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16 Cards in this Set

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