Ggg Flashcards
Marketing
Marketing is the activity and processes for creating communicating delivering and exchanging offerings that have value customer and society at large
Four ps
Product- details around product/services dold functionality,brand,packaging,services
price-list price,discounts,bundling credit terms
Place-channel,inventory,logistics,distribution
promotion-ow you will sell more of product and get the word out advertising, sales for each publicity,sales promotion
Market orientated
Businesses identify the needs and wants of customers and then make a product to meet those needs
Primary research
First hand data directly collected from customers or consumers by the researcher. can involve interviews surveys observations or any type of research that you go out and collect yourself
Secondary research
It’s cost effective And using things like dates available on the Internet public libraries educational institutions commercial information sources gathering information thaubbering information that already exists
Product oriented
Businesses focus on their area of expertise to produce innovative items
Crowdsourcing
When the consumer votes or offers feedback in the creation and development of a product or service
Sales orientated
Internally focused looks to sell products that the company’s successful at making
marketing oriented
Externally focused on customers wants and needs looks to create customer value
Customer
Person who buys product
Consumer
Person who uses or consumes products
Product/good
Tangible-physical item you can touch
Service
Something that someone can do for you,not tangible, something that gives you benefit in return
Niche market
When a product is Designed To attract only a small segment of a larger market audience
Mass market
Is a market for goods produced on a large scale for a group or significant number of end consumers
Market orientated advantages and disadvantages
Advantage easier to attract customers as more aware of specific wants and needs
disadvantage Have to get timing right expensive and difficult might not be what everyone wants
Is product oriented advantages on disadvantages
Advantage is easier to attract customers
Disadvantage- might not be what customer wants, expensive and difficult
Might only attract a few people
Can’t get product to meet everyone’s needs
Unique selling point
This is the key aspect of the product that makes it different or special it sets the product apart from its competitors
Core product
The core product is the basic item offered such as a TV
Augmented product
A product that comes with extras
Ex : phone with vr headset, TV with guarantee
Why differentiate
To avoid risk of failure
To attract customers
Stand out from competitors
Differentiate
Usually refers to the principle if setting your company apart from the competition through a specific element
Product differentiation
The characteristics that make your product or service stand out to your target audience or stand out from competitors
Profitability
The degree to which a buisness or activity yields profit or financial gain
