Marketing – 1058 words – Flashcard
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Marketing
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activities and processes for creating, communicating, delivering, and exchanging offerings that have value to customers, clients, partners, and society at large
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Marketing Process
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Marketing Analysis-->S.T.P-->Marketing Mix-->Consumer Acquisition/Retention-->Profits
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Consumer buying process
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problem/need recognition-->information seeking-->evaluation of alternatives-->purchase decision-->after purchase evaluation
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value proposition
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serice or feature intended to make a company or product attractive to a customer/ usually shown in slogan
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S.T.P
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Segmentation, Target, Positioning
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5 C's
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Company, Consumer, Collaborators, Context, Competitiors
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Value
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relative comparison of a product's benefits versus its costs
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utility
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ability of a product to satisfy a human want or need
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form utility
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providing products with features that customer wants
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time utility
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providing products when customers want them
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place utility
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providing products where customers want them
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possessions utility
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transferring products by setting selling prices, setting terms for customer payments and providing ownership documents
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consumer goods
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physical products purchased by consumers for personal use
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industrial goods
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physical products purchased by companies to produce other products
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services
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products having nonphysical features such as information, expertise, or an activity that can be purchased
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relationship marketing
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marketing strategy that emphasizes building a last relationship with customer and supplier
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customer relationship management
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organized methods that a firm uses to build better information connections with clients so that stronger company-client relationships are developed
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data warehousing
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the collection, storage, and retrieval of data in electronic files
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data mining
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application of electronic technologies for searching, sifting, and reorganizing pools of data to uncover useful information
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competitive environment
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competitive system in which businesses comete
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substitute product
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product that is dissimilar from those of competitors, but that can fulfill the same need
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brand competition
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competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies
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international competition
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competitive marketing of domestic products against foreign products
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Marketing Objectives
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the things marketing intends to accomplish in its marketing plan
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marketing plan
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detailed strategy for focusing marketing efforts on consumers' needs and wants
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marketing strategy
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all marketing programs and activities that will be used to achieve the marketing goals
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marketing manager
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manager who plans and implements the marketing activities that result in the transfer of products from producer to consumer
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marketing mix
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promotion, pricing, place, product
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product
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good, service, or idea that is marketed to fill customers' needs and wants
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pricing
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process of determining the best price at which to sell a product
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place
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part of the marketing mix concerned with getting products from producer to consumer
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promotion
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aspect of marketing mix concerned with the most effective techniques for communicating information about a product
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personal selling
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person-to-person sales
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sale promotion
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direct inducements such as premiums, coupons, and package inserts to tempt consumers to buy products
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public relations
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communicating efforts directed at building goodwill and favorable attitudes into the minds of the public towards the organization and its product
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integrated marketing strategy
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blends together the 4 P's of marketing to ensure their compatibility with one another and the company's on-marketing activities
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target market
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particular group of people or organization on which a firm's marketing efforts are focused
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Market segmentation
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process of diving a market into categories of customer types with similar wants and needs and who can be expected to be interested in the same products
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product positioning
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process of fixing, adapting, and communicating the nature of a product
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geographic segmentation
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geographic units, from countries to neighborhoods, that may be considered in identifying different market segments
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demographic segmentation
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strategy that uses demographic characteristics to identify market segments (age, gender)
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psychographic segmentation
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strategy that uses psychographic variables (lifestyle, opinion, interests, attitudes, to identify market segments
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behavioral segmentation
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strategy that used behavioral variables to identify different market segments (buying on occasion, loyalty, expected benefits)
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emotional motives
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reasons for purchasing a product that are based on nonobjective factors
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service companies market
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firms that engage in the business of providing services to the purchasing public
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industrial market
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market of firms that buy goods that are either converted into products or used during production
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reseller market
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organization market consisting of intermediaries that buy and resell finished goods
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institutional market
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market consisting of such nongovernmental buyers such as hospitals, churches, museums, and charitable organizations
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social networking
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network of communications that flow among people organizations interacting through and online platform
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social networking media
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websites or access channels such as facebook and twitter
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viral marketing
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type of marketing that relies on internet to spread information from person to person about products and ideas
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corporate blog
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comments and opinion published on the web by or for an organization to promote its activities
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marketing research
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study of consumers needs and wants and how best to meet those
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secondary data
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data that is already available from previous searches
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primary data
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new data that are collected from newly performed research
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observation
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research method that obtains data by watching and recording consumer behvior
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survey
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research method of collecting consumer data using questionnaires, telephone calls, and face-to-face interviews
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focus groups
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method using a group of people from a larger population who are asked their attitudes, opinions, and beliefs about a product in an open discussion
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experimentation
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method using a sample of potential consumer to obtain reactions to test versions of new products or variations of existing products
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consumer behavior
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study of decision process by which people buy products
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psychological influences
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include individual's motivations, perceptions, ability to learn, and attitudes that marketing uses to study buying behavior
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personal influences
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include lifestyle, personality, and economic status that marketers use to study buying behavior
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social influences
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include family, opinion leaders, and such reference groups as friends and coworkers that marketers use to study buying behavior
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cultural influences
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include culture, subculture, and social class influences that marketers use to study buying behavior
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brand loyalty
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pattern of repeated purchasing based on satisfaction with performance
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evoked set (considerations set)
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group of products consumers will consider buying as result of information search
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rational motives
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reasons for purchasing a product that are based on a logical evaluation of product attributes
