Chap 4 Flashcards
what are the product/service generation process
- idea generation
- incubation
- implementation
- diffusion
whats a market
its a group of buyers and sellers interested in negotiating the terms of purchase for goods or services
what is marketing
it consists of activities designed to generate and facilitate exchange intended to satisfy human needs or wants
what are core concepts of marketing
- need
- want
- demand
- product
- value
- cost
- exchange
- transaction
- market
how is marketing important ?
a customer purchases something because it provides satisfaction, and through marketing a product is capable of satisfying a customers want
what are the different types of utility ?
- form utility
- place utility
- time utility
- information utility ( advertising )
- possession tulity
what are the 6 concepts of marketing activities
- the production concept (widely available and low cost)
- the product concept ( high quality, performance)
- the sales concept ( aggressive promotion)
- the marketing concept ( marketing the idea of wanting to satisfy the needs of customers)
- the societal marketing concept ( determining the needs and interests of target marks and delivering better than competitors)
- relationship marketing ( building long term relations w customers to be a preferred )
define marketing research
its the systematic and objective identification, collection and analysis of information for the purpose of assisting management in decision making related to the identification and solution of problems and opportunities in marketing
what are the marketing research components
- market size ( nbr of units sold to a market in a given period)
- market share ( a specific corporations share of the market)
- market penetration ( market strategy to know when to enter )
- brand equity research ( to know how favorably consumers view the brand)
- buyer decision processes research ( determine the motivation of people to buy and their decision making process )
- distribution channel audits ( assess retailers attitude towards a brand )
- marketing effectiveness and analytics ( building models and measuring results)
- mystery consumer ( acting as a shoper )
- positioning research ( interviewing) people about the brand
- price elasticity testing ( how sensitive people are to price change)
- sales forecasting ( determining the expected level of sales )
- segmentation research ( determine the demographic )
- test marketing ( small scale product launch )
whats marketing intelligence
its a systematic process of gathering, analyzing and supplying information about the external market environments.
what is marketing intelligence used to determine
- current and future market needs
- changes in the buisness environment that may affect size and nature of the market
- environment that may affect size and nature of the market
what is the importance of marketing intelligence
- identifies new opportunities
- early warning of competitor moves
- minimizing investment risks
- quicker, efficient and cost effective information
what are the 4 variables of marketing
- product
- pricing
- place
- promotion
what are the pricing strategies
- price skimming
- penetration pricing
- cost plus pricing
- mark up pricing
- odd even pricing
what are the promotion strategies
- advertizing
- personal selling
- public relations
- sales promotion
