chapter 12 Flashcards
the whole firm is directed toward serving customers at a profit
marketing concept
adding value
utility
tangible products purchases by invidiuals for their use
industrial goods
intangible products to serve users needs
services
thoughts or philosophies
ideas
legislation and government programs can be favourable or not
political and legal environment
reflects the values, beliefs, and ideas of a society
social and cultural environment
conditions affect spending patterns of businesss and individuals
economic environment
similar products
brand competition
dissimilar products that can meet the same need
substitute prodcuts
marketing domestic products against a foreign product
international competition
a detailed, focused strategy for gearing the marketing mix to meet consumer needs and wants
marketing plan
product, price, place promotion
marketing mix
offering a good, service, or idea that satisfied buyers needs
product
creating a product that has a different image than existing product to attract consumers
product differentiation
getting the product from producer to buyer
place distribution
a group of potential customers who have similar wants and needs
target market
dividing a consumer market into categories
segmentation
the process of fixing, adapting, and communicating the nature of the produc itself
positioning
the group of products a company has for sale
product mix
a group of similar products intended for a similar group of buyers
product line
product marketed globally
product extension
product modified to appeal to foreign markets
product adaptation
reintroduction
reviving old products for new markets
use of symbols to communicate the qualities of a product made by a producer
branding
added value a brand provides to a product beyond its basic functional benefits
brand equity
selling the right to use the firm’s name on another companys product
licensed
national, private, generic
brand names
