BUSN Ch. 10 Marketing Flashcards
Chapter 10: Marketing: Building Profitable Customer Connections
What is marketing?
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, partners, and society at large.
What is utility in the context of marketing?
The ability of goods and services to satisfy consumer “wants.”
What is the marketing concept?
A philosophy that customer satisfaction, now and in the future, should be the central focus of the entire organization.
What is the role of the customer in marketing?
Front and centre, with focus on customer relationship management: acquiring, maintaining, and growing profitable customer relationships by consistently delivering unmatched value.
What is value in the context of marketing?
A customer perception that a product has a better relationship than its competitors between the cost and the benefits.
(It’s so expensive, but tooootally worth it! Turns out the two competing products are made in the same factory!)
List the elements of marketing strategy.
Target audience
Market segmentation
Marketing mix
Marketing environment
What is market segmentation?
Dividing your market into segments or groups of people with similar characteristics.
What is a target audience?
A group of people who are most likely to buy a particular product.
What is a marketing mix?
The most effective blend of marketing strategies for product, price, distribution, and promotion to reach your target market.
(The 4 Ps, if distribution = place)
Describe the consumer purchasing decision-making process.
Need recognition, then information search, then evaluation of alternatives, then purchase decision, then post-purchase behaviour.
Describe the business purchasing decision-making process.
More methodical, driven by product specifications and internal, formal requests for products with certain criteria.
Purchasing requires training and is a specialized position.
What is marketing research?
The process of gathering, interpreting, and applying information to uncover marketing opportunities and challenges and to make better marketing decisions.
What is primary data?
New data that marketers compile for a specific research project. (First-hand, proprietary stuff)
This stuff is more expensive, but much more useful.
What is secondary data?
Existing data that marketers gather or purchase for a research project. (Second-hand, everybody knows about this shitty data yo)
This stuff is cheaper, but not as useful.
What are business marketers?
Marketers who direct their efforts towards people who are buying products to use either directly or indirectly to produce other products. (B2B)
