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Flashcards in Chapter 11 Deck (46)
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1
Q

What is marketing?

A

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

2
Q

what is utility in marketing?

A

the ability of goods and services to satisfy consumer wants.

3
Q

what are the different types of utility?

A

Form
Time
Place
Ownership

4
Q

What is form utility?

A

converting inputs into a finished form

5
Q

what is time utility?

A

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

6
Q

What is place utility?

A

Statisfying wants by providing goods and a convient place for customers. i.e ATM

7
Q

What is ownership utility?

A

satisfing wants by smoothly transfering ownersship of goods and services from seller to buyer.

8
Q

what is people marketing?

A

Sports, politics, and art

9
Q

what is place marketing?

A

This envolves drawing people to a particular place. i.e cities and states / tourism

10
Q

what is event marketing?

A

partnerships between the public and private sectors / charity / culture /

11
Q

what is idea marketing?

A

things like, recycle / don’t drink and drive /dont smoke

12
Q

what is a marketing concept?

A

A business philosophy that makes customers satisfaction - now and in the future - the central focus of the entire organization

13
Q

What is customer relationship management(CRM)?

A

The ongoing process of acquiring maintaining and growing profitable customer relationships by delivering unmatched value

14
Q

What is value?

A

A customer perception that a product has a better relationship than its competitors between the cost and the benefits.

15
Q

Customer Satisfaction

A

When a customer perceives that a good or service service delivers value beyond their expectations

16
Q

Customer loyalty

A

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

17
Q

What is a marketing plan

A

A formal document that defines marketing objectives and the specific strategies for achieving those objectives

18
Q

market segmentation

A

dividing potential customers into groups of simlar people who are most likely to buy a particular product.

19
Q

target market

A

The group of people who are most likely to buy a particular product

20
Q

What is consumer marketers( Business to consumer marketers B2C)

A

Marketers who direct their efforts toward people who are buying products for personal consumption

21
Q

what are Business marketers? (B2B)

A

Marketers who direct their efforts towards people who are buying products to use either directly or indirectly to produce other products

22
Q

what is a limited relationship?

A

Smaller every day products such as soap

23
Q

what is a full partnership

A

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

24
Q

what are the four different types of segmentation?

A

Demographic, Geographic, Psychographic, and Behavioral

25
Q

What is demographic Segmentation?

A

Dividing the market into smaller groups based on measurable characteristics, age income, ethnicity,

26
Q

What is geographic segmentation?

A

Countries, cities, and population density

27
Q

what is psychographic segmentation?

A

dividing based on attitude, interest, values, and lifestyle.

28
Q

what is behavioral segmentation?

A

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

29
Q

What is the difference between Customer based and product use based?

A

CB divides markets by the characteristics of the customers / PUB divides based on how customers will use the product

30
Q

What is the marketing mix?

A

The blend of marketing strategies for product prices, distribution, and promotion.

31
Q

Product strategy

A

Brand name, image, packaging, design, customer service, guarantee

32
Q

pricing strategy

A

making sure prices are fair to customers and relative to the product

33
Q

distribution strategy

A

knowing how to deliver your product to the right people.

34
Q

promotion strategy

A

how marketers communicate about their product

35
Q

What is enviromental scanning?

A

the process of continually collecting information from the external marketing environment

36
Q

What is market share?

A

The percentage of the market controlled by a given marketer

37
Q

What is consumer behavior?

A

Description of how people act when they are buying, using and discarding goods and services for their own personal consumption, consumer behavior also explores the reason behind peoples actions

38
Q

Cognitive Dissonance

A

Consumers discomfort with a purchase decision , typically for a higher-priced item

39
Q

Business buyer behavior

A

describes how people act when they are buying products to use either directly or indirectly to produce other products

40
Q

Marketing research

A

The process of gathering interpreting and applying information to uncover marketing opportunities and challenges and to make better marketing decisions

41
Q

Secondary Data

A

Existing data that marketers gather or purchase for research project

42
Q

Primary Date

A

New data that marketers complie for a specific research report

43
Q

What is observation Research?

A

Marketing research that does not require the researcher to interact with the research subject

44
Q

Survey Research

A

Marketing research that requires the researcher to interact with the research subject

45
Q

What is green marketing?

A

The development and promotion of products with ecological benefits

46
Q

What is mass customization?

A

The creation of products tailored for individuals consumers on a mass basis