Flashcards in Chapter 11 Deck (46)
What is marketing?
An organization function and a a set of precess for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
what is utility in marketing?
the ability of goods and services to satisfy consumer wants.
what are the different types of utility?
What is form utility?
converting inputs into a finished form
what is time utility?
satisfing wants with a service by providing goods a service at a convient time. Like a hooker you can call at one in the morning on a wednesday who provides the condom
What is place utility?
Statisfying wants by providing goods and a convient place for customers. i.e ATM
What is ownership utility?
satisfing wants by smoothly transfering ownersship of goods and services from seller to buyer.
what is people marketing?
Sports, politics, and art
what is place marketing?
This envolves drawing people to a particular place. i.e cities and states / tourism
what is event marketing?
partnerships between the public and private sectors / charity / culture /
what is idea marketing?
things like, recycle / don't drink and drive /dont smoke
what is a marketing concept?
A business philosophy that makes customers satisfaction - now and in the future - the central focus of the entire organization
What is customer relationship management(CRM)?
The ongoing process of acquiring maintaining and growing profitable customer relationships by delivering unmatched value
What is value?
A customer perception that a product has a better relationship than its competitors between the cost and the benefits.
When a customer perceives that a good or service service delivers value beyond their expectations
when a customer buys a product from the same supplier again and again sometimes paying even more for it than they would for a competitive price
What is a marketing plan
A formal document that defines marketing objectives and the specific strategies for achieving those objectives
dividing potential customers into groups of simlar people who are most likely to buy a particular product.
The group of people who are most likely to buy a particular product
What is consumer marketers( Business to consumer marketers B2C)
Marketers who direct their efforts toward people who are buying products for personal consumption
what are Business marketers? (B2B)
Marketers who direct their efforts towards people who are buying products to use either directly or indirectly to produce other products
what is a limited relationship?
Smaller every day products such as soap
what is a full partnership
a high ticket product like a car / something that will be a big decision and with the consumer longer than the life span of soap
what are the four different types of segmentation?
Demographic, Geographic, Psychographic, and Behavioral
What is demographic Segmentation?
Dividing the market into smaller groups based on measurable characteristics, age income, ethnicity,
What is geographic segmentation?
Countries, cities, and population density
what is psychographic segmentation?
dividing based on attitude, interest, values, and lifestyle.
what is behavioral segmentation?
Dividing the market based on how people hehave toward various products. this includes the benefits that consumers seek and thhow they consumers use the products
What is the difference between Customer based and product use based?
CB divides markets by the characteristics of the customers / PUB divides based on how customers will use the product