Marketing Flashcards
marketing definition
‘the management process which identifies, anticipates and supplies customer requirements efficiently and profitably’ - chartered institute of marketing
marketing orientation
make what the market wants
sales orientation
the hard sell
product orientation
we make what we believe will sell
production orientation
more focus on production process than the customer (eg foodstuffs)
Segmentation
- type of customer
- different needs and tastes
- location
- spending potential
- customer circumstances
In order to be effective the chosen segment must be
MASS D
Measurable Acceptable Stable Substantial Defensible
The marketing process
1.Research
2.Identify target market
3. develop marketing mix ie 4ps
- Product
- Price
- Promotion
- Place
4. if services 3 additional Ps
- processes
- Physical evidence
- People
5. Ethics
how is the product being sold? who is the consumer? who is the customer? where is it being sold? will it pass the Daily Mail test?
Product
Brand
Basic / actual / augmented
Price
- 3 Cs (cost, customer, competitor)
- consider price elasticity of demand
- price skimming v market penetration
- price discrimination
Promotion
Advertising sales promotions public relations personal selling relationship marketing
Place
distribution strategy distribution channel overseas aspects (agent, distributor, joint venture)
Processes
Efficiency
heterogeneity
physical evidence
logo, uniform, store layout
People
staff appearance
skills and manner
