Chapter 13 Flashcards
Define Marketing
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.
What were the four eras of marketing?
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
What were the three parts to the Marketing Concept Era
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
Name and describe the latest marketing era
Mobile/On-demand Marketing - is the idea that customers want relevant information now without any unwanted messaging.
What are the four factors or “P’s” of marketing
product
price
place
promotion
Define a product
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.
Define promotion
All the techniques sellers use to inform people about and motivate them to buy their products or services.
The lease expensive way to gather data
Secondary data is data that others have already gathered
Define Marketing research
Analyzing markets to determine opportunities and find information. Identifies buying habits and changing trends.
The data collected for additional in-depth information secondary data did not provide.
Primary Data
The Process of identifying factors that can affect marketing success.
Environmental Scanning.
What factor is associated with businesses going online to reach more customers.
Global Factors
The internet, flexible manufacturing are examples of what factor.
Technological factors
Population growth and demographics are related to what factor
Sociocultural
Being aware of threats and continuously adjusting prices, services, and delivery is related to what factor
Competitive
Looking at growth is related to what factor
Economic
Personal consumption of G&S is what market?
Consumer Market
Individuals and Organizations that want goods and services for producing other G&S is what
B to B Market
What are the four steps in Marketing research
Define the question
Collect data
Analyze data
Choose best solution
Because of the size of the consumer market, what must a business do?
Determine which groups to serve and develop products tailored to them.
Dividing the market by city, county, state, or region is
Geographic segmentation.
Process of dividing market into groups is
Market segmentation
Selecting which groups to serve is
target marketing
Targeting by age, income, education level, race, religion, etc. is
demographic segmentation
Dividing the market using the group’s values, attitudes, and interests
Psychographic segmentation
Identifying small but profitable marketss
Niche marketing
Developing products and promotions to please large groups of people
Mass Marketing
What are the five factors that affect consumer behavior?
Learning References Culture Subculture Cognitive dissonance
