Marketing concepts Flashcards
Marketing focuses on many activities—
planning, pricing, promoting, and distributing products
Are marketing and selling the same thing?
No
What is selling?
Sales incorporates actually selling (exchanging) the company’s products or service to its customers, against a consideration (e.g., cash or credit),
What is Marketing?
marketing is the process of communicating the value of a product or service to customers so that the product or service sells.
What are some characteristics of a product?
A product needs to be relevant
A product needs to be communicated
A product needs a name
A product should be adaptable
What are Convenience products?
Convenience products are widely available to consumers, are purchased frequently, and are easily accessible. Milk, newspapers, soda, and chewing gum are examples of convenience products.
What are Shopping products?
Shopping products differ from convenience products in that they are not purchased frequently. Before purchasing shopping goods, consumers typically shop around and compare the quality and prices of competing products. Furniture and appliances are examples of shopping products.
What are Specialty products?
Specialty products are products that specific consumers consider to be special and therefore make a special effort to purchase. A Rolex watch and a Jaguar automobile are examples of specialty products. When evaluating specialty products, consumers base their purchasing decision primarily on personal preference, not on comparative pricing.
What are consumer product?
bought by the end user are called consumer products. They include electric razors,
sandwiches, cars, stereos, magazines, and houses.
What is the key diff between industrial and consumer product?
An industrial product buyer is more cost, quality, standard conscious and more deliberative than a consumer product buyer.
What is a total-market approach?
in which they try to appeal to everyone and assume that all buyers have similar needs and wants. Sellers of salt, sugar
What is a market segment?
is a collection of individuals, groups, or organizations who share one or more characteristics and thus have relatively similar product needs and desires.
What are the 5PS of a product?
Protect price place promotion people
The typical product life cycle has four specific phases:
Introduction
Growth
Maturity
Decline
7 Key elements of Branding?
Brand positioning Brand attribute Brand element Brand personality Brand ownership Brand image Unique selling proposition USP
