Chapter 12 Flashcards
What are the four things that businesses must mobilize their marketing resources for?
design and provide a product
price the product
promote the product
distribute the product for customer availability
What are the four things to satisfy a customer ?
The right product
In the right place
At the right price
At the right time
what are the four different types of utility
place unity - product availability
time unity - ex seasonal
form unity - converting production inputs into finished products
procession unity - transfering ownership of product
What are the four p’s of the marketing mix?
The product
the pricing
the placement
the promotion
What are the two things a marketing strategy consists of ?
The selection of a target market
the creation and maintenance of an appropriate marketing mix
What is the consumer buying decision process ?
- Recognize the problem/ opportunity
- search for info
- evaluate alternatives
- purchase
5, Evaluate after purchase
What are the influences in the precision making process for a consumer ?
situational influences
Psychological influences
social influences
how do brands establish a connection
with a consumer ?
good product experience (personal or someone in social circle)
reads good customer reviews
influenced through promotional messaging
what does abrands influence allow for when it connes to consumers Decision making process?
It bypasses the consumers desire to look for alternatives or search for information (makes the decision making more
simpler)
what are the common types of market segmentation ?
Benifit segmentation
Demographic segmentation
Geographic segmentation
psycological segmentation
Behavior segmentation
what are the six forces of a marketing environment?
Economic forces—the effects of economic conditions on customers’ ability and willingness to buy
Sociocultural forces—influences in a society and its culture that result in changes in attitudes, beliefs, norms, customs, and lifestyles
Political forces—influences that arise through laws and regulations
Competitive forces—the actions of competitors, who are in the process of implementing their own marketing plans
Legal and regulatory forces—laws that protect consumers and competition and government regulations that affect marketing
Technological forces—technological changes that can create new marketing opportunities or cause products to become obsolete almost overnight
what are the four steps in the marketing research process?
Assessing the business environment to identify opportunities
Understanding your position in relation to competitors
Learning the preferences and usage patterns of your existing customers
Evaluating the likely success of a new product
Marketing
the entire process of creating relationships with customers by offering goods, services, and experiences that they value
marketing concept
a philosophy that a business should provide goods and services that satisfy customers’ needs through a coordinated set of activities that allow the business to achieve its objectives
production orientation
a past era in marketing that placed emphasis on increased output and production efficiency
customer orientation
the current era in marketing where an organization first determines what customers need and then develops products to fill those needs
Customer relationship management (CRM)
track and organize information about current and prospective customers to create marketing strategies that develop and sustain desirable customer relationships
branding
the relationship between a company and its customers that is built on trust
marketing mix
the combination of marketing activities that deliver value to customers; typically divided into four elements: product, price, placement, and promotion
product
an element of the marketing mix that includes decisions about a product’s design, features, brand name, packaging, warranties, and so on
utility
the ability of a product to satisfy a human need
pricing
setting a price based on the demand and cost for a good or service
placement (or distribution)
creating the means by which products flow from the producer to the consumer
market segmentation
the process of separating, identifying, and evaluating the layers of a market to identify a target market
target market
a group of individuals for which a business develops a specific marketing mix
marketing strategy
a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives
promotion
an element of the marketing mix that focuses on providing information to target markets
marketing plans
a written document that specifies an organization’s resources, objectives, marketing strategy, and implementation and control efforts to be used in marketing a specific product or product group
demographics
a dimension of market segmentation that includes measurable characteristics such as age, gender, income, education level, and so on
primary research
market research information that is collected by the company using methods such as surveys, focus groups, and customer interviews
Marketing research
the process of systematically gathering and analyzing data concerning a particular marketing program
secondary research
market research information that has already been gathered and published by someone outside the company
market segmentation
Companies may subdivide target markets through market segmentation, which is the process of breaking down the overall market into smaller groups of people who share common characteristics and needs. These smaller clusters are called market segments.
