u4 marketing Flashcards
What is Marketing?
process of creating, packaging, promoting, distributing, and selling goods/services to satisfy consumer
5 major activities of marketing
- market research
- product development
- promotion
- distributing
- pricing
old vs new view of marketing
old focused on just profit
new focuses on building strong relationships with consumer so return rate is high + being socially responsible
Why do you think there is this shift in how companies think about marketing?
- evolving consumer interests and demands
- increased competition
- long-run benefits
What are Customer Needs, Wants, and Demands?
- basic things humans need
- unnecessary things that humans want influenced by society, culture, personality
- wants backed up by purchasing power
3 major steps of marketing
- identify an opportunity in a specific consumer/industrial market
- research, understand marketplace and consumers to ensure that opportunity has not already met been met
- design a marketing strategy
- build reputable customer relations
- monitor marketing
What are the Two Types of Markets? Identify and Define them.
consumer market - individuals and households purchasing for personal consumption
business market - companies/organizations buying for repurposing/selling/operational use
What are the two types of consumer markets? Identify and Define them
mass market - offers same marketing mix to all customers
target market - recognizes diversity of customers and offers specialized marketing mix
Give 4 examples of mass market products. Explain in general why these products fall into the mass market
products for everyone, toothpaste, smartphones, toilet paper, soft drinks
Give 4 examples of niche market products. Explain in general why these products fall into the niche market
products only people with certain interests buy, pet food, ski gear, vegan products, designer makeup
What is market segmentation?
the breaking down or building up of potential buyers into groups called market segments
What are the four major categories businesses use to SEGMENT their consumers? Identify and define each. Use examples to support your answer.
demographic
geographic, psychographic,
behaviouristic
What do marketing managers need to consider in order to ensure a successful marketing strategy.
Explain the relationship between the 4 elements of the marketing mix
What are the 4 elements of the marketing mix? list and define
What are the 3 factors to consider in international marketing? Put a few dot jots in to help you understand
Explain the 4 P’s in an international marketing context.
What is standardization in international marketing? What is localization in international marketing?
Choose 1 Multinational Corporation and explain how it markets its products globally. Use course terminology in your answer.
How does dominoes incorporate the strategy of localization into its international marketing strategy?
Explain what KFC is doing in Japan and how it ties to international marketing
