Final Flashcards
This deck is concepts from chapter 13
What is marketing?
Activities buyers and sellers perform to facilitate mutually satisfying exchanges
Involves creating, communicating, delivering, and exchanging offerings with value for various stakeholders.
What are the four eras in the evolution of marketing in the U.S.?
- The Production Era
- The Selling Era
- The Marketing Concept Era
- The Customer Relation Era
Each era reflects a shift in business philosophy and practices.
What characterized the Production Era?
Philosophy of ‘produce as much as you can’ due to a limitless market
Dominated by farmers, carpenters, and trade workers.
What was the focus during the Selling Era?
Shift from producing to selling due to mass-production techniques
Emerged in the 1920s.
What significant change occurred during the Marketing Concept Era?
Increased demand for goods and services post-WWII leading to a boom in consumer spending
Reflected the growing importance of understanding consumer needs.
What is Customer Relationship Management (CRM)?
Concept focusing on learning about customers to exceed expectations and foster loyalty
Includes strategies like frequent flier and rewards programs.
What defines the Mobile/On-demand Era?
Consumers demand relevant information on demand due to digital advancements
Emphasizes immediate access to information.
What are the three parts to the marketing concept?
- Customer orientation
- Service orientation
- Profit orientation
Focuses on understanding consumer needs, ensuring satisfaction, and maximizing profits.
What are the four P’s of marketing?
- Product
- Price
- Place
- Promotion
These factors are blended together in a marketing program.
What are the four key steps in the marketing research process?
- defining the question and determining the present
- collecting research data
- Analyzing the research data
- Choosing the best solution & implementing it
What is the first step in the Marketing Research Process?
Defining the question and determining the present situations
Essential for understanding the problem or opportunity.
What types of data are collected in marketing research?
- Secondary data
- Primary data
Secondary data is often sought first to minimize costs.
What is secondary data?
Information that has already been compiled by others and published in journals and books or made available online.
Information that’s readily available.
researchers look here first to avoid incurring unnecessary expense
What is primary data?
New studies; data you gather for more in-depth information
surveys (online, phone, mail), personal interviews, focus groups
What is a focus group?
A group of people meeting to discuss their opinions about an organization or its products
Directed by a discussion leader.
What is environmental scanning?
Identifying factors that can affect marketing success
Important for understanding the broader market context.
What role do technological factors play in marketing?
Companies can match consumer needs more closely using databases and social media
Enhances targeted marketing efforts.
What sociocultural factors must marketers monitor?
Social trends, population growth, and changing demographics
These can significantly influence sales.
What do competitive factors require from marketers?
Continuous adjustment of pricing, delivery, and services
Important in the context of brick-and-mortar vs online shopping.
What economic factors must marketers adapt to?
Changes in consumer income and economic conditions
Marketers may need to offer more affordable products during downturns.
What is marketing research?
Analyzing markets to determine opportunities and challenges, and to find the information needed to make good decisions.
List three key areas that marketing research analyzes.
- Business trends
- Ecological impact
- Global trends
True or False: Marketing research only focuses on business trends.
False
Fill in the blank: Marketing research helps to determine _______ and challenges.
[opportunities]
What is the purpose of marketing research?
To find the information needed to make good decisions.
What are the two major markets in business?
The consumer market and business-to-business (B2B)
What must companies decide in the consumer market?
Companies must decide which groups to serve and then develop products and services specially tailored to their needs.
What is market segmentation?
The process of dividing the total market into groups with similar characteristics.
What is geographic segmentation?
Geographic segmentation focuses on selling to few regions where the company feels they will have the most success.
What is demographic segmentation?
Demographic segmentation focuses on one age group, income or education level, religion, race, or occupation.
What is psychographic segmentation?
Psychographic segmentation targets a group’s lifestyle by looking at their values, attitudes, and interests.
Ex: targeting Millennials - what show they watch or celebs they follow.
What is ethnographic segmentation?
Ethnographic segmentation is a part of psychographic segmentation, wherein marketers learn about the product from the consumer’s point of view.
What is benefit segmentation?
Benefit segmentation divides the market by determining which benefits of the product to talk about.
What is volume or usage segmentation?
Volume or usage segmentation divides the market based on usage (volume of use).
What is niche marketing?
Niche marketing is the process of finding small but profitable market segments and designing or finding products for them.
How has online retail transformed consumer culture?
Online retail transformed consumer culture from big hits and best sellers to more specialized niche products.
What is one-to-one marketing?
One-to-one marketing involves developing a unique mix of goods and services for each individual customer.
Ex: a travel agent creating a vacation package
