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Fund To Business > CH5- Marketing > Flashcards

CH5- Marketing Flashcards

1
Q

What is Marketing?

A

planing and executing set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for the customers, clients, partners and society at large.

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2
Q

What is Segmentation?

A

dividing potential customers into groups of similar people, or segment.

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3
Q

What is a Target market?

A

the group of people that is the most likely to buy a particular product.

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4
Q

What is Consumer behavior?

A

description of how ppl act when they are buying, using, discarding
goods and services for their personal consumption.

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5
Q

What is Customer relationship management (CRM)?

Give an ex

A

the ongoing process of acquiring, maintaining and growing profitable customer relationships by delivering unmatched value.

Ex: amazon-> recommending specific products, greeting customer by name

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6
Q

Production era (marketing)

A

customers weren’t really important. They didn’t have the choice of production, you buy what ever a company produce. The top business priority was to produce large quantities of goods as efficiently as possible.

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7
Q

Selling era (marketing)

A

production capacity has increased dramatically. Supply exceeded the demand, which caused an emergency to sell.

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8
Q

Marketing era (marketing)

A

a lot of different choice in goods and services (economic boom), the American economy was doing extremely well after WII. Companies tried to attract customers from their competitors. Advertisement boom from television and magazines.

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9
Q

Relationship era (marketing)

A

customers are smarter than ever, its important to create loyalty. Cheaper to keep a loyal customer than acquire new ones.

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10
Q

What is Utility?

A

Ability of goods and services to satisfy customer needs

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11
Q

What are the 4 marketing utilities?

A

Form utility
Time utility
Place utility
Ownership utility

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12
Q

What is from utility?

A

based on the idea of turning a raw material into a good you want

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13
Q

What is time utility?

Give 2 ex

A

Consumers are more and more impatient, having a product available when you want it and where you want it.

McDonald and Amazon

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14
Q

What is place utility ?

Give ex

A

product available in a convenient location, where you want it

Ex: gas station on highway

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15
Q

What is ownership utility?

Give 2 ex

A

ease of transferring ownership from the business to the customer.

Ex: car payment plans, Apple Pay

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16
Q

What are consumer goods?

A

tangible products purchased by individuals for their use (personal use).

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17
Q

What are industrial goods?

A

products purchased by companies to use directly or indirectly to
produce other products. (Used to creat something else)

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18
Q

What are services?

A

intangible products to serve users’ needs (can’t see them, try them before purchasing ). You cant separate the service from the service provider(can’t store a service for later)

19
Q

What is perceived value?

A

What a product costs

Overpromising a customer can be negative

20
Q

What is actual value?

A

What a product is worth

21
Q

What is customer satisfaction?

A

the good or service delivered has a value above customer expectations. This can also create customer loyalty.

22
Q

What is customer loyalty?

A

when a customer choose your product over and over again.

23
Q

Competitive environment (marketing)

A

Brand competition with similar products (coke vs pepsi)

They mostly compete on brand attributes

24
Q

What are substitute products?

A

Dissimilar products that can meet the same need

Juice vs soft drinks

25
Q

What is international competition?

A

Competitive marketing of domestic products against foreign products

26
Q

What is a marketing plan?

A

A formal document outlining marketing objectives and plan to achieve those objectives

27
Q

What are the 4 target market characteristics?

A

Size, profitability, accessibility, limited competition

28
Q

What is target market size?

A

There must be enough people in your target group to support a business. If the market is too big, maybe you need to divide it more.

29
Q

What is target market profitability?

A

the people must be willing and able to spend more than the cost of production and marketing your product.

30
Q

What is target market accessibility?

A

Your target must be reachable through channels that your business can afford. How easy it is to sell your product.

31
Q

What is target market limited competition?

A

Look for markets with limited competition; a crowded market is much tougher to crack.

32
Q

Why do we need a target market?

A

It shows where to concentrate your marketing efforts
The reason we need a target market is because we can’t satisfy everyone: “if i try to satisfy everyone I end up pleasing no one”

33
Q

What are the 4 market segmentation categories?

A

Geographic
Demographic
Psychographic
Behavioral variables

34
Q

What is the geographic market segmentaion?

A

dividing the market based on where consumers live. This process can incorporate countries, cities, or population density. (Not a sensitive enough variable to be meaningful)

35
Q

What is the demographic market segmentation?

A

dividing the market based on the characteristics of a population(age, religion, race).

36
Q

What is the psychographic market segmentation?

Give ex

A

dividing the market based on consumer attitudes, interests, motivations, values and lifestyles

Ex: nike selling the idea of sport/ motivation

37
Q

What is the behavioral variables in market segmentation?

A

dividing the market based on the motivation on why the consumer uses a product or purchases it

38
Q

What is B2C?

Give ex

A

The process in which businesses sell to consumers for personal consumption

Ex: clothing, candy bar..

39
Q

What is B2B?

Give ex

A

The process of selling merchandise or services from one business to another usually used directly or indirectly to produce other products

40
Q

What are the 4 P’s?

A

Product
Pricing
Promotion
Distribution(place)

41
Q

What is product of the 4P ?

A

products involves far more than simply a tangible good or a specific service. It ranges from brand name, product image, package design, customer service, guarantees, new product development, the services.

42
Q

What is pricing of the 4P?

A

challenging area of the marketing mix, prices must be fair relative to benefits of your product. Other factors include competition, regulation, and public opinion.

43
Q

What is promotion of the 4P?

A

ways that marketers communicate about their products. Key elements today include advertising, personal selling, sales promotion, public relations, word of mouth, and product placement.

44
Q

What is distribution/ place of the 4P?

A

deliver your product to the right people, in right quantities, at the
right time and the right place.

Fund To Business (12 decks)

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