~high potential, low loyalty
true friends ~high potential profit, high loyalty
barnacles ~low potential profit, high loyalty

Front 18

segmentation

Back 18

separate population into groups by age, ethnicity, gender ,etc

Front 19

target marketing

Back 19

communicate with a specific group;who's your audience

Front 20

positioning

Back 20

How brand or product is placed in consumer's mind
Arranging for the market offering to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers.

Front 21

design strategy

Back 21

design a customer driven marketing strategy

Front 22

implement

Back 22

construct an integrated marketing program that delivers superior value

Front 23

strategic planning

Back 23

developing and maintaining a strategic fit between the company's goals and capabilities and its changing marketing opportunities

Front 24

bcg growth share matrix

Back 24

Front 25

Strategies for growth and downsizing

Back 25

Front 26

Marketing mix

Back 26

Front 27

SWOT analysis

Back 27

Front 28

Marketing Segmentation

Back 28

Dividing the market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixed

Front 29

Market Targeting

Back 29

Evaluating each market segment's attractiveness and selecting one or more segments to enter

Front 30

Differentiation

Back 30

differentiating the market offering to create superior customer value

Front 31

Target Market

Back 31

A set of buyers sharing common needs of characteristics that the company decides to serve

Front 32

Undifferentiated (Mass) Market

Back 32

A market coverage strategy in which a firm decides to ignore market segments differences and go after the whole market with one offer

Front 33

Differentiated (Segmetated) Marketing

Back 33

A market coverage strategy in which a firm decides to target several market segments and designs separate offers for each

Front 34

Concentrated (Niche) Marketing

Back 34

a market coverage strategy in which a firm goes after a large share of one or a few segments or niches.

Front 35

micromarketing

Back 35

tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments; it includes local and individual marketing

Front 36

Local Marketing

Back 36

Tailoring brands and marketing programs to the needs and wants of local customer segments-cities, neighborhoods, and even specific stores

Front 37

individual marketing

Back 37

tailoring products and marketing programs to the needs and preferences of individual customers
Ex~ chuck taylors

Front 38

Marketing Enviroment
Micro

Back 38

direct influences on the consumer and the company
Actors close the company that directly affect its ability to serve its customers

Front 39

Marketing environment
Macro

Back 39

larger societal forces that affect the microenviroment
Cultral, demographics, social, technological, economic, political/legal, natural forces

Front 40

marketing enviroment

Back 40

forces outside marketing that affect the company's ability to build and maintain successful relationships with consumers

Front 41

The company's microenviroment

Back 41

The company

suppliers

marketing intermediaries

competitors

publics

customers

Front 42

Market Intermediaries

Back 42

Help promote, sell, and distribute goods to the final buyer (value delivery system)
-resellers

-physical distribution firms

--marketing services agencies

-financial interemediaries

Front 43

Competitors

Back 43

Direct-similar products
Indirect- products that are easily substituted
Marketplace competition- competing for the buyers' limited discretionary buying power

Front 44

Market Research Process

Back 44

Define the problem (hypothesis)
Research Design
Collect Data

Analyze Data
present results

Front 45

Exploratory Research

Back 45

Can help:
Define the problem
Create a hypothesis
Shape research design

Front 46

descriptive research

Back 46

marketing research to better describe marketing problems, situations. or markets such as the market potential for a product or the demographic and attitudes of consumers

Front 47

Ethnographic Research

Back 47

a form of observational research that involves sending trained observers to watch and interact with consumers in their "natural environment"

Front 48

Customer relationship management

Back 48

Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty

Front 49

Freudian Theory

Back 49

Marketing Implications
unconscious motives underlying purchases
Ex- buying a car = sex

Front 50

Pyramid of Human Needs

Back 50