chapter 14 - Summary** Flashcards
What is marketing
marketing is the process of determining customer wants and need and the providing customers with products to meet or exceed these expectations
How has marketing changed over time ( 4 eras) (PDMC)
What marketers change in a given time depends on customers’ wants
has 4 eras:
1. production
2. selling
3. marketing concept
4. customer relationships
what new area of marketing is quickly emerging
mobile/ on-demand marketing
What are the 3 parts of the marketing concept? (orientations)(CSP)
- a costumer orientation
- a servierice orianention
- a profit orientation
What kinds of organizations are involved with marketing
ALL organizations are involved with marketing, both non-profit & profit
examples of non-profit origizations
- provinces and other gov agencies
- charities (churches)
- politicians
- school
the 4 P’s of marketing
- product
- price
- place
- promotion
(people)
what is required before marketers develop a product
after they research customers’ needs and find a target market, they implement the
- 4 P’s of marketing
starting with the development of the product
how do marketers implement the
4 P’s
product
–> Starting with the development of the product
price
–> competitively
place
–> Get it in a location where people will find it easily
Promotion
–> advertising, personal selling, public relations, direct marketing & sales promotion
–> so customers know it exists
What defines marketing research
the analysis of markets to determine opportunities and challenges to find info needed to make good decisions
steps in the marketing research process (4 steps)
- define the question, problem or opportunity and determine the present situation
- collect research data
- analyze the research data
- choose the best situation and implement it
What are the different methods used to gather research?
Research can be gathered through
—> Secondary data
1) data gathered by others
2) journals, newspapers, directories, databases, internal sources
–> primary data
1) data you gather
2) observations, surveys, interviews, focus groups
What is environmental scanning?
- The process of identifying the trends that can affect marketing success
- marketers pay attention to all environmental trends that create opportunities and threats
What are the 6 environmental trends marketers consider in environmental scanning?(GTSCEL)
- global
- technologies
- social
- competitive
- economic
- legal
What are the most important environmental trends in marketing
- global changes
- Technological changes
—> The growth of online and mobile marketing
Consumer Market VS Total Potential global consumer market
consumer market :
consist of all individuals or households that want products for personal consumption of use and have the resources to buy them
Total potential global consumer market :
Consists of billions of people in global markets
consumer market VS Business to Business market (B2B)
B2B
- selling from one business to another
- # of customers is small, and the size of the business you are selling to is large
- geographically concentrated
- sales more direct
- more enfaces on personal selling
What types if businesses operate in the B2B market
consists of
- manufactures
- intermediaries (wholesalers)
- institutions (hospitals, schools, charities)
- the gov
what defines market segmentation (role of the relationship of marketing)
The process of dividing the total market into several groups whose members have similar characteristics
Ways that marketers segment the consumer market(GDPB)
Segmented by…
- geographic
–> Dividing the market into different regions - Demographics
–> Age, Income, education level - Psychographics
–> groups values, attitudes, interests - Behavuoiral
–> divides the market based on behaviour with or toward a product
the relationship between target marketing and product positioning
Target Market:
The marketer needs to select segments that are the most profitable
Product positioning:
refers to the place an offering occupies in customers’ mind on important attributes relative to competitive products
- then applied to each product
What processes are applied before the marketers can create the 4P marketing mix
- Market Segment
- Target marketing
- Product Positions
the difference between mass marketing and relationship marketing
Mass marketing:
Developing products and promotions to please large groups of people
Relationship marketing:
Lead away from mass production and toward costume-made production
– its goal to keep individual customer over time by offering them products that meet their needs
How marketers meet the needs of the consumer market through the study of consumer behaviour
- Marketer researchers investigate consumers through processes and behaviour to determine the best way to help the buyer buy
study called –> consumer behavuir
what are the 5 steps of the session-making process
- probelem recongintion
- informative search
- evaluate alternatives
- purchase decisions
- postpurchase evaluation
What is cognitive dissonance
a type of physical conflict that can occur after a purchase
– If customers are satisfied with their purchase, they will not regret their purchases (experience cognitive dissonance)
–> can occur at the postpurchase evaluation phase of decision-making
what are 4 factors that influence the consumers’ decision decision-making processes?
- learning
- reference group
- culture
- subculture
