chapter 1 Flashcards
needs/wants
- deprived of basic things like food, clothing, and shelter.
-shaped by person’s knowledge, culture and personality.
creating products with added value is often achieved through
-product design
-pricing strategy
-service elements
4p’s of the marketing mix
price, product, promotion, place
unique combination of benefits recieved by targeted consumers that will satisfy their needs
customer value proposition.
marketing process
-identifying consumer needs
-managing marketing mix to meet these needs
-reaching potential consumers
service/good
-intangible, cannot own or touch it
-you can touch it and own it
percentage of a customers purchases that a company has in a specific product category
share of wallet
production orientation
focus on manufacturing with no priority given to consumer needs
sales orientation
selling as many products as possible, typically using hard-sell techniques.
marketing orientation
focus on collecting info about consumers
what are the recent marketing approches
digital. marketing
metrics and analytics
market research process
define the problem, develop a research plan, collect relevant info, develop findings, taken marketing actions.
process of gathering data from a subject of the population, rather than from all the members of the target population
sampling
purpose of marketing research
help marketers make better decision
primary data is preferred over secondary because
may not be accurate
may be out of date
