Ch. 11 & 12 – Flashcards
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marketing
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a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas
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exchange
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the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas)
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functions of marketing
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buying, selling, transporting, storing, grading, financing, marketing research, risk taking
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buying
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everyone who shops for products
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selling
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the exchange proccess
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transporting
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process of moving products from seller to buyer
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storing
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part of the physical distribution of products and includes warehousing goods
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grading
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standardizing products by dividing them into subgroups and displaying and labeling them so that consumers clearly understand their nature and quality
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financing
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for many products, especially large items such as automobiles, refrigerators, and new homes, the marketer arranges credit to expedite the purchase
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market research
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through research, marketers ascertain the need for new goods and services
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risk taking
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risk is the chance of loss associated with marketing decisions
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value
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a customer's subjective assessment of benefits relative to costs in determining the worth of a product
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marketing concept
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the idea that an organization should try to satisfy customers' needs through coordinated activities that also allow it to achieve its own goals
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the production orientation
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together with new management ideas and ways of using labor, products poured into the marketplace, where demand for manufactured goods was strong
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the sales orientation
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believed the most important marketing activities were personal selling and advertising
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the market orientation
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requires organizations to gather information about customer needs, share that information throughout the entire firm, and use it to help build long-term relationships with customers
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marketing strategy
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a plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers
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target market
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a more specific group of consumers on whose needs and wants a company focuses its marketing efforts
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total-market approach
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firm's try to appeal to everyone and assume that all buyers have similar needs and wants
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market segment
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a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires
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concentration approach
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a company develops one marketing strategy for a single market segment
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multisegment approach
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the marketer aims its marketing efforts at two or more segments, developing a marketing strategy for each
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bases for segmenting markets
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demographic, geographic, psychographic, behavioristic
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marketing mix
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refers to four marketing activities—product, price, distribution, and promotion—that the firm can control to achieve specific goals within a dynamic marketing environment
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price
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a value placed on an object exchanged between a buyer and a seller
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distribution
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making products available to customers in the quantities desired
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promotion
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a persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas
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marketing research
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s a systematic, objective process of getting information about potential customers to guide marketing decisions
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primary data
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observed, recorded, or collected directly from respondents
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secondary data
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compiled inside or outside the organization for some purpose other than changing the current situation
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buying behavior
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refers to the decision processes and actions of people who purchase and use products
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perception
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the process by which a person selects, organizes, and interprets information received from his or her senses, as when hearing an advertisement on the radio or touching a product to better understand it
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motivation
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an inner drive that directs a person's behavior toward goals
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learning
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brings about changes in a person's behavior based on information and experience
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attitude
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knowledge and positive or negative feelings about something
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personality
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refers to the organization of an individual's distinguishing character traits, attitudes, or habits
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social roles
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a set of expectations for individuals based on some position they occupy
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reference groups
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include families, professional groups, civic organizations, and other groups with whom buyers identify and whose values or attitudes they adopt
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social classes
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determined by ranking people into higher or lower positions of respect
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culture
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the integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts
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test marketing
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a trial minilaunch of a product in limited areas that represent the potential market
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commercialization
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the full introduction of a complete marketing strategy and the launch of the product for commercial success
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consumer products
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for household or family use; they are not intended for any purpose other than daily living
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business products
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used directly or indirectly in the operation or manufacturing processes of businesses
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product line
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a group of closely related products that are treated as a unit because of a similar marketing strategy
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product mix
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all the products offered by an organization
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branding
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the process of naming and identifying products
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trademark
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a brand that is registered with the U.S. Patent and Trademark Office and is thus legally protected from use by any other firm
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manufacture brands
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brands initiated and owned by the manufacturer to identify products from the point of production to the point of purchase
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private distributer brands
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are owned and controlled by a wholesaler or retailer, such as Kenmore appliances (Sears) and Sam's grocery products (Walmart and Sam's Wholesale Club)
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generic products
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products with no brand name at all
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packaging
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external container that holds and describes the product, influences consumers' attitudes and their buying decisions
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labeling
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the presentation of important information on the package, is closely associated with packaging
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quality
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reflects the degree to which a good, service, or idea meets the demands and requirements of customers
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price skimming
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charging the highest possible price that buyers who want the product will pay
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penetration price
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a low price designed to help a product enter the market and gain market share rapidly
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psychological pricing
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encourages purchases based on emotional rather than rational responses to the price
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discounts
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are often employed to boost sales
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marketing channel
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channel of distribution, is a group of organizations that move products from their producer to customers
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retailers
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buy products from manufacturers (or other intermediaries) and sell them to consumers for home and household use rather than for resale or for use in producing other products
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wholesalers
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are intermediaries who buy from producers or from other wholesalers and sell to retailers
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intensive distribution
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makes a product available in as many outlets as possible
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selective distribution
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uses only a small number of all available outlets to expose products
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exclusive distribution
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when a manufacturer gives an intermediary the sole right to sell a product in a defined geographic territory
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physical distribution
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all the activities necessary to move products from producers to customers—inventory control, transportation, warehousing, and materials handling
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materials handling
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the physical handling and movement of products in warehousing and transportation
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advertising
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a paid form of nonpersonal communication transmitted through a mass medium, such as television commercials, magazine advertisements or online ads
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advertising campaign
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designing a series of advertisements and placing them in various media to reach a particular target audience
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personal selling
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direct, two-way communication with buyers and potential buyers
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publicity
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nonpersonal communication transmitted through the mass media but not paid for directly by the firm
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sales promotion
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involves direct inducements offering added value or some other incentive for buyers to enter into an exchange
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push strategy
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attempts to motivate intermediaries to push the product down to their customers
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pull strategy
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uses promotion to create consumer demand for a product so that consumers exert pressure on marketing channel members to make it available
