Marketing Flashcards
______ reflects an organization’s philosophy in how it facilitates the exchange of the organization’s services and products with customers for money.
Marketing
Marketing is a process that includes what 3 things?
- Planning
- Design and development of services and products
- Sales
What are 2 marketing philosophies?
- selling orientation
- market orientation
According to the selling orientation philosophy what should marketing efforts be directed towards?
selling what the organization has to anyone likely to make the purchase
According to the market orientation philosophy what should marketing efforts be directed towards?
creating new customers and retaining existing customers
Market orientation is ______ specific
customer
What does operating under a market orientation philosophy require?
Identifying a target market
Because no service can meet everyone’s needs the segment most in need of the service is identified through what?
environmental scanning
What are 5 characteristics for segmenting the potential market for a specific service?
- Age
- Geography
- Lifestyle
- Purchasing habits
- Social class
What is an advantage of market segmentation?
Allows for the alignment of the organization’s efforts toward the meeting of unique needs and characteristics of the most favorable market segment(s)
What is a niche market?
A very specific target market with a limited number of potential customers
What does marketing positioning refer to?
The philosophical positions that an organization can pursue. Each involves decisions concerning how an organization wishes to be perceived by its qualified target markets
What are the 3 options for achieving a market position?
- market leader
- innovator
- customer-centric
Describe the market leader option for achieving a market position
reputation will allow the organization to be perceived as a resource for the most advanced and effective treatment techniques
Describe the innovator option for achieving a market position
orientation will allow the organization to develop both a quality and leadership reputation in the community
Describe the customer-centric option for achieving a market position
focuses the efforts of the organization on the humanistic and caring aspects of products rather than arrogant self-serving pushing products on customers
What are 2 reasons why an organization needs to market?
1) growth
2) retention (keep existing and past customers)
What are the 7 elements that can be used to formulate how a service is presented?
- Product/service (benefit)
- Price (value)
- Place (delivery environment)
- Promotion (attract attention)
- Physical Evidence (quality)
- Processes (efficiency)
- People (expertise/personalities)
What does the marketing mix refer to?
the combination of ways businesses choose to present themselves and their offerings to customers
All businesses utilize what 4 P’s to accomplish the marketing mix?
- Product/service (benefit[s])
- Price (value)
- Place (delivery environment)
- Promotion (attract attention)
What does the product or service include?
The special characteristics of what is being offered for sale such as:
- image
- how it is presented
- features
- name brands
What are 3 pricing approaches?
- Cost-based pricing
- Competition-based pricing
- Demand-based pricing
Describe cost-based pricing
Prices are set relative to costs
Describe competition-based pricing
Prices are set in relation to those of competitors
Describe demand-based pricing
Prices are set high based on the concept that high price = high quality
Aka prestige pricing
What are 4 qualities to be taken into consideration in regards to the “place”?
- Accessibility
- Décor
- Hours of operation
- Service location
What does promotion include?
The various methods used to inform the public about the service and to sell it
What 3 groups are targeted through the promotion process?
- Current target market
- New targeted market
- Previous customers
What is the most effective form of marketing promotion?
word of mouth
The combination of communication tools used for promotion is known as the communication ___.
mix
Promotional tools include what 4 things?
- advertising
- direct marketing
- personal selling
- public relations
What are the additional 3 P’s that are included in the health are service quandary?
- Physical Evidence
- Process
- People
Customers can physically infer quality and effectiveness by observing what 2 things?
- Clarity and accuracy of pretreatment communications
- Occurrences at the business location and in the clinic such as age and condition of equipment, staff interactions, and how other customers are treated
What do processes refer to?
the way business activities flow and are coordinated
Marketing is ongoing. What is this ebb and flow called?
the lifecycle of services and products
What are the 4 phases of the marketing continuum?
- introduction
- growth
- maturity
- decline
During the introduction phase sales are ___, expenses are ____, and there are financial _____.
low
high
losses
In order to eventually improve the picture associated with the introduction phase what is required?
a heavy financial investment in promotion activities
During the growth stage profits and sales increase rapidly which is likely to attract competition. At this time the business has 2 marketing options, what are they?
- do nothing
- reinvest profits into substantial marketing efforts
What is the marketing option during the maturation stage?
do nothing more because there is already high volume and profit with little additional investment in promotion
What is the marketing option during the decline stage?
Terminate support
