Key Terms for Marketing Unit 1 & 2 Flashcards
What is marketing
Marketing are activities involved in the
planning
pricing
promoting
distributing
selling of goods and services
What is the difference between an industrial good/service and consumer good/ service?
Consumer goods are products intended for personal use to public.
Industrial goods for services used in a business to to assist in business operations.
Raw materials
Materials used in manufacturing of goods (Ex: Tim Hortons getting coffee beans to sell coffee to consumers)
Processed goods
It goes through a process to become its state to use/sell
(Ex: Coffee beans have to go through a process of roasting for there to be coffee to sell)
Finished goods
Goods that have been manufactured but haven’t been distributed
What is the marketing concept?
The marketing concept is that a business must consider its potential customers and competitors in every important business decision. The marketing concept requires a business to take 3 steps
What is the difference between a need and a want?
Need: Something that is necessary to live Want: Something that can improve your quality of life.
3 marketing concept steps
-Identify an opportunity in a specific market that the opportunity has not already been met
-Use appropriate marketing strategies to sell the product successfully
-Ensure that the opportunity has not already been met in the competitive market
What are the 5 stages of the product life cycle (Traditional)
D.I.G.M.D.D
Development Stage
Introduction Stage
Growth Stage
Maturity Stage
Decline Stage
Decision Point Stage
Development Stage
Developing products/in the making of products
Introduction Stage
When a product is introduced into a market. The most expensive stage and priced very high at this stage
Growth Stage
The product is highly visible in either daily life or in the media
And will get advertised heavily during this stage.
Maturity Stage
Businesses use income generated by mature products to develop and launch new products. Customers in this stage are called the late majority. After the growth, the sales slowed down.
Decline Stage
The product won’t be as useful at some point and orders decline.
The manufacturer is only able to find a few new customers. Customers in this stage are called laggards.
Decision Point Stage
Deciding what to do with a product, if to stop production or continue with a new model.
What are the 4 types of non-traditional product life cycles?
F.T.N.S
Fad,
Trend
Niche
Seasonal
Fad meaning
A good, service, or idea that is extremely popular for a very short period and then becomes unpopular just as quickly Ex: Memes, rubiks cubes, fidget spinners
Trend Meaning
Last longer than a fad in the marketplace, A mass movement towards a particular style or value. Predicting where the market is going to go Ex: public leaning towards organic food therefore stores will supply more.
Niche Meaning
Products that have a very short growth stage that leads to a solid but not spectacular maturity stage. They dominate a small section of the market with little competition Ex: The Pet Hotel, energy drinks
Seasonal Meaning
There are peak periods throughout the year change in consumer demand based on a pattern Ex: Ice-cream, summer resorts, snow-blowers, turkeys
What is the difference between a primary and secondary market
Primary Market: When you buy something from a store shelf
Secondary Market: When you buy something already used or to maintain a primary market Ex: To maintain a phone, you need to buy the charger
Maslow’s Hierarchy of Needs
P.S.A.E.S
PHYSIOLOGICAL NEEDS
SAFETY & SECURITY NEEDS
AFFILIATION NEEDS
ESTEEM NEEDS
SELF-ACTUALIZATION
What are the 4 types of motivational forces?
B.E.R.S
Biological forces
Emotional forces
Rational forces
Social forces
Biological forces
Have their roots in the basic human need for survival Ex: food
