chapter 14 Flashcards
what is marketing?
Providing a good or service to satisfy consumer needs & wants
find a need and what?
fill it
in the past what did marketing focus on?
helping the seller sell, in advertising & distribution from seller to buyer.
what marketing focus on today?
helping the buyer buy.
when was the production era?
up to early 1900s
when was the selling era?
1920s–1950s
when was the marketing era?
1950s+
what does market research want to find out?
if a need exists
what is distribution?
getting product to the customer
what are some things in the marketing process?
- Market research to find out if a need exists
- Design a product to meet need
- Distribution
- Establishing a relationship with the customer
- Promoting product, & dealing with complaints & establishing customer relationships
in the marketing concept, what is the 3 part philosophy?
(1) a customer orientation (2) a service orientation
(3) a profit orientation
organizations with a market orientation engage in what?
customer relationship management (CRM) –
what is CRM? (market orientation era)
process of building LT customer relationships by delivering customer value & satisfaction.
what is a cost effective way for firms to grow in competitive markets?
Retaining customers or managing entire customer life cycle
what does market orientation focus on?
- collecting info about competitors and customers
- sharing info through organization
- using info to create value, ensure customer satisfaction and develop customer relationships
what does the social media marketing era involve?
building communities or networks, encouraging participation & engagement.
what are social networking sites?
Common tools (platforms) used by both consumers & companies
what do charities use marketing for?
raise funds for combating world hunger
what do environmental groups use marketing for?
to try to cut carbon emissions
why do churches use marketing?
to attract new members & raise funds
what are the elements in marketing mix?
product, price, place, promotion
what is product in the marketing mix?
any physical good, service, or idea that satisfies a want(need) & enhances the product in consumers’ eyes, i.e. brand, quality
what is a brand name?
a word, device (design, shape, sound, or colour), or combination of these used to distinguish a g &s from competitors.
what is price in marketing mix?
money or other consideration exchanged for ownership or use of a g & s
what is place in marketing mix?
location, product availability
what is promotion in marketing mix?
communication methods to motivate customer purchase: advertising, personal selling, public relations & sales promotions (coupons & samples).
what is the MR process?
1) Define issue
2) Collect data
3) Analyze information
4) Choose what to do with info
what are primary sources of MR info?
• Survey
• Personal interview
Focus Group
• Observation
what are secondary sources of MR info?
- Newspapers
- Internal Sources
- Company Directories • Trade Sources
- Periodicals
what are the uses of MR?
To Analyze:
Customer Needs/Satisfaction Markets & Opportunities Effectiveness of Strategy/Tactics Goal Achievement
what are the guidelines for MR?
Clarify research objectives/stay on target.
• Decide whether you will do the research or use a
professional researcher.
• Make certain questions are directed to objectives.
• Ask fo rrelevant information
what does crest stand for?
- Competitive Environment
- Regulatory (Legal)
- EconomicEnvironment
- Social Environment
- Technological Environment
- Global Environment (international trade)
what is B2C?
consumer market consists of all individuals or households that want goods and services for personal consumption or use & have resources to buy them.
what is B2B?
consists of all individuals & organizations that want goods & services to use in producing other goods and services or to sell, rent, or supply goods to others. (MANIFACTURERSM, RETAILERS)
why must companies first decide which groups to serve?
B/c consumers differ greatly (age, education, income, tastes & preferences)
what is market segmentation?
Dividing total market into several groups whose members have similar characteristics
what is target marketing?
selecting which groups (market segments) an organization can serve profitably
in the business to business market, what are the customers and size of business like?
customers is relatively few & size of business customers is relatively large.
what buying process do B2B markets use?
rational buying process, geographically concentrated
what are B2B sales like?
sales tend to be direct, with more emphasis on personal selling.
what is geographic segmentation?
Dividing the market by geographic area
what is demographic segmentation?
Dividing the market by age, income & education level
what is psychographic segmentation?
Dividing the market according to personality or lifestyle (activities, interests, and opinions).
what is behavioural segmentation?
Dividing the market based on behaviour with or toward a product.
what is mass marketing?
developing products & promotions to please large groups of people resulting in little market segmentation
what is niche marketing?
process of finding small but profitable market segments & designing or finding products for them.
what is one to one (individual) marketing?
developing a unique mix of goods & services for each individual customer.
what is product positioning?
place an offering occupies in customers’ minds on important attributes relative to competitive products.
what is a positioning statement?
expresses how a company wants to be perceived by customers, useful in establishing a product’s position relative to that of its competitors.
what does building marketing relationships do?
leads away from mass production & toward custom-made goods & services.
what is the goal of building market relationships?
to keep individual customers over time by offering new products that meet their exact requirements.
what is ethnic marketing?
Combinations of mktg mix that reflect unique attitudes, race or ancestry, communication preferences & lifestyles of ethnic Canadians.
what is green marketing?
Green marketing refers to the process of selling products and/or services based on their environmental benefits.
what are psychological influences?
perception, attitudes, learning, motivation
what are situational influences?
type of purchase, social surroundings, physical surroundings, previous experience
what are sociocultural influences?
reference groups, family, social class, culture, subculture
