Marketing 4.1 Flashcards
Marketing
- Addresses people’s needs and wants and influences target consumers to buy a specific product instead of other competing products
- A management process involved in identifying, anticipating, and satisfying consumer requirements profitably
- It is about satisfying consumer needs and wants through exchange
- It is a research-based process of getting customers interested in a product through the management of the 4 P’s.
Product-oriented vs. market-oriented marketing
Product Oriented Marketing:
- The business develops products based on what it is
good at making Mainly for products that are high tech,
high quality, and high differentiation
Market Oriented Marketing
- The business develops products based on the market
Geared to mass consumer markets using expensive
market research, but is more flexible and less risky
Flexible: A2 habits, needs, lifestyle, and taste
Less Risky: More assurance of success since the
product meets customer requirements
Social vs. commercial marketing
Social marketing
- Seeks to influence behavior to benefit society as a whole by selling the desired behavior, thus satisfying societal needs
Using social marketing (i.e. commercials, etc.) to bring about social change: Celebrity endorser, media coverage, Giving out cards, workshops/modules, movies, email/hotline/customer service
commercial marketing
Seeks to satisfy customers by selling a particular needed product or service, thus satisfying individual needs
Delivering what people already want instead of changing what people want
Market segmentation
Identifying different segments within a market and targeting different products or services to them
Target market
a target market is a set of customers sharing common needs, wants, and expectations that a business tries to sell to.
Product position map
A graph or diagram that analyses consumer perceptions of each of a group competing for products in respect of two product characteristics.
Mass marketing
Selling the same product to the whole market with no attempt to target groups within it.
Market segment
A subgroup of a market is made up of consumers with similar characteristics, tastes, and preferences.
Niche market
A small specific part of a larger market
Marketing planning
The process of formulating appropriate strategies and preparing marketing activities to meet marketing objectives.
Niche marketing
Identifying and exploiting a small segment of a larger market by developing products to suit it.
Marketing mix
The key decisions that must be taken in the effective marketing of a product.
Consumer profile
a quantified picture of consumers of a firms’ products, showing proportions of age groups, income levels, location, gender, and social class.
Mass market
A market for products that are often standardized and sold in large quantities.
USP (unique selling point)
A factor that differentiates a product from its competitors.
Market size
Can be measured in two ways: volume of sales (units sold) or value of goods sold (revenue)
size of the market is important because:
- A marketing manager can assess whether a market is worth entering or not.
- Business can calculate their own market share
The growth or decline of the market can be identified.
Market growth
The percentage change i the total size of a market over a period of time.
Homogenous products
goods that are physically identical or viewed as identical by consumers.
Market orientation
an outward-looking approach basing product on consumer demand, as established by market research.
consumer service
intangible provision of activity to end-users.
selling services, banking, hotel, hairdressing, and beauty treatments. Services are consumed immediately; they cannot be stored. so empty hotel bedrooms must be filled during the off-peak season by charging lower prices.
consumer goods
The tangible physical product marketed to end users.
more in demand andused daily.
