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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 united states has passed through four eras:

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1) production 2) selling 3) marketing concept 4) customer relationship

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customer relationship

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present marketing era: takes time and financial resources to learn as much as a company can about its customers and what factors satisfy them

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production era

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until early 1900s, "produce as much as you can, because there is a limitless market for it"

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selling era

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- by 1920s, businesses had developed mass production techniques (such as automobile assembly lines) - production capacity often exceeded the immediate market demand - most companies emphasized selling and advertising tin an effort to persuade consumers to buy existing products; few offered extensive service after the sale

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marketing concept era

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after WWII ended in 1945, there was a tremendous demand for goods and services - businesses recognized that they needed to be responsive to consumers if they wanted to get their business, and a philosophy emerged in *1950s* called the marketing concept

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marketing concept

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a three part business philosophy 1) customer orientation: find out what consumers want and provide it for them 2) service orientation: make sure everyone in organization has same objective: customer satisfaction 3) profit orientation: focus on those goods and services that will earn most profit and enable organization to survive and expand to serve more consumer wants and needs

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customer relationship management (CRM)

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process of learning as much as possible about present customers and doing everything you can over time to satisfy them--or even to exceed their expectations--with goods and services idea is to enhance customer satisfaction and stimulate long term customer loyalty

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the four Ps (marketing mix)

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1) product 2) price 3) place 4) promotion - vital component factors of marketing

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important function of marketing is to:

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- communicate the benefits of the product/service - facilitate exchange - deliver the product/service

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marketing mix

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the ingredients that go into a marketing program: product, price, place, and promotion 1) find opportunities 2) conduct research 3) identify a target market

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the marketing process with the four p's

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p 358

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product

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any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand

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test marketing

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the process of testing products among potential users

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concept testing

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developing an accurate description of your product and asking people if they like the idea

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brand name

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a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors

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setting an appropriate price

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after you've decided what products and services you want to offer consumers, you have to set appropriate prices

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intermediaries

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ex: selling products in supermarkets or health-food stores, or through organizations that specialize in distributing products - middle links in a series of organizations that distribute goods and producers to consumers - these people perform many of the activities required to move products efficiently from producers to consumers or industrial buyers and are often wholesalers or retailers

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product factor

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ex: auto companies truly seem to be listening to customers who are environmentally concerned by offering more fule-efficient cars. they are adjusting the product factor of the marketing mix.

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promotion

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all the techniques sellers use to inform people about and motivate them to buy their products or services includes: - public relations - advertising - word of mouth - personal sales / selling vital component of marketing, which involves letting customers know the product/service, where you can buy it, and describing the value proposition of the product/service

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marketing research

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the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions when information is gathered on business trends, global trends, and consumer buying patterns marketing research process: 1) defining the question 2) collecting research data 3) analyzing the research data 4) choosing the best solution and implementing it

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secondary data

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information that has already been compiled by others and published in journals and books or made available online

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primary data

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data that you gather yourself (not from secondary sources such as books and magazines) ex: telephone surveys, online surveys, mail surveys, and personal interviews are the most common forms of gathering, interview

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selected sources of primary and secondary information

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p 362 PRIMARY sources: - interviews, surveys, observation, focus groups, online surveys, questionaires, customer comments, letters from customers SECONDARY sources: - gov't publications - commercial publications - magazines - newspapers - internal sources: company records, balance sheets, income statements - general sources: internet searches, google-type searches, commercial databases

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focus group

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a small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues

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environmental scanning

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the process of identifying the factors that can affect marketing success include: global, technological, sociocultural, competitive, and economic influences (p 364-365)

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sociocultural influence

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the influence on the consumer decision process that includes reference groups, family, and social class - when evaluating the marketing environment a company looks at population shifts, values, attitudes, and trends

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factors of technological environment

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- data interchange - bar codes - RFID chips - telecommunications

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influences in the marketing environment

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- economic - global - competitive

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the marketing environment

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p 364

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consumer market

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consists of all the individuals or households that want goods and services for personal consumption or use and have the resources to buy them

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business to business (b2b) market

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all the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others

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market segmentation

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the process of dividing the total market into groups whose members have similar characteristics chart p 367

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market research

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paying attention to the needs of stakeholders such as customers, shareholders, employees, dealers, consumer advocates, and media representatives

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target marketing

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marketing directed toward those groups (market segments) an organization decides it can serve profitably (p 366) business selects groups or segments that they can serve most profitably

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two most common methods of segmenting markets

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- geographic - demographics

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geographic segmentation

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dividing a market by cities, counties, states, or regions

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demographic segmentation

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dividing the market by age, income, and education level, gender

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psychographic segmentation

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dividing the market using groups' values, attitudes, and interests ex: tv shows they like, personalities they like

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benefit segmentation

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dividing the market by determining which benefits of the product to talk about dividing the market based on specific features of the product that will appeal to different groups

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volume (or usage) segmentation

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dividing the market by usage (volume of use)

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niche marketing

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the process of finding small but profitable market segments and designing or finding 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 customer ex: travel agencies often develop such packages, including airline reservations, hotel reservations, rental cars, restaurants, and admission to attractions

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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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marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements

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consumer decision making process

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p 369 1) problem recognition 2) information search 3) secondary data to seek advice (ex. consumer reports) 4) evaluate alternatives 5) purchase decision study of *consumer behavior*: marketing researchers investigation of consumer thought processes - learning - reference group - culture - subculture - cognitive dissonance steps in consumer decision making process from first to last (learn smart): 1) problem recognition 2) information search 3) alternative evaluation 4) purchase decision 5) postpurchase evaluation

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cognitive dissonance

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a type of psychological conflict that can occur after a major purchase

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learning

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the study of changes in an individual's behavior resulting from previous experiences and information

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psychological influences of decision making are:

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perceptions, attitudes, and motivation

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culture

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the set of values, attitudes, and ways of doing things transmitted from one generation to another

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subculture

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when values, attitudes, and ways of doing things result from belonging to a specific ethnic, racial, or other group that one identifies closely with ex: Generation Y, teenagers, Hispanics

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business to business market vs consumer market chart

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p 371 B2B - customers in b2b market are relatively few - business customers are relatively large (big organizations) - tend to be geographically concentrated - buyers generally more rational and less emotional that ultimate consumers - sales tend to be direct - more personal selling than in consumer markets / more personal service b2b buyers are more professional and trained

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the key advantage of secondary data is the cost of collecting data is ___ than for primary data

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less than

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often secondary data does not provide all the information managers need for decision making, and they must gather:

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primary data

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consumer groups are differentiated by these attributed:

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- education - income - age

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a product includes anything that would enhance it in the eyes of consumers such as:

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- warranty - package - brand

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B2B market includes:

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- institutions - government - manufacturers

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marketers in the US have changed their products to meet the tastes and preferences of which of the following groups which have increased in size?

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- hispanics - asians - other ethnic groups

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the consumer market consists of 70 million households, but...

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there are few customers in the B2B market of an industry like auto manufacturing

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one of the fastest growing segments of the US population is people over the age of

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65

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states us marketing to attract many groups. the two main groups try to attract are:

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- new businesses - tourists

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the business to business (b2b) market is made of all ___ and ___ that want goods and services for production, sales to others.

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individuals and businesses

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the internet allows a company to provide customers easy access to:

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- communicate with them directly - inform them of product problems - research information about their products

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a brand name is an important use of words, letters, or groups of words or letters because it ___ your products from others

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differentiates

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when setting a price, a company must consider many factors including:

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- production - distribution - promotion

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promotion involves:

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- informing people about products - motivating potential customers to buy

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product specifications

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business buyers use this to guide rational buying choices and look at the total product offer

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the technological innovations that companies can use to develop products and services that match consumers' wants and needs more effectively:

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- data bases - blogs - social networking

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if a student majors in marketing, which career options will be available:

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- public relations - retail store manager - marketing advertising

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in the united states, most but not all companies have evolved by passing through the four ___ of marketing

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eras

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as the ___ slowed, marketers had to adapt by offering products that were less expensive and more tailored to consumers with modest incomes

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economy

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marketers must pay attention to the dynamic competitive environment because

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- the internet gives consumers information instantly - change is occurring more rapidly

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the b2b market is larger than the __ market

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consumer

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the increase in the number of older adults creates a growth in demand for:

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health care

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two online sources that allow for market research information:

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- social networks - blogs

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since population growth and changing demographics can have an effect on company sales, marketers must monitor:

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social trends

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text mining tools

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the tools that help companies measure online conversations about their products and their personnel

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education, freedom, and diversity are ___ of the US culture

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values

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managers may not understand marketing and/or data collection techniques, so marketers must collect the data, interpret it, and convert it to useful ___ for managers.

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information

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a reference group

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is a group that you look up to in forming your beliefs, attitudes, values, or behaviors

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US culture values

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- education - diversity - freedom

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the broad and varied group of people that provide market research information are called:

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- consumers - stakeholders - shareholders

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the consumer market concentrates on goods and service for personal consumption, and the business to business (b2b) focuses on goods and services to be used in:

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production

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the factors in the economic environment:

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- unemployment - disposable income

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stakeholders

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groups such as customers, employees, dealers, shareholders, customers and others that provide some of the research that companies gather through market research

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major factors that affect both B2B and consumer markets:

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- product - buying procedures - market structure

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tire manufacturers sell ___ to auto manufacturers, but use ___ to sell to ultimate consumers.

answer

directly; intermediaries

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oil drilling bits, cash registers, office desks, and business software are considered:

answer

industrial goods

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when a business purchases the services of a public accounting firm to perform an audit of their financial data they are engaging in:

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b2b market

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the consumer market concentrates on goods and service for personal consumption, and the business to business (b2b) market focuses on goods and services to be used in:

answer

production

Intro to Business: Chapter 13 – Marketing: Helping Buyers Buy – Flashcards

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