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Facilitation

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Meeting- set of activities carried out before, during, and after meetings to help achieves its own outcomes

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facilitator

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leader to help ensure team achieves goals

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six roles of a team

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organizer, innovator, doer, challenger, team builder, connector

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marketing

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The 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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marketing in the past focused on

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helping sellers sell

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marketing in the present focused on

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helping buyers buy

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production era

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produce as much as you can bc vast demand for products

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selling era

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we got good as hell at producing so this era focused on persuasive selling

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market concept era

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began to be very responsive to customers' needs and wants

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customer relationship era

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building long term relationships w customers with that good ass customer service

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marketing concept

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customer oriented, service oriented, and profit oriented

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customer relationship management (CRM)

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process of learning as much as possible to meet and exceed customer expectations w/ goods and services

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the emerging mobile/on demand marketing era

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always on demand, customers want it now, for them, always, and simple

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how to keep ur customers

answer

build trust, emphasize long term, listen, show appreciation, and treat employees well

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nonprofit marketing tactics

answer

marketing, PR, ecological practices, changing public opinion

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nonprofit marketing strategies

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Determine the firm's goals and objectives, Focus on long-term marketing, Find a competent board of directors, Exercise strategic planning, Train and develop long-term volunteers, Carefully segment the target market

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four P's of marketing

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product, place, promotion, price

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product

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good, service or idea that satisfies customers wants with a brand name and possible test marketing results

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brand name

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word or phrase or group of letters that differentiates product

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target market

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ppl u target for ur good or service

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test marketing

answer

process of testing product among potential users

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price

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will depend on production and distribution costs, competitors prices, high or low price strategies

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place

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where can people buy ur product middlemen or intermediaries are important bc they get the product from production to consumer

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promotion

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any technique used to inform people about a product to motivate consumer to buy

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market research

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analyze markets to determine opportunities or challenges and to find the info the need to make a good decision

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what does market research look at?

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past purchases, changes that occur to alter what they want now or what they will want in the future, business trends, ecological impact

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Steps in market research process

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1. Defining the problem or opportunity and determining the present situation. 2. Collecting research data. 3. Analyzing the data. 4. Choosing the best solution and implementing it.

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primary data

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In-depth information gathered by marketers from their own research. o Telephone, online and mail surveys, personal interviews, and focus groups are ways to collect primary data.

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secondary data

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Existing data that has previously been collected by sources like the government. usually cheap or free and easy to access

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benefits of market research

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o Analyze customer needs and satisfaction. o Analyze current markets and opportunities. o Analyze the effectiveness of marketing strategies. o Analyze marketing process and tactics currently used. o Analyze the reasons for goal achievement or failure.

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how do you find out what customers think?

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o Conduct informal consumer surveys o Host a customer focus group o Listen to competitor's customers o Survey your sales force o Become a "phantom" customer

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environmental scanning

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The process of identifying factors that affect marketing success

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factors involved in environmental scan include

answer

o Technological factors o Sociocultural factors o Competitive factors o Economic factors global factors

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consumer market

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All the individuals or households that want goods and services for personal use and have the resources to buy them

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Business-to-Business (B2B)

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Individuals and organizations that buy goods and services to use in production or to sell, rent, or supply to others. o Manufacturers o Wholesalers and retailers o Hospitals, schools and charities o Government

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Marketing segmentation

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Divides the total market into groups with similar characteristics.

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geographic segmentation

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Dividing the market by cities, counties, states, or regions.

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demographic segmentation

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Dividing the market by age, income, education

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psychographic segmentation

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Dividing the market by group values, attitudes, and interests.

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benefit segmentation

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Dividing the market according to product benefits the customer prefers.

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volume (or usage) segmentation

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Dividing the market by the volume of product use

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niche marketing

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Identifies small but profitable market segments and designs or finds products for them

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one to one marketing

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Developing a unique mix of goods and services for each individual consumer

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mass marketing

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Developing products and promotions to please large groups of people

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relationship marketing

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Rejects the idea of mass production and focuses toward custom-made goods and services for customers.

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The Consumer Decision making process

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1. prob recognition 2. info search (look at reviews) 3. evaluate alternatives 4. purchase decision

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Bundling

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Grouping two or more products together and pricing them as a unit.

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Brand

answer

Name, symbol, or design that identifies the goods or services and distinguishes them from competitors' offerings

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Trademark

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A brand that has exclusive legal protection for both its brand name and design.

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Manufacturers' Brands

answer

Brand names of manufacturers that distribute products nationally.

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Dealer (Private-Label) Brands

answer

Products that carry a retailer's or distributor's brand name instead of a manufacturer's.

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Generic Goods

answer

Non-branded products that sell at a discount compared to manufacturers' or dealers' brands.

question

Knockoff Brands

answer

Illegal copies of national brands.

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Brand Equity

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The value of the brand name and associated symbols.

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Brand Loyalty

answer

The degree to which consumers are satisfied and are committed to further purchases.

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Brand Awareness

answer

How quickly or easily a given brand name comes to mind when someone mentions a product category.

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Brand Association

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Linking a brand to other favorable images, like celebrities or a geographic area.

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Brand Manager

answer

Person responsible for a particular brand and handles all the elements of the brand's marketing mix

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Idea Generation

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It takes about seven ideas to generate one commercial product. Most ideas for new industrial products come from employee suggestion & research and development.

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Product Screening

answer

Reduces the number of new products a firm is working on to focus on the most promising.

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Product Analysis

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Focuses on the cost estimates and sales forecasts to get an idea of potential profitability.

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Development

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The firm will tests many different product concepts or alternatives, then start making prototypes or samples

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Concept Testing

answer

Takes a product idea to consumers to test reactions.

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Commercialization

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Promoting the product to distributors and retailers and developing the promotional campaign.

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Product Life Cycle

answer

A theoretical model of what happens to sales and profits for a product over time.

question

product life cycle stages

answer

introduction, growth, maturity, decline

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Target Costing

answer

Designing a product that satisfies customers and meets the firm's targeted profit margins.

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Competition-Based Pricing

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A strategy based on what the competition is charging for its products.

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Break-Even Analysis

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The process used to determine profitability at various levels of sales. The break-even point is where revenues equals cost

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product line

answer

A group of products that are physically similar or intended for a similar market.

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product mix

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combo of product lines offered by a manufacturer

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Value

answer

Good quality at a fair price

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Distributed Product Development

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The handing off of various parts of your innovation process - often overseas

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Total Product Offer

answer

Everything consumers evaluate when deciding whether to buy something.

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Product Differentiation

answer

The creation of real or perceived product differences

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Convenience Goods and Services

answer

Products consumers purchase frequently with minimal effort.

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Shopping Goods and Services

answer

Products consumers buy only after comparing value, quality, price, and styles.

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Specialty Goods and Services

answer

Products with unique characteristics and brand identity.

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Unsought Goods and Services

answer

Products consumers aren't aware of or haven't thought of buying until they need them

question

Industrial Goods

answer

Products used in the production of other products and sold in the B2B market.

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Total Fixed Costs

answer

All costs that remain the same no matter how much is produced or sold.

question

Variable Costs

answer

Costs that change according to the level of production.

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Skimming Price Strategy

answer

Pricing new products high to recover costs and make high profits while competition is limited.

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Penetration Price Strategy

answer

Pricing products low with the hope of attracting more buyers and discouraging other companies from competing in the market.

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Everyday Low Pricing (EDLP)

answer

Setting prices lower than competitors with no special sales.

question

High-Low Pricing

answer

Using regular prices that are higher than EDLP stores except during special sales when they are lower.

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Psychological Pricing

answer

Pricing products at price points that make a product seem less expensive than it is.

question

Marketing intermediaries

answer

(once called middlemen) are organizations that assist in moving goods and services from producers to businesses(B2B) and from businesses to consumers(B2C). They're called intermediaries because they're in the middle of a series of organizations that join together to help distribute goods from producers to consumers.

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Channel of distribution

answer

consists of a set of marketing intermediaries, such as agents, brokers, wholesalers, and retailers, that join together to transport and store goods in their path (or channel) from producers to consumers.

question

Agents/brokers

answer

are marketing intermediaries who bring buyers and sellers together and assist in negotiating an exchange but don't take title to the goods—that is, at no point do they own the goods.

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Wholesalers

answer

are marketing intermediaries that sells to other organizations, such as retailers, manufacturers, and hospitals.

question

utility

answer

the want satisfying ability or value that organizations add to goods or services by making them more useful or accessible to consumers

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form utility

answer

changing raw products to useful products

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time utility

answer

making products available when consumers need them

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place utility

answer

placing where people want them

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possession utility

answer

doing whatever is necessary to transfer ownership from one party to another (delivery, installation, follow up)

question

information utility

answer

opening two way flows of info between marketing participants

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service utility

answer

fast friendly service during and after the sale and by teaching how customers use products over time

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Merchant wholesalers

answer

are independently owned firms that take title to the goods they handle. About 80 percent of wholesalers fall in this category.

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Rack jobbers

answer

furnish racks or shelves full of merchandise, like music, toys, hosiery, and health and beauty aids, to retailers.

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Cash-and-carry wholesalers

answer

serve mostly smaller retailers with a limited assortment of products.

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Drop shippers

answer

solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer.

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Intensive distribution

answer

puts products into as many retail outlets as possible, including vending machines.

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Selective distribution

answer

uses only a preferred group of the available retailers in an area.

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Exclusive distribution

answer

is the use of only one retail outlet in a given geographic area. The retailer has exclusive rights to sell the product and is therefore likely to carry a large inventory, give exceptional service, and pay more attention to this brand than to others.

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Electronic retailing

answer

consists of selling goods and services to ultimate consumers online.

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Social commerce

answer

is a form of electronic commerce that involves using social media, online media that supports social interaction, and user contributions to assist in the online buying and selling of products and services

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Telemarketing

answer

is the sale of goods and services by telephone. Many companies use it to supplement or replace in-store selling and complement online selling

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Direct selling

answer

reaches consumers in their homes or workplaces

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Direct marketing

answer

includes any activity that directly links manufacturers or intermediaries with the ultimate consumer. It includes direct mail, catalog sales, and telemarketing as well as online marketing.

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Corporate distribution system

answer

one firm owns all the organizations in the channel of distribution.

question

Contractual distribution system

answer

members are bound to cooperate through contractual agreements

question

What are the three forms of the Contractual distribution system

answer

Franchise systems, wholesaler, retail cooperatives

question

Administered distribution system

answer

a system in which producers manage all the marketing functions at the retail level.

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Supply chain (or value chain)

answer

consists of all the linked activities various organizations must perform to move goods and services from the sources of raw materials to ultimate consumers.

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Logistics

answer

is the planning, implementing, and controlling of the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit.

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Materials handling

answer

is the movement of goods within a warehouse, from warehouses to the factory floor, and from the factory floor to various workstations.

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Podcasting

answer

A way to distribute audio and video programs via the Internet.

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Mobile Media

answer

Marketers make use of cell phones to text customers about product offers and other company information

question

Push Strategy

answer

Producers use advertising, personal selling, sales promotion, and other tools to get their products stocked on shelves.

question

Pull Strategy

answer

Directs heavy advertising and sales promotions efforts towards consumers and gets the public to request their products from retailers.

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Pick Economy

answer

Refers to consumers who pick out their products from online outlets

question

Global Advertising

answer

Requires marketers to develop a single product and promotional strategy to implement worldwide.

question

Personal Selling

answer

The face-to-face presentation and promotion of a product, including the salesperson's search for new prospects and follow-up service.

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Prospecting

answer

Researching potential buyers and choosing those most likely to buy.

question

Qualifying

answer

Making sure customers have a need for a product, the authority to buy and the willingness to listen to a sales message.

question

Prospect

answer

A customer who meets the qualifying criteria.

question

Public Relations (PR)

answer

Evaluates public attitudes, changes policies and procedures in response to the public, and executes a program of action and information to earn public understanding and acceptance.

question

3 steps of a good PR program:

answer

o Listen to the public o Change policies and procedures o Inform people you're responsive to their needs Publicity Any information about an individual, product or organization that's distributed to the public through the media and is not paid for or controlled by the seller.

question

Advantages of Publicity:

answer

o Free, Reaches people who would not look at an advertisement, More believable than advertising o No control over whether the media will use a story or when they may release it. o It can be good or bad. o Once a story has been run, it isn't likely to run again. Sales Promotion The promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities.

question

Categories of Sales Promotions:

answer

o B2B Sales Promotions o Consumer Sales Promotions

question

Viral Marketing

answer

Paying customers to say positive things on the Internet or setting up multiple selling schemes whereby consumers get commissions.

question

Blog

answer

Short for web log; an online diary that looks like a webpage, but is easier to create and update by posting text, photos, videos, or links.

question

Value

answer

Good quality at a fair price.

question

Promotion Mix

answer

The combination of promotional tools an organization uses.

question

Integrated Marketing Communication (IMC)

answer

Combines the promotional tools into one comprehensive strategy

question

Advertising

answer

Paid, non-personal communication through various media by organizations and individuals who are in some way identified in the message.

question

Advertising goal

answer

Inform, Persuade, Remind

question

Infomercial

answer

A full length TV program devoted exclusively to promote a particular product.

question

Interactive Promotion

answer

Allows marketers to open a dialogue between buyers and sellers and let them work together to create a beneficial exchange.

Business 101 Marketing Chapter 13-16 – Flashcards

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