Ch12 - Marketing Flashcards
marketing def
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
relationship marketing
building lasting relationships with customers and suppliers
-> can result in greater long-term satisfaction, customer loyalty, and customer retention
Customer relationship management
organized method that enterprises use to build better information connections with clients
-> better predictions on what customers will want to buy
Date warehousing and data mining
Date warehousing : Compiling and storing customers’ data -> provides the raw materials from which marketers can gather information that allows them to find new clients
Data mining : automates the massive analysis of data by using computers to sort and search for previously undiscovered clues about what customers look at and react to and how they might be influenced
marketing concept def
firm must get to know what customers really want and closely follow evolving tastes
marketing plan def
identifies the marketing objectives stating what marketing will accomplish in the future. It contains a strategy that identifies the specific activities and resources that will be used to meet the needs and desires of customers in the firm’s chosen target markets, so as to accomplish the marketing objectives
marketing strategy
Once it has clarified the marketing objectives, the team can develop a strategy
Marketing strategy : identifies the planned marketing programs, all the marketing activities that a business will use to achieve its marketing goals, and when those activities will occur
Often includes the 5 components of the marketing Mix -> people, product, pricing, place, and promotion
people (target market)
a group of potential customers who have similar wants and needs
product differentiation
creation of a feature or image that makes a product differ enough from existing products to attract customers
place (distribution)
Placing a product in the proper outlet requires decisions about several activities, all of which are concerned with getting the product from the producer to the consume (warehousing, inventory control)
promotion
techniques for communicating information about products. The most important promotional tools include advertising, personal selling, sales promotions, publicity/public relations, and direct or interactive marketing
Market segmentation (and target markets)
dividing a market into categories of customer types or “segments”
Not everyone will want all products -> target markets : groups of people or organizations with similar wants and needs who can be expected to show interest in the same products
product positioning
process of fixing, adapting, and communicating the nature of the product itself
How to segment the market
most important segmentation approaches: demographic, geographic, geo-demographic, psychographic, and behavioural
Demographic segmentation
identifying characteristics such as age, income, gender, ethnic background, marital status, race, religion, and social class (can be a single classification or combination)
Geographic and geo-demographic segmentation
geographical units, from countries to neighbourhoods
geo-demo : combination of geographic and demographic traits