chapter 13 Flashcards
what is 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 is personalization
marketing messages and offerings to the specific needs and interests of individual customers.
what is customer engagement
Creating interactive and engaging experiences that involve customers in the brand story
what is Omnichannel Marketing?
a seamless, unified and consistent Brand experience across various touchpoints and channels, including online and offline platforms
what is content marketing?
Creating valuable and relevant content that educates, entertains, or solves customer problems
the production era
Produce as much as you can, because there is a limitless market for it
the selling era
the business philosophy turned from producing to selling
marketing concept era
A three-part business philosophy.
1.Customer orientation
2.Service orientation
3.Profit orientation
what is the customer relationship era
adopting the practice of customer relationship management.
what is customer relationship management?
learning as much as possible about present customers and satisfy them—or exceed their expectations—with goods and services.
what is the emerging mobile/on-demand era
Consumers are demanding relevant information exactly when they want it, without all the noise of unwanted messages.
what are micro transmitters
they are embedded in products and allow consumers to search by image, voice, or gestures
examples of non-profit organizations
charities
the red cross
environmental groups
churches
important
what are the 7 p’s
1.product
2.price
3.place
4.promotion
5.people
6.process
7.physical evidence
important
what is product
the tangible goods or intangible services that a company offers to meet customer needs
important
what is price
Determines the amount customers are willing to pay for a product or service
important
what is place
the channels and locations through which products or services are made available to customers
important
what is promotion
communication and promotion activities aimed at creating awareness, generating interest, and persuading customers to choose a particular product or service
important
what are people
the personnel involved in delivering the product or service, and the customer experience.
important
what is process
the procedures, systems, and interactions involved in delivering the product or service
important
what is physical evidence
the tangible elements that customers encounter during their interactions with a company
important
steps of market research
- Defining the Problem and Research Objectives
- Designing the Research Plan
- Collecting Data
- Analyzing Data
- Interpreting and Reporting Findings
important
data collection methods
- surveys
- focus groups
- interviews
- observations
- secondary data
what is secondary data
information already compiled by others and published in journals and books or made available online.
examples of a company that has successful market research
Apple Inc
starbucks
what is the market environment?
to the external factors and forces that influence a company’s marketing activities and its ability to serve its target market effectively
why is the marketing environment important for businesses
make informed decisions
develop effective marketing strategies
adapt to changes in the marketplace
important
what is the B2B market
organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others
what is the consumer market?
All the individuals or households that want goods and services for personal consumption or use
examples of industrial goods and services
Cash registers
display cases
office desks
public accounting audits
business software
important
In B2B transactions the sales cycles are typically
longer and more complex
important
which marketing strategy is commonly associated with B2C
Mass advertising and brand positioning
important
what is market segmentation
Dividing the total market into groups whose members havesimilarcharacteristics, needs or behaviors
what is target marketing
Marketing directed toward groups an organization decides it can serveprofitably.
important
pillars of segmentation
geographic
demographic
psychographics
behavioral
important
example of geographic segmentation
country
city
language
population
important
example of demographic segmentation
age
gender
income
social status
important
example of psychographics segmentation
lifestyle
personality
attitudes
important
examples of behavioral segmentation
benefits sought
occasion
engagement
important
define behavioral segmentation
categorizes consumers based on their buying behaviors, usage patterns, brand loyalty, and responses to marketing stimuli
what is niche marketing
process of finding small but profitable market segments and designing or finding products for them
the consumer decision-making process
problem recognition
information search
Evaluation of alternatives
Purchase Decision
Post-Purchase Evaluation
