The flashcards below were created by user
jo73
on FreezingBlue Flashcards.
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Marketing
activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
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production concept
emphasized producing as many goods as possible because there was an unlimited demand
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Seller's market
market in which there is more demand for products that there is supply
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buyer's market
there are more products available than there were buyers
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seller's concept
which emphasized high-powered sales techniques to sell products
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Marketing Concept
focuses on customer satisfaction, service, and profitablity
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Customer relationship management
emphasizes finding out everything possible about customers and then using that information to satisfy and even exceed their expectations in order to build customer loyalty over the long term
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Value
defined as customer's perception that a certain product offers a better relationship between costs and benefits than competitor's products do
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consumer buying process
- problem recognition
- information search
- evaluating alternatives
- purchase decision
- post purchase evaluation
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Five factors influencing how people buy things
- culture and subculture
- social class
- reference groups
- personal image
- situational matters
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marketing strategy
- identifying the target market
- create the right marketing mix to reach the target market
- dealing with important forces in the external marketing environment
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5 types of market categories for individual consumers
- geographic segmentation
- Demographic
- psychographic
- benefit
- user-rate segmentation
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Geographic Segmentation
- categorizes customers according to geographic location
- selling hiking boots in colorado rather than in new york
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Psychographic segmentation
consists of categorizing people according to lifestyle, values, and psychological characteristics
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Benefit segmentation
dividing the market by benefits that people seek in a product
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user- rate segmentation
dividing the market by frequency of customer usage
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Segmentation divided into two processes
- niche marketing
- one-to-one marketing
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niche marketing
dividing market segments to make sales more profitable
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one-to-one marketing
- reducing market segmentation to the individual
- suggested sales on Amazon.com
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business to business market
use other business goods and services that will help them produce their own goods and services
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Business Market broken down to three categories
- geographic
- customer-based
- product use based
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New Product
defined as a product that either is a significant improvement over existing product or performs a new function for the customer
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four reasons companies should introduce new products
- to stay ahead of the competition
- to continue to expand revenues and profits
- to fill out a product line
- to take advantage of an opportunity
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Marketing proceess
- conduct research
- Determine target market
- product strategy
- pricing strategy
- place Strategy
- promotion Strategy
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marketing Research
the systematic gathering and analyzing of data about issues relating to the marketing of goods and services
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4 steps of the marketing research
- define the problem
- collect facts
- analyze the data
- take action
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external market environment
- global
- economic
- sociocultural
- technological
- competitive
- political
- legal and regulatory
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