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34 Cards in this Set
- Front
- Back
Marketing
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the process of determining customer needs and wants and then developing goods and services that meet or exceed these expectations
-planning and executing the conception, pricing, promotion, and distribution |
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Evolution of marketing
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4 eras: production, sales, marketing, and customer relationshiip
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The production era
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the general philosophy of business being to produce as much as possible
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The sales era
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turning from an emphasis on production to an emphasis on selling
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marketing concept
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a three-part business philosophy: 1) customer orientation, 2) service orientation, 3) profit orientation
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customer relationship management
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the process of learning as much as possible about customers and doing everything you can to satisfy them - or even exceed their expectations - with goods and services over time.
- enhance customer satisfaction and stimulating long-term customer loyalty |
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marketing mix
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1. product
2. price 3. place 4. promotion |
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product
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any physical good, service, or idea that satisfies a want or need
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test marketing
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the process of testing products among potential users
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brand name
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a word, device, or combination of these used to distinguish a seller's goods or services from those of competitors
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price
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the money or other consideration (including other goods and services) exchanged for the ownership or use of a good or service
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intermediaries
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the middle of a series of organizations that distribute goods from producers to consumers
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promotion
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all of the techniques sellers use to motivate customers to buy their products
-advertising, personal selling, public relations, various sales promotion efforts |
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marketing research
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the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions
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marketing research process
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1. defining the question and determining the present situation
2. collecting data 3. analyzing the research data 4. choosing the best solution and implementing it |
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secondary data
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information that has already been compiled by others and published in journals and books or made available online.
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primary data
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data (facts, figures and opinions) that you gather yourself
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observation
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when trained people observe and record the actions of potential buyers
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focus group
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a small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other issues
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Environmental scanning
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the process of identifying the factors that can affect marketing success
-global, technological, sociocultural, competitive and economic influences |
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Consumer market
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all individuals or households that want goods and services for personal consumption or use.
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Business-to-business (B2B) market
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All individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others.
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Market segmentation
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the process of dividing the total market into groups whose members have similar characteristics
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target marketing
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marketing directed toward those market segments an organization decides it can serve profitably
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geographic segmentation
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dividing the market by geographic area
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demographic segmentation
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dividing the market by age, income, and education level
- also religion, ethnic origin and profession |
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psychographic segmentation
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dividing the market according to personality or lifestyle
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behavioral segmentation
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dividing the market based on behavior with or toward a product
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Niche marketing
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the process of finding small but profitable market segments and designing or finding products for them
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one-to-one (individual) marketing
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developing a unique mix of goods and services for each individual customer
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mass marketing
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developing products and promotions to please large groups of people
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relationship marketing
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marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements
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decision making process
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1. problem recognition
2. information search 3. alternative evaluation 3. purchase decision/ or no purchase 4. postpurchase evaluation (cognitive dissonance) |
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cognitive dissonance
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the type of psychological conflict that can occur after a purchase
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