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16 Cards in this Set
- Front
- Back
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Marketing
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Managing profitable customer relationships
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Aim of Marketing
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Create value for customers and capture value in return
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What is market
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actual or potential buyers of a product or service
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Production Concept
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customers favor products that are available and affordable
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product concept
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consumers favor products that offer superior value
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selling concept
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businesses must use large scale selling, promotion to remoce all production that is available
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marketing concept
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knowing wants and needs of customers and delivering satisfactions better than competitors
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societal marketing concept
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delivering value in a way that improves society
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Products/Marketing positioning
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arranging to have your product occupy clear, distinct, and desirable place in consumer's mind
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derived demand
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business demand that ultimately comes fromt he demand for consumer goods
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institutional markets
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schools, hospitals, nursing homes, prisons, and other institutions provide goods and services to ppl in their care
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gov't markets
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gov't units (fed., state, local) that purchase or rent goods and services for carrying out main functions of gov't
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competitive market
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many participants, no product differentiation, no profit, easy entry, ex. agriculture
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monopolistic competition
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many participants, some product differentiation, some profit, easy entry, ex. retail
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oligopoly
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few (<20) participants, important product differences, good profit, hard entry, ex. oil/steal
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monopoly or cartel
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one participant, complete product differences, infinite but regulated profit, very hard entry, ex. water supply
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