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BGT summery notes > chapter 14 - Summary** > Flashcards

chapter 14 - Summary** Flashcards

1
Q

What is marketing

A

marketing is the process of determining customer wants and need and the providing customers with products to meet or exceed these expectations

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2
Q

How has marketing changed over time ( 4 eras) (PDMC)

A

What marketers change in a given time depends on customers’ wants

has 4 eras:
1. production
2. selling
3. marketing concept
4. customer relationships

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3
Q

what new area of marketing is quickly emerging

A

mobile/ on-demand marketing

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4
Q

What are the 3 parts of the marketing concept? (orientations)(CSP)

A
  1. a costumer orientation
  2. a servierice orianention
  3. a profit orientation
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5
Q

What kinds of organizations are involved with marketing

A

ALL organizations are involved with marketing, both non-profit & profit

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6
Q

examples of non-profit origizations

A
  • provinces and other gov agencies
  • charities (churches)
  • politicians
  • school
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7
Q

the 4 P’s of marketing

A
  • product
  • price
  • place
  • promotion
    (people)
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8
Q

what is required before marketers develop a product

A

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

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9
Q

how do marketers implement the
4 P’s

A

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

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10
Q

What defines marketing research

A

the analysis of markets to determine opportunities and challenges to find info needed to make good decisions

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11
Q

steps in the marketing research process (4 steps)

A
  1. define the question, problem or opportunity and determine the present situation
  2. collect research data
  3. analyze the research data
  4. choose the best situation and implement it
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12
Q

What are the different methods used to gather research?

A

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

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13
Q

What is environmental scanning?

A
  • The process of identifying the trends that can affect marketing success
  • marketers pay attention to all environmental trends that create opportunities and threats
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14
Q

What are the 6 environmental trends marketers consider in environmental scanning?(GTSCEL)

A
  1. global
  2. technologies
  3. social
  4. competitive
  5. economic
  6. legal
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15
Q

What are the most important environmental trends in marketing

A
  1. global changes
  2. Technological changes

—> The growth of online and mobile marketing

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16
Q

Consumer Market VS Total Potential global consumer market

A

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

17
Q

consumer market VS Business to Business market (B2B)

A

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

18
Q

What types if businesses operate in the B2B market

A

consists of
- manufactures
- intermediaries (wholesalers)
- institutions (hospitals, schools, charities)
- the gov

19
Q

what defines market segmentation (role of the relationship of marketing)

A

The process of dividing the total market into several groups whose members have similar characteristics

20
Q

Ways that marketers segment the consumer market(GDPB)

A

Segmented by…

  1. geographic
    –> Dividing the market into different regions
  2. Demographics
    –> Age, Income, education level
  3. Psychographics
    –> groups values, attitudes, interests
  4. Behavuoiral
    –> divides the market based on behaviour with or toward a product
21
Q

the relationship between target marketing and product positioning

A

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

22
Q

What processes are applied before the marketers can create the 4P marketing mix

A
  • Market Segment
  • Target marketing
  • Product Positions
23
Q

the difference between mass marketing and relationship marketing

A

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

24
Q

How marketers meet the needs of the consumer market through the study of consumer behaviour

A
  • Marketer researchers investigate consumers through processes and behaviour to determine the best way to help the buyer buy

study called –> consumer behavuir

25
Q

what are the 5 steps of the session-making process

A
  1. probelem recongintion
  2. informative search
  3. evaluate alternatives
  4. purchase decisions
  5. postpurchase evaluation
26
Q

What is cognitive dissonance

A

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

27
Q

what are 4 factors that influence the consumers’ decision decision-making processes?

A
  1. learning
  2. reference group
  3. culture
  4. subculture

BGT summery notes (14 decks)

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