Marketing Flashcards
Marketing
Process of planning and executing the process for creating, communicating, delivering and exchanging of goods and services
Production era
Early 1900s, general philosophy was to produce as much as possible
Selling era
1920s, business philosophy turned from producing to selling
Marketing concept era
Marketing concept was developed, it included: Customer orientation, service orientation and profit orientation
Customer relationship era
1990s marketing concept turned to customer relationship management (CRM) - getting to know the customers and doing whatever possible to satisfy them
Aspects of the Marketing Mix
Product, Price, Place, Promotion
Marketing Process
- Identify need for product
- Conduct research
- Identify target market
- Design product based on research
- Test marketing
- Design packaging, determine brand name, set price
- Select distribution channel
- Design promotion program
- After-sales services
Marketing Research
Analysis of markets with regard to challenges and possibilities and collection of information to make right choices
Focus Group
Small groups that discuss opinions led by a discussion leader
Marketing Environment
Global, technological, social, competitive, economic
Consumer Market
Consists of all individuals and households who consume products and services that have the resources to purchase
Business-to-business Market
Consists of all individuals or companies who want to purchase goods or services with the goal to sell, rent out, or use them as a resource
Different Market Segments
Geographic, demographic, psychographic, benefit, volume or user
Influences on behaviour of consumers
Psychological, situational, marketing mix, socio-cultural
How B2B market differs from consumer market
Number of consumers is relatively low, few large companies, geographically concentrated, buyers are more rational, direct distribution, personal selling: large companies get more attention
