chapter 14 Flashcards
(56 cards)
what is marketing?
Providing a good or service to satisfy consumer needs & wants
find a need and what?
fill it
in the past what did marketing focus on?
helping the seller sell, in advertising & distribution from seller to buyer.
what marketing focus on today?
helping the buyer buy.
when was the production era?
up to early 1900s
when was the selling era?
1920s–1950s
when was the marketing era?
1950s+
what does market research want to find out?
if a need exists
what is distribution?
getting product to the customer
what are some things in the marketing process?
- Market research to find out if a need exists
- Design a product to meet need
- Distribution
- Establishing a relationship with the customer
- Promoting product, & dealing with complaints & establishing customer relationships
in the marketing concept, what is the 3 part philosophy?
(1) a customer orientation (2) a service orientation
(3) a profit orientation
organizations with a market orientation engage in what?
customer relationship management (CRM) –
what is CRM? (market orientation era)
process of building LT customer relationships by delivering customer value & satisfaction.
what is a cost effective way for firms to grow in competitive markets?
Retaining customers or managing entire customer life cycle
what does market orientation focus on?
- collecting info about competitors and customers
- sharing info through organization
- using info to create value, ensure customer satisfaction and develop customer relationships
what does the social media marketing era involve?
building communities or networks, encouraging participation & engagement.
what are social networking sites?
Common tools (platforms) used by both consumers & companies
what do charities use marketing for?
raise funds for combating world hunger
what do environmental groups use marketing for?
to try to cut carbon emissions
why do churches use marketing?
to attract new members & raise funds
what are the elements in marketing mix?
product, price, place, promotion
what is product in the marketing mix?
any physical good, service, or idea that satisfies a want(need) & enhances the product in consumers’ eyes, i.e. brand, quality
what is a brand name?
a word, device (design, shape, sound, or colour), or combination of these used to distinguish a g &s from competitors.
what is price in marketing mix?
money or other consideration exchanged for ownership or use of a g & s
