Ch.14 Flashcards
what is marketing? (2)
determining the needs and wants of others. Providing a good or service to satisfy those wants or needs
in the past marketing focused on … today, much of marketing is …
almost entirely on helping the seller, instead about helping the buyer buy
list the first three steps of the marketing process
market research to find out if a need exists, design a product to meet the need, distribution: getting the product to the customer
list the last two steps of the marketing process
establishing a relationship with the customer and promoting the product, dealing with complaints etc. helps to establish a customer relationship
Evolution of Marketing: list the first two eras and their years
production era: up to early 1900s
selling era: 1920-1950s
Evolution of Marketing: list the last two eras and their years
marketing era (customer, service, profit): 50-90s
customer relationship era: 90+
The Marketing Concept: list and describe the first part
a customer orientation - find out what customers want and provide it
The Marketing Concept: list and describe the second part
a service orientation - everyone from the president of the firm to the delivery people should be customer-oriented
The Marketing Concept: list and describe the third step
a profit orientation - focus on those goods and services that will earn the most profit and enable the organization to survive and expand
describe “customer relationship management”
the process of building long-term relationships with customers by delivering customer value and satisfaction
… is a cost-effective way for firms to grow in competitive markets
retaining customers over time, or managing the entire customer life cycle
briefly describe the three things that marketing orientation focuses on
1- collecting info about customer needs and competitor’s capabilities
2- sharing this info in organization
3-using this to create value etc.
social media marketing involves …
the building of communities or networks, encouraging participation and engagement
list the four elements in the marketing mix (four P’s)
product, price, place and promotion
a product is any … that …
physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers
a brand name is …
a word, device, or combination of these used to distinguish a seller’s goods or services from those of competitors
Sources of Marketing Research Information: list the four primary sources
survey, personal interview, focus group and observation
Sources of Marketing Research Information: list the five secondary sources
newspapers, internal sources, company directories, trade sources and periodicals
Uses of Market Research: analyze … (4)
customer needs/satisfaction, markets and opportunities, effectiveness of strategy/tactics and goal achievement
list the first two guidelines for market research
clarify research objectives/stay on target and decide whether you will do the research or use a professional researcher
list the last two guidelines for market research
make certain questions are directed to objectives and ask for relevant information
describe “ethnic marketing”
combinations of the marketing mix that reflect the unique attitudes, race or ancestry, communication preferences, and lifestyles of ethnic Canadians
green marketing refers to …
the process of selling products and/or services based on their environmental benefits
