Week 1 - 5 Flashcards
List 5 things that are important to consumers.
- honesty
- transparency
- how it helps people
- environmental impact
- social responsibility
What is the most important word in marketing?
change
What is marketing?
The action or business of promoting and selling products or services, including market research and advertising.
True or false: Marketing is ongoing.
True.
Pricing
- what the price is for a product or a service
promotion
- how you get people to know about you and your product
distribution
- how you get your product to the consumers
exchange
- how you get money from the consumer in exchange for your product or service
production orientation
when a company pays little attention to what customers need, concentrating instead on what they can make
selling orientation
occurs when companies believe that the more they sell the more profit they will make; sell as much as they can
cause marketing
an organization’s support of causes that benefit society
socially responsible marketing orientation
the idea that business should conduct itself in the best interests of consumers and society
socially responsible marketing
- deliver satisfaction better than the competition
- enhance well-being of society through good relationships and corporate citizenship
- identify and satisfy consumer needs
elements of the marketing process
- assess customer needs
- identify and select target market
- develop marketing strategy
- develop customer relationship strategy
- evaluation and control
CRM
Customer relationship management
Customer relationship management
strategies designed to create the most profit, revenue, customer retention (keep customers already have), and customer satisfaction
Loyalty programs
offer the consumer a small bonus; e.g., points
business ethics
being honest to customers, society, employer, and employees
CMA
Canadian Marketing Association
Canadian Marketing Association
organization that makes sure marketers maintain high standards of practice showing responsibility to the public (makes sure companies are not lying in their advertisements)
sustainability
doing things that are good for the environment
CREST
Competitive
Regulatory
Economic
Social, Environmental & Demographic
Technology
CREST is…
…external (outside) forces that influence marketing
What does market mean in the competitive process?
everything sold in an industry
