Intro To Business Chapter 12

Front 1

marketing

Back 1

an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

Front 2

production era

Back 2

Industrial revolution until the 1920s. focused on production

Front 3

sales concept era

Back 3

mid-1920s through the early 1950s. technological advances accelerated production. use of public advertisement in all available forms of media became prevalent. marketing took place after product was developed and produced.

Front 4

marketing concept era

Back 4

by the 1950s. production continued to expand more quickly than the growth in demand for goods and services, creating buyer's market and the start of this era. companies needed to determine what the customers wanted and then produce products that met those wants and needs

Front 5

Customer relationship era

Back 5

Customer relationship management-process of establishing long-term relationships with individual customers to foster loyalty and repeat business.
since late 1990s
combines computer information

Front 6

different kinds of utility that marketing provides to customers

Back 6

1. form utility-product takes on a form that pleases customers
2. ownership utility-when store sells swimsuit, ownership of swimsuit transfers from store to the customer
3. time utility-when swimsuit available in time for summer
4. place utility- product available for purchase at a place that's convenient for buyers
5. task utility- when someone performs a service for someone else

Front 7

value

Back 7

equals the ratio of a product's benefits to its costs
value=benefits/costs

Front 8

criticisms of marketing

Back 8

-misuse of personal information
-hidden fees-hidden fees and charges not included in advertised price
-consequences of purchase-takes advantage of less sophisticated members of society

Front 9

target market

Back 9

specific group of potential customers on which a firm focuses its marketing efforts

Front 10

marketing mix

Back 10

factors to serve target market
-product-brand
-price-competitively priced
-promotion-inform and persuade targeted customers to buy a product and build a customer relationship
-place-distributors and wholesalers

Front 11

Marketing Research steps

Back 11

1, Define the marketing need or opportunity
2. Collect the relevant data
3. Analyze and interpret the data
4. Act on conclusions.

Front 12

Primary data

Back 12

raw data collect by a researcher

Front 13

focus group

Back 13

group of 8-10 potential customers who are asked for feedback on a good or a service, and advertisement, an idea, or packaging style.

Front 14

secondary data

Back 14

data that have already been collected and processed

Front 15

Marketing plan

Back 15

written document that specifies the marketing activities that will take place to achieve organizational objectives
A written document with:
-Clearly written marketing objective
-Performance of situational SWOT analysis
-Selection of target market
-Implementation, evaluation, and control of the marketing mix

Front 16

Five Cs of Marketing

Back 16

-Company-what does company do, what are we selling, strength and weaknesses
-Collaborators-who am i working with, how can these relationships grow
-Customers-who is my target audience, current customers, am i selling what they want
-Competitors-who are primary competitors, are there substitutes for my products,
-Climate-whats going on in industry, are there laws and regulations that impact me

Front 17

market segmentation

Back 17

process of separating the broader market into smaller markets

Front 18

market segment

Back 18

subgroup of potential customers who share similar characteristics and have similar product need and preferences.

Front 19

niche markets

Back 19

more narrowly defined. a smaller specific market

Front 20

Consumer market Segmentation

Back 20

1. Geographic
2. Demographic
3. Psychographic
4. Behavioral

Front 21

geographic segmentation

Back 21

segmenting markets according to geographic characteristics

Front 22

demographic segmentation

Back 22

market segmentation according to age, race, religion, gender, ethnic background, and other demographics

Front 23

pyschographic segmentation

Back 23

segmentation according to lifestyles, personality traits, motives, and values

Front 24

behavioral segmentation

Back 24

segmentation according to how a person only buys a particular brand

Front 25

consumer buying process. how a consumer makes a decision to buy

Back 25

1. need recognition
2. information search
3. evaluation of alternatives
4. purchase or no purchase decision
5. postpurchase evaluation

Front 26

characteristics of a B2B market

Back 26

1. A few buyers that purchase in large quantities
2. Highly trained buyers
3. Group purchasing decision
4. Close customer relationship
5. Geographically concentrated buyers
6. Direct purchasing