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28 Cards in this Set
- Front
- Back
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Consumer Behavior
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Process which people go through in business.
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Consumer Behavior
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-Psychology (individuals)
-Sociology (groups) -Education (learning) -Economics (supply and demand) |
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Competitive Market
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Multiple buyers and sellers
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Place Utilities
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Retailers study demographics and populations (example- Sam's in North Denton)
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Ownership Utility
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1. Rent to own
2. Fast food getting cheaper 3. Point Systems |
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Marketing Concept
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-Satisfy needs consistently
-Good customer service is incentive for patrons to come back. |
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Definition of Marketing
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Development and distribution of product for chosen market segment. (Tied to the need)
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Development of Marketing
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1. Production Orientation
2. Sales Orientation 3. Consumer Focus 4. Societal Orientation |
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Production Orientation
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You make it, people buy it. Mandatory because everything else is on it.
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Sales Orientation
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Multiple sellers trying to sell to us through agents, advertising etc.
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Consumer Focus
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What product would consumer want/need
-iPod= personalized entertainment |
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Societal Orientation
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What's best for society in the long run. Ratings for movies, tv shows.
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The Marketing Mix
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4 Elements:
1. Product 2. Price 3. Promotion 4. Place |
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Sales Promotion
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gadgets, giveaways, and gimmics
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Political and Legal Environment
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Aspects of Mktg. Envt.
-Content -Social envt -Legal envt -Competitve envt |
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Sherman Act (1890)
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Make illegal contracts, combinations, or conspiracies in restraint of trade...monopolies or attempts to monopolize
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Robinson-Patman Act (1936)
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-Addresses price discrimination, which is illegal in interstate commerce
-Burden of proof is on the violator |
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Ways around Robinson-Patman Act
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1. Justify different prices on basis of cost to serve
2. Meeting competition in good faith 3. Buyers in 2 different markets (no advantage provided) |
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Where Marketing Fits in the Organization
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Corporate level and functional level
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Corporate levels
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Broad, global
1. Mission 2. Goals 3. Strategies 4. Tactics |
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Functional Level
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Operation Activities- day- to-day
Marketing Sales Production Management info Sessions Control system Human resources |
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Marketing Area: Mktg Manager
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1. Considers organizational goals
2. Develops marketing objectives that are consistent w/ corporate goals 3. Looks at opportunities 4. Segment market for chosen opportunities 5. Select target markets based on objectives and using market research 6. Develop marketing mix for each target market |
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Target Market
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Defined- segment of buyers and the 4 P's.
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Target Market Characteristics
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1. Identifiable
2. Substantial- Large # of buyers or small # of buyers w/ high profit 3. Accessible- communicate and distribute |
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Approaches
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-Total market approach
Segment Approach- Concentration, Multi-segment -Niching (unserved, under-served) |
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Marketing Strategy
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Choose target market
-segment-select segments Develop a marketing mix for each target market |
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Segmentation Defined
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Segementation is breaking up a market (group of buyers) on the basis of shared characteristics.
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Segmentation: Basis
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-Geographic <-- Homogenous
-Demographic <-- easy to access -Psychographic (lifestyle) -Behavior <-- use pattern |
