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First Year Business > Chapter 10 > Flashcards

Chapter 10 Flashcards

1
Q

The marketing concept

A
  1. Find customers needs
  2. Develop profits to meet those needs
  3. Engage the whole company in efforts to satisfy customers
    4, make profit
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2
Q

Marketing concept

A

Basic philosophy of satisfying customer needs while meeting organizational goals

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3
Q

Marketing strategy

A

Plan for performing 2 tasks
- selecting a target market
- developing market mix

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4
Q

Consumer market

A

Buyers who want product for personal use

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5
Q

Industrial market

A

Buyers who want product for use in making other products

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6
Q

Demographic segmentation

A

Divides market based on variables such as age, marital status, gender, ethic background L occupation, and education

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7
Q

Geographic segmentation

A

Divides market based on variables such as climate, region, population

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8
Q

Behavioral segmentation

A

Divides consumers based on attitude towards product, user status, usage rate

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9
Q

Psychographic segmentation

A

Classifies consumes bases on lifestyles

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10
Q

Marketing mix

A

Product
Price
Place
Promotion

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11
Q

Secondary data

A

Information already collected

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12
Q

Primary data

A

Newly collected data

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13
Q

Trademark

A

Identity legally used to protect a product from being copied

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14
Q

Brand

A

Symbol that differentiates a product from similar products on the market

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15
Q

Private branding

A

Company makes a product and sells it to retailer who in turn resells it under their name

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16
Q

Generic branding

A

Manufacturer attaches no branding information to a product except a description of its contents

17
Q

manufacturer branding

A

Company sells one or more products under its own Brand names

18
Q

Brand equity

A

Value of a Brand generates by a favorable consumer experience with a product

19
Q

Brand loyalty

A

Consumer preference for a particular brow that develops over time based on satisfaction with a company’s products

20
Q

Slimming pricing

A

Company starts off with the highest price that interested customers will pay

21
Q

Penetration pricing

A

Charges a lower price to discourage competition and gain market share

22
Q

Cost-based pricing

A

Pricing strategy that bases the selling price of a product on now much people are willing to pay for it

23
Q

Demand -based pricing

A

Bases the price of a product on how much people are willing to pay for it

24
Q

Target costing

A

Determines how much to invest in a product by figuring out now much customers will pay and subtracting amount for profit

25
Q

Prestige pricing

A

Setting a price artificially high to give the impression that product is high quality

26
Q

Distribution channels

A

Sell directly to customers
Sell through an intermediary

27
Q

3 activities of physical distribution

A

Materials handing
Transportation
Warehousing

28
Q

Materials handling

A

Process of physically moving goods during production, warehousing, and distribution

29
Q

To reduce handling costs

A

Use automation
Use just-in-time production

30
Q

Supply chain

A

Suppliers factory
Manufacturers factory
Warehousing
Dealers outlet
Customer

31
Q

Customer value triad

A

Quality
Good service
Fair price

32
Q

Promotion mix

A

Means by which companies communicate with customers

33
Q

Sales promotion

A

Company provides an incentive for potential customers to buy something

34
Q

Customer relationship management

A

Marketing strategy that focuses on information about current customers to nurture and maintain strong relationships with them

35
Q

Repeat customers

A

Are more profitable
Spend more
More likely to recommend a business

36
Q

Interruption marketing

A

Marketing that interrupts people to get their attention

37
Q

Product life cycle

A

Introduction
Growth
Maturity
Decline

38
Q

Uncontrollable factors of external environment

A

Political
Economic
Competitive
Technological
Cultural

39
Q

The buying process

A

Need recognition
Information search
Evaluation
Purchase
Post-purchase evaluation

First Year Business (17 decks)

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