223 Midterm Flashcards
What are the 5 core marketplace concepts
needs, wants, demands, market offerings, and value and satisfaction.
What are the 4 Ps of the marketing mix (degined to generate revenue)?
Product, Price, Place, Promotion
Consumers’ needs and wants are fulfilled through [. ]—some combination of products, services, information, or experiences offered to a market to satisfy a need or a want.
market offerings
Appealing to target markets, value proposition (creating customer value), Communicating with consumers from a value first perspectives. These elements of a successful {. }
marketing strategy
Customer-perceived value
[. ] extent to which a product’s perceived performance matches a buyer’s expectations
Customer satisfaction
[] Companies aim to delight customers by promising only what they can deliver and then delivering more than they promise
Customer delight
The value of a company comes from the value of its current and future customers.
Consumer equity
{. ] the companies and people close to the business that affect its ability to engage and serve its customers—the company, suppliers, marketing intermediaries, competitors, publics, and customers.
the microenvironment
The larger societal forces that affect the microenvironment: (6)
demographic, economic, natural, technological, political, and cultural forces
Aging population
Diverse generations
Big-city growth
Ethnic diversity
World markets
Changing household composition
Are all examples of what?
Demographic forces
The collective income, expenditures, and resources that affect the cost of running a business or household
Economic Forces (natural, technological, political, etc.)
What are natural forces consisting of?
Technological forces, political forces, cultural forces
What are the technological forces consisting of?
Political forces, Cultural forces
Describe the environmental forces that affect the company’s ability to develop meaningful relationships with consumers.
market conditions (competition, customer demands), economic trends (inflation, interest rates), technological advancements, and social and political forces (regulations, cultural shifts)
Assess information needs
Develop the needed information
Help decision makers use the information to generate and validate actionable customer and market insights
The marketing information system
Marketers can obtain the needed marketing information from (3)
internal data, marketing intelligence, and marketing research.
[. ] are collections of consumer and market information obtained from data sources within the company network.
Internal databases
[. ]; Systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
Marketing research
Marketing research approaches (3)
Use own research departments
Hire outside research specialists
Purchase data collected by outside firms
The marketing research process has four steps :
(1) defining (2) develop, (3) implementing (4) interpreting
Exploratory, descriptive, and causal are Types of what?
Market research
In regards to market research, what is Exploratory, Descriptive, and Causal.
-Exploratory Research: Provides research projects with direction,
- Descriptive Research: Researcher already has a general understanding of the marketing problem and is seeking more conclusive data
- Causal Research: Expectation about the relationship is explained
the likelihood that a member of a population will be selected for a sample
probability sampling