Unit 10 Flashcards
consists of dynamic activities that identify, anticipate, and satisfiy customer demand while making a profit
marketing
an approach to business that focuses on satisfying customers as the means of achieving profit goals
marketing concept
What are the Elements of the Marketing Concepts?
- Customer Satisfaction
- Total Company Approach
- profit
the degree to which customers are pleased with a company’s or services
customer satisfaction
all the functions of a company working together to achieve goals
Total Company approach
The difference btwn income earned and expenses incurred during a specific period of time
profit
What are the 4 p’s of marketing
product price place and promotion
people too
What is anything that can be bought or sold
a product
What is the amount of money requested or exchanged for a product
Price
What is the activities involved in getting goods and services to customers
place
what is the process of communication with potential customers in an effort to influence their buying behavior
promotion
What are the functions of Marketing
- Channel Management - Product/Service Management - Pricing - selling - Marketing - Information Management - Promotion
- market planning
What are the specific group of customers whose needs a company will focus on satisfying
A target market
What is the plan that helps a business meet its overall goals and objectives
Marketing Strategy
What is the document describing business and marketing objectives and the strategies and tactics to achieve them
The Marketing Plan
the process of dividing the market into smaller groups
marketing segmentation
What are the different ways a market could be segmented
- Demographic 2. Behavioral 3. Geographical 4. Psychographic
Segmenting the market based on where customers live region climate and population
Geographic segmentation
dividing the market of potential customers by their personal statistics
Demographic segmentation
Dividing the market by certain preference or lifestyle choices
Phychographic segmentation
divides a market by the relationships between customers and the good or service.
Behavioral Segmentation
a detailed description of the typical consumer in a market segment
customer profile
marketing to a larger group of people who might buy a product
Mass Marketing
the strategy for using the element of product, price, place, and promotion
Marketing Mix
Focuses on building long-term relationships with customers
Relationship selling
a system of gathering, storing, and usin customer data for marketing directly to customers based on their histories
Database Marketing
a system to track contact and other information for current and potential customers.
Customer relationship management system
The power to sway or produce an effect
influence
what is customer behavior typically based on?
social psycgological situational and personal
the influences that come from the society in which a person lives including family peers culture and media
social influences
the influences that come from within a person or why a person has specific needs or wants
psychological influences
for B2C are the influeces that come from the environment
ex. weather, store location, time of day, and current sales promotions
Situational influences
the influences that make each individual that make each individual unique
Personal Influences
What are some of the steps in the Decision-Making Process
- Define the problem/challenge
- research alternatives
- choose the best alternative
- implement the decision
- Evaluate the decision
A purchase made with no planning or research
impulse buying decision
a purchase made quickly and with little thought
routine buying decision
a purchase that requires some amount of research and planning
limited buying decision
a purchase that invloves a great deal of research and planning
ectensive buying decision
What are the differet kinds of Consumer buying decisions ?
Impulse
routine
limited Buying Decision
extensive Buying decision
What are the different kinds of business buying purchases>
new purchase, repeat purchase, modified purchase
Whar are omtivators or change factors that come from within the business itself
Internal Influences
what are motivators or change factors from outside the business
External Influences
for B2B are those from the enviroment in which the business exists
situational influences
A decision to buy a nre product which requires a great deal of research an thought for a business
New purchase
a buying decision that require little research and thought
repeat purchase
a decision to buy a familiar product but with some changes or modifications
modified purchase
governments buy what services
food preperation, education, security, and medical care
