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25 Cards in this Set
- Front
- Back
Nature of Marketing
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To create value by allowing people and
organizations to obtain what they need and want. |
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The Exchange Relationship
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The act of giving up something (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 • Grading • Transporting • Financing • Storing • Marketing research • Grading • Risk taking |
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The Marketing Concept
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The idea that an organization should try to
satisfy customer’s needs through coordinated activities that allow it to achieve its own goals (profit) |
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Evolution of the Marketing Concept
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• The production orientation
–During the second half of the 19th century • The sales orientation –By the early part of the 20th century • The marketing orientation –By the 1950s |
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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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Two major components of marketing strategy
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–Selecting a target market
–Developing the appropriate marketing mix |
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Market
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A group of people who have a need,
purchasing power, and the desire and authority to spend money on goods, services, and ideas |
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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 effort.
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Niche Market
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Narrow market segment focus when
efforts are on one small, well-defined segment that has a unique, specific set of needs. |
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Market Segmentation
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A strategy to divide the total market into groups of people who have relatively similar
product needs |
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Bases for Segmenting Markets
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• Demographic
• Geographic • Psychographic • Behavioristic |
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Developing the Marketing Mix
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• Product
• Price • Distribution • Promotion |
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Product
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• A good, service, or idea that has tangible
and intangible attributes that provide satisfaction and benefit to consumers –Products should be sold at a profit |
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Price
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• A value placed on a product or service that is exchanged between a buyer and seller
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Distribution
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Making products available to consumers in the quantities and locations 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 and organizations to accept goods, services, and ideas. |
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Marketing research
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A systematic, objective process of getting customer information to guide marketing decisions.
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Marketing information system
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A framework for assessing information about customers from internal and external sources.
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Primary data
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Marketing information that is observed, recorded, or collected directly from respondents.
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Secondary data
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Information that is compiled inside or outside an organization for some purpose other than changing the current situation.
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Buying Behavior
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The decision processes and actions of people who purchase and use products.
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Psychological Variables of
Buying Behavior |
• Perception
• Motivation • Learning • Attitude • Personality |
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Social Variables of Buying
Behavior |
• Social roles
• Reference groups • Social classes • Culture |
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The Marketing Environment
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External forces that directly or indirectly influence the development of marketing strategies.
–Political –Legal –Regulatory –Social –Competitive –Economic, and technological |