Mid-Term Version 2 Flashcards
Marketing
Activity, Institutions, and Processes for Creating, communicating, delivering, and exchanging offerings that have value.
B2B
Based on profit of business who buys product for their own product
B2C
Based on profit business and need of consumer
Marketing Mix
Product, Place, Price, and Promotion
Exchange/Transaction
Consumers and Producers interact
Environmental Forces
Gov Regulations, Trends
Environmental Scan
Scan environment for a
Marketing Eras
4, last industrial era, marketing era,
Marketing Concept
Business Orientation Model to create value in product for customers
Organizational Buyers
Organization who the product is bought for
Ultimate Consumers
Consumer who the product is purchased for
Profit Equation
Profit after cost and demand
Market Segmentation
Segmenting the market into groups
SWOT Analysis
Strengths, Weaknesses, Opportunities, Threats
Motivation
Mazlo Hierarchy
Word of Mouth
Spread of brand value among people
Reference Groups
Discussion Leader with a group of 6 to 10 consumers or possible consumers
Organization Buying Demands
Derived Demand, Environment, Organization, Interpersonal/Individual
Organization Buying Centers
Users, Influencer, Gatekeeper, Decision maker, Buyer.
Differentiation
Separation/stand out from competition
New Product Process
Idea Generate, Screening, Business Analysis, Product Development, Product Testing, Commercialization, Evaluation
Branding
Symbol connected to brand and its values/products
Brand Acceptance
Recognition, Preference, Loyalty
Brand Effectiveness
CDI and BDI. Simple, memorable, connected
Service Marketing
Intangibility, Inseperability, Inconsistancy, Inventory
Service Marketing 7 Ps
Products, price, Promotion, Place, People, Physical Evidence, Process
Service Quality
Tangible Evidence, Reliability, Assurance, Empathy, Tangibles, Responsiveness
Zone of Tolerance
Between Unsatisfactory and above and beyond service, if not in zone, consumer will feel cheated or not connected to brand. Adequate and Desired
Packaging Factors
Factors that influence how product is perceived
Product Life Cycle and Consumer Groups
Consumer groups may be different base don the stage a product is in
Offering Concept
Combination of products, goods and services offered
Ansoff matrix
Tool used to measure market and how a business is doing in it
SMART Goals
Specific, measurable, Attainable, Relevant, Time-Based
