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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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production, selling, marketing concepts, customer relationship

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4 eras of marketing

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customer orientation, service orientation, and profit orientation

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marketing concept

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Customer Relationship Management (CRM)

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the process of learning as much as possible about customers and doing everything you can to satisfy them - or even exceed their expectations - with goods and services

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Product, Price, Place, Promotion

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The Four P's

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Marketing Mix

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the ingredients that go into a marketing program: product, price, place, and promotion

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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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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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Promotion

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all the techniques sellers use to inform people about and motivate them to buy their products or services

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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

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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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- define (the question and determining the present situation) - collect (research data) - analyze (the research data) - choose (the best solution and implementing it)

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Marketing Research Process

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Primary Data

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data that you gather yourself

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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

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Consumer Market

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all the individuals or households that want goods and services for personal consumption or use

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Market

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people with unsatisfied wants and needs who have both the resources and the willingness to buy

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Business-to-Business 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

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Target Marketing

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marketing directed toward those groups an organization decides it can serve profitably

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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

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Psychographic Segmentation

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dividing the market using the group's values, attitudes, and interests

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Benefit Segmentation

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dividing the market by determining which benefits of the product to talk about

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Volume (Usage) Segmentation

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dividing the market by usage

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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

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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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Long Tail

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phrase explaining how companies selling more products with lower demand can easily compete with (or even surpass) those solely dependent on big sellers

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Consumer Behavior

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marketing researchers investigate _____at each stage in a purchase to determine the best way to help the buyer buy

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P's

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A firm's marketing mix consists of 4 major components, which are generally referred to as the four:

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strategies regarding product, price, place and promotion.

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A firm's marketing mix refers to the combination of:

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as any physical good, service or idea that satisfies a want or need.

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marketers define a product

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building relationship with customers.

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The last step in the marketing process often includes:

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Promotion

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consists of all the techniques sellers use to persuade consumers to buy their goods and services.

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setting a price for the light fixtures her firm produces.

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as a marketing manager for a retailer of lighting products, lucinda will likely be involved in which of the following?

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It minimizse's marketing research costs.

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Secondary data helps marketers in that,

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Conducting personal interviews with potential customers.

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which of the following represents a technique used to obtain primary data?

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A focus

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group consists of a small group of people who meet under the direction of a discussion leader to discuss opinions about an organization, its products, or other issues.

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marketing research

answer

Marketing mistakes are costly! In the past, companies have designed intricate products that markets did not perceive any need for. they have aired promotional compaigns that have offended audiences. They have priced products out of reach of the target market. Marketing experts defend the importance of

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accept the research results and reevaluate the proposed product.

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As part of her responsibility as a marketing manager, Jan has completed a review of data her department has gathered through telephone interviews, mail survey and focus groups. Jan is disappointed because the research results strongly suggest that a product idea she helped develop is unlikely to be popular with potential customers Jan should:

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growth of consumer databases, blogs, and social networking.

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The most important technological change likely to affect the marketing success of many firms is the:

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Market

answer

People with unsatisfied wants and needs who have both the ability and the willingness to buy are

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niche marketing

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Which of the following refers to a marketing strategy in which the focus is on small but profitable market segments?

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consumer behavior

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Understanding consumers in marketing is considered so important that a whole area of marketing called...

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mass marketing strategy.

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Selling to everybody and listening to nobody might be the result of a firm that uses a...

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develop products that meet the specific requirements of individual customers.

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Firms that adopt a relationship marketing strategy attempt to

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a manufacturing improvement enabling firms to more efficiently design and produce specialized products for small groups of consumers

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which of the following would best benefit the development of niche marketing?

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By employing a relationship marketing strategy, Jocelyn found success as an entrepreneur. The goal of this strategy is to:

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work closely with existing customers to better satisfy their wants and needs.

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B2B

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Marketers include manufacturers, intermediaries, institutions, and the government.

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rely less on marketing intermediaries.

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Compared to consumer markets, B2B markets

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Industrial buyers are usually large.

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Which of the following statements about the B2B market is true?

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