Marketing Quiz 1 Flashcards
Things Firm Should Do (Marketing Stages)
- Analyze Needs
- Predict Wants
- Estimate Demand
- Predict When
- Determine Where
- Estimate Price
- Decide Promotion
- Estimate Competition
- Provide Service
Marketing (Micro View)
a highly targeted and individualized marketing approach that concentrates on reaching small, specific groups of customers or prospects
Marketing (Macro View)
focuses on the majority of consumers rather than individuals. The goal is to determine how to reach a mass market. matches supply and demand
Marketing definition
is the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client
Marketing refers to the activities a company undertakes to promote the buying or selling of its products or services
Marketing Function
- Buying
- Selling
- Transporting
- Storing
- Standardization & Grading
- Financing
- Risk Taking
- Market Information
Who Performs Marketing Functions?
- Producers
- Wholesalers
- Transport Firms
- Retailers
- Ad Agencies
- ISP’s
- Product Testing Firms
- Research Firms
- Consumers
Command Economy
Government officials decide
May work well if:
Simple economy
Little Variety
Adverse Conditions
Market-Directed Economy
Adjusts itself
Price is value measure
Freedom of choice
Government’s role limited
Marketing strategy planning
finding opportunities and developing profitable marketing strategies that the company can use to capitalize on the opportunities
Target market
a fairly homogeneous (similar) group of customers to whom a company wishes to appeal.
Marketing mix
the controllable variables the company puts together to satisfy the target market
Production-oriented manager
sees everyone as basically similar and practices “mass marketing.”
Marketing-oriented manager
sees everyone as different and practices “target marketing”
Marketing Mix
Product Place Promotion Price
The marketing plan specifies:
what marketing mix will be offered, to whom (that is, the target market), and for how long
what company resources (shown as costs) will be needed at what rate (month by month perhaps)
what results are expected (sales and profits perhaps monthly or quarterly, customer satisfaction levels, and the like)
control procedures (if things are going wrong)
