FS Ch 14 – Flashcard
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Customer Loyalty
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Frequency with which a customer consistently purchases a specific brand.
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Customer Satisfaction
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Positive, neutral, or negative feelings about the value received from a product.
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Demographic Variables
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Population characteristics that might influence product selection, such as age, gender, race, ethnicity, income, education, occupation, family size, family life cycle, religion, social class, and price sensitivity.
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Geographic Variables
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Include climate, terrain, natural resources, population density, and subcultural values that influence customers' product needs.
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Heterogeneity of Services
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Variation and lack of uniformity in the performance by different service employees.
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Inseparability
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Inability to separate production and service
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Intangibility of Services
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Inability of services to be seen, touched, tasted, smelled, or possessed before buying
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Market Segmentation
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Division of total market into groups of customers who have similar needs, wants, values, and buying behavior.
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Market Share
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Percentage of industry sales for a product
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Marketing
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An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
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Marketing Mix
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Combination of product, price, place, and promotion to satisfy target market
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Marketing Objective
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A statement of what is to be accomplished through marketing activities.
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Marketing Plan
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Written document or blueprint governing an organization's marketing activities.
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Marketing Research
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The function that links the consumer, customer, and public to the marketer through information that is used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process
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Marketing Strategy
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The selection and analysis of a group of people, identified as a target market, which the organization wants to reach; includes the creation and maintenance of an appropriate marketing mix that will satisfy those people.
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Micromarketing
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Marketing to the single customer, the smallest niche.
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Mission Statement
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A summation of the organization's purpose, competition, target market, product, and service and of the recipients of the service, including consumers, employees, owners, and the community.
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Niche Marketing
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Focuses on identifying small but profitable segments of the market and making products specifically for this segment.
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Perishability of services
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Services cannot be stored for future sale.
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Promotion
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Use of communication to inform and influence consumers.
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Psychographic variables
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Motives and lifestyle characteristics.
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Situation analysis
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Identification of marketing opportunities and challenges
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Social Media Marketing
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A form of Internet marketing that focuses on marketing through social media networks.
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Strategic Business Units
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Each SBU is a separate component of the organization and has a specific market focus and a manager with responsibility for placing all functions into a strategy.
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SWOT analysis
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Focuses on identifying the Strengths, Weaknesses, Opportunities, and Threats to an organization.
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Target Marketing
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Customer with common characteristics for which an organization creates products/services.
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Tactic
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Specific action.
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A foodservice operation's target market is
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a group of people for whom a company develops a product or service.
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Natural resources, population density, and subcultural values that influence a customer's product needs are referred to as _____________ variables
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geographic
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Identifying marketing opportunities and potential problems confronting an organization is known as
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situation analysis.
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A restaurant manager who includes food items on the menu that are high in fiber, or low in fat and sodium, is reacting to
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psychographic variables.
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Heterogeneity of service means that
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there is a lack of uniformity in the performance of people.
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Companies that have developed frozen, individual meals to be sold in supermarkets are responding to
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behavioristic variables.
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A person's ethnicity, income, and education are referred to as _____________
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demographic
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Which of the following is an accurate comparison of products and services?
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Services cannot be stored for future sale; products can.
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Market segmentation means
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dividing the total market into groups of people with similar product needs.
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Having an effective marketing concept usually places primary emphasis on
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serving the customer.
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SWOT analysis focuses on identifying
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strengths, weaknesses, opportunities, and threats.
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The four Ps of marketing are _____________, _____________, _____________, and _____________.
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product, price, promotion, place
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A marketing objective is
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a statement of what is to be accomplished through marketing activities.
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The marketing environment is defined as the
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forces outside the organization that influence marketing activities.
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