Chapter 13 Flashcards
(20 cards)
Who is Joseph Jimenez ?
He is the CEO of Novartis one of the worlds largest pharmaceutical companies. He geo-tailored the sales force to fit particular markets. His intention was to focus on individual needs of specific customers and develop better relationships between them.
Marketing
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. MOW: creating something people need or want Ex: people want cell phones therefore companies creat cell phone thus the cellphone market.
Marketing Concept
A three part business philosophy:1. A customer orientation2. A service orientation3.a profit orientation. MOW: providing a customer with something they want or need, satisfying them this profit
Customer Relationship Management
The process of learning as much as possible about customers and doing very thing you can to satisfy them or even exceed their expectations with goos and services. MOW: creating a relationship with the customer so that your goods or services may satisfy them.Ex: a company who wants to sell calling cards may look at what people use calling cards and how their product can satisfy them
Marketing mix
The ingredients that go into a marketing program: product, price, place and promotion. MOW: recipe to selling a productEx: you come up with an idea, create it, price it, place it in the correct location and promote it.
Product
Ay physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes if consumers such as brand. MOW: something people want or need (tangible)Ex: a backpack
Test marketing
The process of testing products among potential users. MOW: experimenting with products and peopleEx: having people taste a product
Brand name
A word, letter or group of words or letters that differentiates one sellers goods and services from those of competitors. MOW: a form of a distinguishing markerEx: Nike
Promotion
All the techniques sellers use to inform people about and motivate them to buy their products or services. MOW: advertisingEx: pepsi gets Nikki Minaj to promote their soda
Marketing research
The analysis of markets to determine opportunities and challenges and to find the information needed to make good decisions. MOW: knowing what your getting into and determining whether there is an opportunity or how to better your product.
Focus group
A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, it’s products, or other given issues. MOW: an opinions think tank Ex: hey let’s discuss how the Nike flight shoes are doing and see if their selling.
Environmental scanning
The process of identifying the factors that can affect marketing success. MOW: checking what can influence the sales of a product Ex: a pizza store may not sell a certain type of pizza if the people in that area don’t eat meat
Fig. 13.5 the marketing environment
The marketing environment:Socio cultural: population shifts, values, attitudes, trendsCompetitive: speed, service, place, selectionEconomic: GDP, disposable income, competition, unemploymentGlobal: trade agreements, competition, trends, opportunities, InternetTechnological: computers, telecommunications, bar codes, data interchange, Internet changes
Consumer market
All the individuals or households that want goods and services for personal consumption or good. MOW: people who want stuffEx: children want skates
Business to business market b2b
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. MOW: we need your _____ so that our company may function.Ex: RAC needs cars.
Market segmentation
The process of dividing the total market into groups whose members have similar characteristics.
Psychographic segmentation
Dividing the market using groups values, attitudes and interests. MOW: offering certain products or services to a particular group based on values etc.Ex: mcdonAlds in India may not want to sell beef burgers in India
One to one marketing
Developing a unique mix of goods and services for each individual customer. MOW: personal goods and servicesEx: a bra store that designs a bra that is perfect for YOU
Niche marketing
The process of finding small but profitable market segments an designing or finding products for them. MOW: finding an opportunityex: there may be a need or want for beenies so one might begin to produce beenies
Mass marketing
Developing products and promotions to please large groups of people. MOW: selling on a larger scaleEx: vans
