Chapter 13 Flashcards

1
Q

Define Marketing

A

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

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2
Q

What were the four eras of marketing?

A

Production - Build as much as possible
Selling - Production could out pace buying
Marketing Concept
Customer relationship era - learning as much about the customer as possible

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3
Q

What were the three parts to the Marketing Concept Era

A

Customer Orientation - find out what they want and provide it
Service Orientation - Make sure everyone understands the objective is customer satisfaction
Profit Orientation - Focus on G&S that will earn the most and allow expansion

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4
Q

Name and describe the latest marketing era

A

Mobile/On-demand Marketing - is the idea that customers want relevant information now without any unwanted messaging.

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5
Q

What are the four factors or “P’s” of marketing

A

product
price
place
promotion

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6
Q

Define a product

A

Any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand name.

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7
Q

Define promotion

A

All the techniques sellers use to inform people about and motivate them to buy their products or services.

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8
Q

The lease expensive way to gather data

A

Secondary data is data that others have already gathered

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9
Q

Define Marketing research

A

Analyzing markets to determine opportunities and find information. Identifies buying habits and changing trends.

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10
Q

The data collected for additional in-depth information secondary data did not provide.

A

Primary Data

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11
Q

The Process of identifying factors that can affect marketing success.

A

Environmental Scanning.

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12
Q

What factor is associated with businesses going online to reach more customers.

A

Global Factors

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13
Q

The internet, flexible manufacturing are examples of what factor.

A

Technological factors

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14
Q

Population growth and demographics are related to what factor

A

Sociocultural

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15
Q

Being aware of threats and continuously adjusting prices, services, and delivery is related to what factor

A

Competitive

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16
Q

Looking at growth is related to what factor

A

Economic

17
Q

Personal consumption of G&S is what market?

A

Consumer Market

18
Q

Individuals and Organizations that want goods and services for producing other G&S is what

A

B to B Market

19
Q

What are the four steps in Marketing research

A

Define the question
Collect data
Analyze data
Choose best solution

20
Q

Because of the size of the consumer market, what must a business do?

A

Determine which groups to serve and develop products tailored to them.

21
Q

Dividing the market by city, county, state, or region is

A

Geographic segmentation.

22
Q

Process of dividing market into groups is

A

Market segmentation

23
Q

Selecting which groups to serve is

A

target marketing

24
Q

Targeting by age, income, education level, race, religion, etc. is

A

demographic segmentation

25
Q

Dividing the market using the group’s values, attitudes, and interests

A

Psychographic segmentation

26
Q

Identifying small but profitable marketss

A

Niche marketing

27
Q

Developing products and promotions to please large groups of people

A

Mass Marketing

28
Q

What are the five factors that affect consumer behavior?

A
Learning
References 
Culture
Subculture
Cognitive dissonance