Chapter 6 Flashcards
What is the definition of a market?
A place where buyers and sellers interact with each other / A process that is a sequence of activity to get something done
How does a business build a relationship with it’s existing and potential customers?
Promotion, Seasonal offer, Membership, Targeted location, Free samples, Perception, Brand positioning
What are the few examples of post-purchasing arrangement?
Warranty, Customer care support
What examples are there of non-monetary value?
Word of mouth, feedback, collaboration/networking, customer wants
Name the 3 needs for customers along with examples
Physical - Food, Water, Air, Safety, Warmth
Social - Belonging, Affection
Individual - Knowledge, Expression
Name the 3 wants for customers
Culture
Society
Individual personality
What is customer demand?
Needs + Wants backed up by purchasing power
Name all the marketing mix tools along with examples
Product - Variety, Quality, Design
Price - List prices, Discounts, Payment period
Promotion - Advertising, Personal selling, Sales promotion
Place - Transportation, Inventory, Location
Name the model of marketing
Customer Value
Communication
Convenience
Cost
Name the main attributes of product
Appearance
Function
Support
List all the pricing strategies
Cost-percentage
Value-based
Competitive
Skimming
Discount
Loss-leader
Psychological
List all the marketing channels
Radio
Television
Print
Electronic
Billboard
Word of mouth
Generic
List all the market research
Survey
Focus group
Data analysis
Competition analysis
