Chapters 11, 12, 15, 16 Flashcards
Marketing
-A group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods
-Creates value
-Important part of a firm’s overall strategy
Marketing (NOT)
-Manipulation of consumers
-just advertising/selling
Exchange
-Each participant must be willing to give up something of value to receive something held by the other
-The act of giving up one thing in return for something else
Marketing Concept
The idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals
Market Orientation
An approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers (21st century/customer perspective)
Marketing Strategy
A plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers
Market
A group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas
Target Market
A specific group of consumers on whose needs and wants a company focuses its marketing effort
Market Segmentation
A strategy whereby a firm divides the total market into groups of people who have relatively similar product needs
Total-Market Approach
An approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs (Agricultural products)
Concentration Approach
A market segmentation approach whereby a company develops one marketing strategy for a single market segment (Porche)
Multisegment Approach
A market segmentation approach whereby the marketer aims its effort at two or more segments, developing a marketing strategy for each (Ford different types of vehichles)
Marketing Mix
The four marketing activities-product, price, promotion, and distribution that the firm can control to achieve specific goals within a dynamic marketing environment
Price
-A value placed on an object exchanged between a buyer and a seller
-Can be changed quickly to stimulate demand or respond to competitors (most flexible)
Distribution/Place
-Making products available to customers in the quantities desired
-Least Flexible
Product
- A complete mix of tangible and intangible attributes that provide satisfaction and benefits
Promotion
-A persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas
-Very flexible many options
Marketing Research
A systematic, objective process of getting information about potential customers to guide marketing decisions
External Forces Influencing Marketing Strategy
Political, Legal, regulatory, social, technological, competitive, and economic
6 Steps of Product Development
Idea development, New idea screening, Business analysis, Product development, Test marketing, and Commercialization
Convenience Products
Bought frequently without a lengthy search and often for immediate consumption. Spend no time and usually buy any brand (beverages, food, gasoline, batteries)
Shopping Products
Purchased after the consumer has compared competitive products and shopped around. Price, features, quality, style, service, and image influence decision (computers, phone, clothes)
Specialty Products
Require even greater research and shopping effort. Consumers know what they want and go out of their way to find it. Not willing to accept substitute (Motorcycle, designer clothes, art, concert)
