Topic 10: Chapter 13 Flashcards
Four eras of marketing
Production, selling, marketing concept and customer relationship
Marketing concept
Three part business philosophy: customer orientation, service orientation and profit orientation
Customer relationship management (CRM)
Learning about your customers and meeting or exceeding expectations over time
Four P’s of marketing
Product, price, place and promotion
Marketing mix
The ingredients that go into a marketing program (four p’s)
Promotion
Inform customers about and encourage them to buy products
Marketing research
Analysis of markets to determine opportunities and challenges and to find the info needed to make good decisions
Four key steps if marketing research
- Defining the question and determining current situation
- Collecting research data
- Analyzing the data
- Choosing the best solution and implementing it
Secondary data
Info that has been compiled by others and published
Primary data
Data that you gather yourself
Focus group
Small group under the direction of a discussion leader to communicate opinions on organizations and their products
Environmental scanning
The process of identifying the factors that can affect a marketing success
Consumer market
All the individuals or household is that want goods and services for personal consumption or use
Business-to-business market
The individuals and organizations that want to go and services to use in producing other goods and services
Market segmentation
Dividing the total market into groups, whose members have similar characteristics
