Marketing Midterm Flashcards
What is the 4 ps of marketing?
Price,product,promotion,place
What is a target market?
A particular group of consumers at which a product or service is aimed
Define customer value?
The satisfaction a consumer feels after making a purchase for goods or services relative to what they give up to receive them.
Define corporate social responsibility (csr)?
A type of business self regulation that aims to contribute to societal goals.
Define show rooming?
The practice of visiting a store or stores in order to examine a product before buying it online at a lower price
Indirect competitor
Pepsi v water
Define Customer relationship management? CRM
A company approach to interacting with current and potential customers focusing on customer retention specifically
Define parrots rule
The Pareto principle states that roughly 80% of the effects come from 20% of the causes
Define loyalty program
A marketing strategy used to encourage customers to keep shopping at their store
Define market segmentation
The activity of dividing a broad consumer group based on some type of characteristic
What are the 3 stages of the strategic marketing process?
Planning, implementation, and evaluation
Compare marketing tactics vs strategies?
Tactics= more focussed on a singular short term view.
Strategy= more focussed on a broad longer term view.
Define reference group
A group to which a group or individual is compared
Define consumer behaviour
All customer activities included in the use and disposal of goods and services including their personal reactions
Define temporal effects
How the time of day will influence where consumers have meals and what is ordered
Define primary and secondary research
Primary= researchers collect data directly
Secondary= synthesis of existing research
Difference between qualitative and quantitative research?
Qualitative= deal with words and meanings
Quantitative = deal with numbers and stats
Define focus group
A small diverse group assembled to discuss about something specific
Define derived demand
A demand for a commodity service etc. Which is a consequence of the demand for something else
Define supply partnership
A commitment over an extended period to work together to the mutual benefit of both parties sharing relevant information and the risks and rewards of the relationship
Define behaviouristics
How does this target market use and interact with the product
Define psychographics
What are the prevailing attitudes values interests opinions etc to life that this target market share
