Business Marketing (Chap 11, 12, 13) Flashcards
The 4 Ps of marketing are known as what mix?
Marketing mix
activity in which two or more parties give something of value to each other to satisfy perceived needs
Exchange process
power of a good or service to satisfy a want or need
utility
converting raw materials, component parts and other inputs into finished good and services (utility)
form utility
making a good or service available when costumers want and need to purchase it (utility)
time utility
orderly transfer of goods and services from seller to the buyer (utility)
ownership utility
two steps in developing a marketing strategy
- study, analyze potential target markets
- creating a marketing mix
task of using computer technology to evaluate data in database and identify useful trends
Data mining
three approaches to product-related segmentation
benefits sought, product usage rate and brand loyalty levels
Two categories of marketing intermediaries
Wholesalers and retailers
Wholesalers and retailers are what exactly?
Intermediaries
Examples of direct distribution
- produce (vegetables)
- banking
- oil changes
- ear piercing
- eBay
- retail companies
Examples of intermediaries
- transporting merch to convenient locations
-
Consumer products are sold to?
End Users
process of selling goods primarily to retailers, other wholesalers or business years
Wholesaling
making a product available in a location convenient for customers (utility)
Place utility
(Strategy)
nature of the product and its package design, brand names, trademarks and product image
Product strategy
(Strategy)
customers receive their purchases in the proper quantities at the right times and locations
Distribution strategy
(Strategy)
blends advertising, personal selling, sales promotion and public relations to achieve its goals of informing, persaudinh, and influencing purchase decisions
Promotional strategy
(Strategy)
setting profitable and justifiable prices for the company’s product offerings, sometimes subject to government security
Pricing strategy
What impacts can ‘’big data’’ have on marketing research?
Increase revenue, create new business and marketing strategies, and build market share
How does business segmentation differ from customer segmentation?
B2B : profile, intent, org; gears decisions towards business impact (focuses on saving time and money and boosting revenue)
B2C: behavioral, geographic, psychographic and demographical. Focus on appealing to their customers
Strategy on decisions of package design, brand names, trademarks, warranties, product image, new product development and customer service
Product strategy
strategy that customers receive their purchases in proper quantities at the right times and locations
Distribution strategy
Strategy that blends advertising, personal selling, sales promotion and public relations to achieve its goal of informing, persuading and influencing purchase decisions
Promotional strategy
End-use segmentation focuses on the precise way a B2B purchaser will use a product. True or False?
True
Demographics is the most commonly used consumer market segmentation method. True or False?
True
(product type)
The purchaser is already familiar with the item and considers it to have no reasonable substitute
specialty product
(era)
“A good product will sell itself!”
production era
(era)
“The best and creative advertising will undoubtedly generate sales!”
sales era
(era)
“Please the customer; find a need and fill it!”
marketing era
(era)
“It’s who you know; relationships lead to success”
relationship era
(era)
“Social media is the key to marketing”
social era
shortage of goods and services (market)
sellers market
Non-profit organizations operate in both private and public sectors. True or False?
True
place markets often include what promotional strategy in particular?
advertising
process and procedure of understanding how environmental factors affect business and marketing decisions
environmental scanning
using tech to look at data and trends
data mining
Define the 80/20 principle
80% of revenue comes from 20% of consumers
customers prefer, recognize and are adamant of a brand
brand loyalty
the actions and belief that drive customers to buy products
consumer behavior
These orgs use marketing to:
- reach audiences
- secure funding
- accomplish their overall mission
Not-for-profit organizations
Demographics is the most commonly used consumer market segmentation method. True or False?
True
Why do companies pursue multiple promotional objectives at the same time?
To convey different messages to different audiences.
What are the two basic types of advertising?
product and institutional
What is the leading advertising medium (billboards, social media, internet or television) in the United States?
Television
Why do retailers and manufacturers use sales promotions?
To offer more incentives to its customers
