marketing Flashcards
marketing
activity, set of institutions, processes for creating, communicating, delivering, exchanging offerings that have value for customers, clients, partners, society at large
- understand what customers want -> use that to drive business
marketing concept
to achieve company profitability goals and organizational goals (profit+growth)
- find what customers or potential customers want
- develop products or services to meet these needs
- engage the entire organizations in efforts to satisfy customers
target market
group of people with shared characteristics in a company identifies as potential customers for its products
- consumer market: buyer who wants product for personal use
- industrial market: buyer who wants product for use in making other products
market segments
groups of potential customers with common characteristics that influence their buying decisions
segmentation
demographic: divide on age, martial status, etc into groups
behavioral: divide on attitude towards product, user status, usage rate
psychographic: divide on individual lifestyle
geographic: divide on climate, region, pop density
clustering
combine segments
marketing mix
key elements shaping development of marketing objectives to reach target market
product: develop product meeting needs of target market
price: set price for product
place: distributing product, get it where customers can buy it
promoting: inform potential buyers about it
brands
intangible assets w/ tangible value - feeling made from organization’s promotion efforts and consumer meaning
branding types
private: company makes profit, sells to retailer who resells under own name
generic: maker attach no brand into product except description of contents
manufacturer: company sells 1+ products under own name
- multiproduct: sells many products under one brand name
- multibranding: company assign different brand names to products covering diff segments of market
brand value
financial asset associated w/ brand
brand equity
added value generated by favorable consumer experiences with a product
pricing strategies
price skimming: introduce new product w/ high price, lower price over time. can find what buyers willing to pay; consumers think they get bargain but high price attracts competition
penetration pricing: offer new products at low price to achieve large sales volume; low initial price pushes customers to switch brands, discourage competitors. higher costs–must sell more to break even
leader pricing: price below normal markup/below cost to store they wouldn’t otherwise shop. hope to incr sales vol/profits
bundling: group 2+ related products and price as single product - reach segments where sold separately aren’t reached effectively
odd-even pricing: setting price at odd number to connote bargain and even number to imply quality
prestige pricing: raise price of product so consumers perceive as higher quality
promotion mix
means by which you communicate w/ customers
advertising: paid, nonpersonal
personal selling: one-on-one w/ customers, important for high ticket items (houses)
sales promotion: discounts/samples/sweepstakes
free publicity: product mentioned in newspaper/TV
primary vs. secondary data
utilizing market research;
- marketers look at secondary data, info already collected.
utilizing secondary, collect primary, newly collected info
social media marketing
create brand awareness, connect w customers, build brand loyalty, offer incentives, gather feedback, use low cost marketing opportunities. can be time consuming
