• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/26

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

26 Cards in this Set

  • Front
  • Back
marketing
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
production era
Industrial revolution until the 1920s. focused on production
sales concept era
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.
marketing concept era
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
Customer relationship era
Customer relationship management-process of establishing long-term relationships with individual customers to foster loyalty and repeat business.
since late 1990s
combines computer information
different kinds of utility that marketing provides to customers
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
value
equals the ratio of a product's benefits to its costs
value=benefits/costs
criticisms of marketing
-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
target market
specific group of potential customers on which a firm focuses its marketing efforts
marketing mix
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
Marketing Research steps
1, Define the marketing need or opportunity
2. Collect the relevant data
3. Analyze and interpret the data
4. Act on conclusions.
Primary data
raw data collect by a researcher
focus group
group of 8-10 potential customers who are asked for feedback on a good or a service, and advertisement, an idea, or packaging style.
secondary data
data that have already been collected and processed
Marketing plan
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
Five Cs of Marketing
-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
market segmentation
process of separating the broader market into smaller markets
market segment
subgroup of potential customers who share similar characteristics and have similar product need and preferences.
niche markets
more narrowly defined. a smaller specific market
Consumer market Segmentation
1. Geographic
2. Demographic
3. Psychographic
4. Behavioral
geographic segmentation
segmenting markets according to geographic characteristics
demographic segmentation
market segmentation according to age, race, religion, gender, ethnic background, and other demographics
pyschographic segmentation
segmentation according to lifestyles, personality traits, motives, and values
behavioral segmentation
segmentation according to how a person only buys a particular brand
consumer buying process. how a consumer makes a decision to buy
1. need recognition
2. information search
3. evaluation of alternatives
4. purchase or no purchase decision
5. postpurchase evaluation
characteristics of a B2B market
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