BUS 200 Ch. 12

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  1. 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.
  2. production concept
    emphasized producing as many goods as possible because there was an unlimited demand
  3. Seller's market
    market in which there is more demand for products that there is supply
  4. buyer's market
    there are more products available than there were buyers
  5. seller's concept
    which emphasized high-powered sales techniques to sell products
  6. Marketing Concept
    focuses on customer satisfaction, service, and profitablity
  7. 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
  8. Value
    defined as customer's perception that a certain product offers a better relationship between costs and benefits than competitor's products do
  9. consumer buying process
    • problem recognition
    • information search 
    • evaluating alternatives
    • purchase decision
    • post purchase evaluation
  10. Five factors influencing how people buy things
    • culture and subculture 
    • social class
    • reference groups
    • personal image
    • situational matters
  11. 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
  12. 5 types of market categories for individual consumers
    • geographic segmentation
    • Demographic 
    • psychographic 
    • benefit
    • user-rate segmentation
  13. Geographic Segmentation
    • categorizes customers according to geographic location
    • selling hiking boots in colorado rather than in new york
  14. Psychographic segmentation
    consists of categorizing people according to lifestyle, values, and psychological characteristics
  15. Benefit segmentation
    dividing the market by benefits that people seek in a product
  16. user- rate segmentation
    dividing the market by frequency of customer usage
  17. Segmentation divided into two processes
    • niche marketing 
    • one-to-one marketing
  18. niche marketing
    dividing market segments to make sales more profitable
  19. one-to-one marketing
    • reducing market segmentation to the individual 
    • suggested sales on Amazon.com
  20. business to business market
    use other business goods and services that will help them produce their own goods and services
  21. Business Market broken down to three categories
    • geographic 
    • customer-based
    • product use based
  22. New Product
    defined as a product that either is a significant improvement over existing product or performs a new function for the customer
  23. 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
  24. Marketing proceess
    • conduct research 
    • Determine target market
    • product strategy
    • pricing strategy
    • place Strategy 
    • promotion Strategy
  25. marketing Research
    the systematic gathering and analyzing of data about issues relating to the marketing of goods and services
  26. 4 steps of the marketing research
    • define the problem
    • collect facts
    • analyze the data
    • take action
  27. external market environment
    • global 
    • economic
    • sociocultural
    • technological 
    • competitive
    • political 
    • legal and regulatory
Card Set
BUS 200 Ch. 12
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