Chapter 10 - Marketing Flashcards
What is Marketing?
The activity, set of institutions, and processes for creating, delivering, and exchanging offerings that have values for customers.
What are the 5 most recent stages of marketing?
1) Production - the product will sell itself
2) Sales - clever sales tactics will persuade people to buy
3) Marketing - Consumer rules.
4) Relationship - Long term relationship
5) Social - Using social media
What is utility? What are the four main types of utility?
Utility is the ABILITY of goods and services to SATISFY WANTS.
All about convenience!
1) Form utility - produce something useful from something not useful.
2) Time utility - produce something that is provided at the right time
3) Place utility - produce something that is in a convenient place.
4) Ownership utility - produce something that is accessible to own.
What is Marketing Concept?
The philosophy that customer satisfaction is the central focus to the entire organization.
What is “unmatched value”?
That being able to provide this to customers is the only way to long-term profitability.
What is CRM? And describe it.
Customer Relationship Management. It involves value, customer satisfaction, and customer loyalty.
What is Market Segmentation?
The first step in planning your market strategy. Involves breaking down the market into target groups that will be targeted specifically.
What should be considered when choosing a target market?
Size, Profitability, Accessibility, and Limited Competition.
Define what a consumer market and a business market is.
Consumer market (B2C) - products for personal consumption. Business market (B2B) - products made for the production of other products.
What is the consumer market segregated into?
- Demographic
- Geographic
- Psychographic
- Behavioral
What is the business market segregated into?
- Geographic
- Customer-based
- Product used-based
What are the 3 P’s (plus one D) of the marketing mix?
- Product strategy
- Pricing strategy
- Promotion strategy
- Distribution strategy
What is consumer behavior?
How people act while they are buying a product.
What are some elements that influence the consumer buying process?
- Cultural: values, attitudes, customs, etc
- Social: Family, friends, etc
- Personal: Demographics and personality.
- Psychological: Motivation, attitudes, perceptions, etc.
What are the steps involved in the consumer decision making process?
1) Realize need
2) Research
3) Consider alternatives
4) Make a decision
5) Post-decision behavior
