Chapter 14 - Marketing Foodservice Flashcards
Marketing
an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Exchange
Products are traded for other products or money.
Marketing concept
A management philosophy about how an organization views customers and the sale of their product.
Product
a good, service, or idea.
Marketing philosophies
- Manufacturing/ production concept
- Product concept
- Selling concept
- Marketing concept
- Societal marketing concept
Manufacturing/ production concept
Customers favor products that are available and highly affordable.
Product concept
Customers prefer existing products and product forms.
Selling concept
Customers will not buy enough of the organization’s products unless the organization undertakes a large selling and promotion effort.
Marketing concept
Organizations should determine the needs and wants of target markets and deliver desired satisfaction more effectively and efficiently than competitors.
Societal marketing concept
Organizations should determine needs and wants of target markets and deliver desired satisfaction more effectively and efficiently than competitors in a way that maintains or improves the consumer’s and society’s well-being.
Customer satisfaction
Positive, neutral, or negative feelings about the value received from a product
Customer loyalty
Frequency with which a customer consistently purchases a specific brand.
Marketing management
a process of planning, organizing, implementing and controlling marketing activities to facilitate and expedite exchanges effectively and efficiently.
Effectiveness
The degree to which an exchange helps to achieve an organization’s objectives.
Efficiency
The minimization of resources that an organization must spend to achieve a specific level of desire exchanges.
Marketing Mix
Specific combination or marketing elements used to achieve an organization’s objectives and satisfy the target market.
Marketing Mix Variables
Product, price, place, promotion and other factors over which an organization has control.
Target market
Customers with common characteristics for which an organization creates products/ services.
Promotion
Use of communication to inform and influence consumers.
Market segmentation
Division of total market into groups of customers who have similar needs, wants, values, and buying behaviours.
Customer relationship management
Using computerized database to store purchasing and other point of contact information about a customer.
Niche Marketing
Focuses on identifying small but profitable segments of the market and making products specifically for this segment.
Micromarketing
Marketing to the single customer, the smallest niche.
Branding
Name, term, design, symbol, or feature that identifies one seller’s good or service as different from another’s.
Brand loyalty
Repeated customer purchase of a specific brand.
Brand equity
Value of a brand.
Service
Any act or performance that one party can offer to another that is essentially intangible and does not result in the ownership of anything.
Intangibility
What services are not, they cannot be seen, touched, tasted, smelled, or possessed.
Atmospherics
Physical elements in an operation’s design that appeal to customers’ emotions.
Inseparability
Inability to separate production and service. Ex. Waitstaff providing service while customers are consuming the product.
Perishability of services
Services cannot be stored for future sale.
Heterogeneity of service
Variation and lack of uniformity in the performance by different service employees.
Strategic Marketing
The selection and analysis of a target market and the creation and maintenance of an appropriate marketing mix.
Strategic Planning Process
- Define the organizational mission.
- Establish strategic business units.
- Set marketing objectives.
- Perform a situation analysis.
- Develop a marketing strategy.
- Implement tactical plans.
- Monitor results.
Mission Statement
summation of the organization’s purpose, competition, target market, product, and service and of the recipient of the service, including consumers, employees, owners, and the community.
Strategic business units
Has a specific market focus and a manager with responsibility for placing all functions into a strategy.
Marketing objective
a statement of what is to be accomplished through marketing activities..
Situation Analysis
Identification of marketing opportunities and challenges.
SWOT analysis
Focuses on identifying the Strengths, weaknesses, opportunities, and threats.
Marketing Strategy
Selecting and analyzing a target market and creating and maintaining an appropriate marketing mix that will satisfy that market.
Marketing research
the function that links consumer, customer, and public to the marketer through information that is used to identify and define marketing opportunities and problems.
Marketing plan
written document or blueprint governing an organization’s marketing activities.
Marketing planning
a systemic process involving the assessment of marketing opportunities and resources, the determination or marketing objectives, the development of a marketing strategy and planning for implementation and control.
