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18 Cards in this Set
- Front
- Back
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Market |
A group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services—that is, ways of satisfying those needs. |
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Marketing |
In a particular organization, identifying needs of customer,figuring out how to solve problem. |
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Macro Marketing |
Focus on the needs of society as a whole. |
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Micro Marketing |
focuses on a particular industry |
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Marketing3.0 |
Phillip Cotler, marketing has shifted since therecession. People are looking to the organizations not only to fill their needs, but toalso provide an emotional connection and a sense of meaning. Organizations should have alevel of providing “meaning” to their customers. Ex: Apple, changing the world. |
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Market Directed Economy |
Market that is bases on supply and demand. Ex: USA |
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Command/Planned economy |
Market that is governmenttrun. Ex: N Korea. |
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Free trade, NAFTA, the EU |
Attempts to lessen the trade barriers between countries. Attempts to make trade easier between countries. |
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Nationalism |
Put the needs of your country above all others. |
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Economies of Scale |
The more you produce, the less each unit cost. |
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Target Market |
Demographics (gender,age..), Psychographics (Attitudes, interests, opinions), Geographics, orsegment by need (frequent headaches) |
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Marketing strategy |
Target Market + Marketing Mix (Homogeneous among, heterogeneous ____) Specifies a target market and a related marketing mix. |
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Marketing Plan |
Marketing strategy plus specific time relateddetails |
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The 4 P's: |
Product (the product plus value Ex: warranty) Price Promotion Place |
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The Marketing Concept |
You are there to create value that results in customer satisfaction. Total company effort to create value (and of course profit). |
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Marketing Opportunities |
a. Market penetration: getting current market touse your product for everything ex: arm & hammer baking soda
b. Market development: expanding in to anothertarget market with the same current product c. Product development: getting current market to buy another productEx:new laundry detergent d. Diversification: creating a new product in a new market ex:arm & hammer making their own dessert line. |
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Customer Equity |
The total value that all of the customers generate over a period of time.An asset on the balance sheet. All of your current and perspective customers. |
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Customer Lifetime Value |
Total stream of purchases that ONE customer can make in their lifetime. |
