POINTERS TO REVIEW Flashcards
is the activity, set of institutions and process for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society”
MARKETING
The power of a good or service - to satisfy the wants of consumers
UTILITY
conversion of raw materials into finished goods and services
Form
Availability of goods and services when consumers want them
Time
Availability of goods and services at convenient locations
Place
Ability to transfer title to products from marketer to buyer
Ownership (Possession)
Business philosophy stressing efficiency in producing a quality product, with the attitude toward marketing that “a good product will sell
Production Era
sales orientation belief that consumers will resist purchasing non-essential goods and services, with the attitude toward marketing that only creative advertising and personal selling can overcome consumers’ resistance and persuade them to buy.
Sales Era
Organizational survival dictated that managers pay close attention to the markets for their goods and services. “ The consumer rules”
Marketing Era
Organizations now build on the marketing era’s customer orientation by focusing on establishing and maintaining relationships with both customers and suppliers.
Relationship Era
Building on the relationship era, companies now routinely use the Web and social networking sites to connect to consumers as a way to market goods and services.
Social Media Era
is management’s failure to recognize the scope of its business.
Marketing myopia
operate in both public and private sectors.
Not-for-profits organization
involves efforts designed to cultivate the attention, interest, and preferences of a target market toward a celebrity or authority figure.
Person marketing
efforts of mutual benefit organizations, service organizations, and government organizations that seek to influence others to accept their goals, receive their services or contribute to them in some way.
Organizational Marketing
Marketing efforts designed to attract visitors to a particular area; improve consumer images of a city, state, or nation; and/or attract new business
Place Marketing
The cluster of complementary products and services related in consumers mind, but spread across diverse set of industries.
Meta Market
The physical store
market place
includes Relationship marketing, integrated marketing, Internal marketing and performance marketing are components of:
Holistic Marketing Dimension
this concept holds that all activities undertaken by the company should create, communicate, and deliver value. Further, all new activities should take into consideration all other marketing activities
Integrated marketing
this concept first emerged in 1950’s and focuses more on the customer with a “sense-and-respond” attitude. Companies that have embraced this concept have been shown to achieve superior performance than competitors.
Marketing Concept
Includes how the product is formulated/prepared; ingredients used, packaging, sizes, features, attributes, etc.
Product
Selling price/Cost of the product/service; how it arrived with its current price
Price
What advertisement, selling, marketing strategies were done to promote the product/service
Promotion
What are the means of transport/channels so that the product could reach the customer/clients
Place (Distribution)
This concept seeks to put product in a certain position or place in the minds of prospective buyers
Positioning
Also called a channel distribution- an organized system of marketing institutions and their interrelationships that enhances the physical flow and ownership of goods and services from producer to consumer.
Marketing Channel
The marketing intermediaries in direct contact with ultimate consumers
RETAILERS
Refers to the process of coordinating the flow of information, goods, and services among members of the marketing channels.
Logistics
Sales promotion that appeals to marketing intermediaries rather than to consumers
Trade Promotion
the most popular method of pricing-A practice of adding a percentage of specified amount or markup-to the base cost of a product to cover unassigned costs and to provide profit
Cost Plus Pricing
