chapter 14 - Summary**

Question 1

What is marketing

Answer 1

marketing is the process of determining customer wants and need and the providing customers with products to meet or exceed these expectations

Question 2

How has marketing changed over time ( 4 eras) (PDMC)

Answer 2

What marketers change in a given time depends on customers’ wants

has 4 eras:
1. production
2. selling
3. marketing concept
4. customer relationships

Question 3

what new area of marketing is quickly emerging

Answer 3

mobile/ on-demand marketing

Question 4

What are the 3 parts of the marketing concept? (orientations)(CSP)

Answer 4

1. a costumer orientation
2. a servierice orianention
3. a profit orientation

Question 5

What kinds of organizations are involved with marketing

Answer 5

ALL organizations are involved with marketing, both non-profit & profit

Question 6

examples of non-profit origizations

Answer 6

• provinces and other gov agencies
• charities (churches)
• politicians
• school

Question 7

the 4 P’s of marketing

Answer 7

• product
• price
• place
• promotion
  (people)

Question 8

what is required before marketers develop a product

Answer 8

after they research customers’ needs and find a target market, they implement the
- 4 P’s of marketing

starting with the development of the product

Question 9

how do marketers implement the
4 P’s

Answer 9

product
–> Starting with the development of the product

price
–> competitively

place
–> Get it in a location where people will find it easily

Promotion
–> advertising, personal selling, public relations, direct marketing & sales promotion
–> so customers know it exists

Question 10

What defines marketing research

Answer 10

the analysis of markets to determine opportunities and challenges to find info needed to make good decisions

Question 11

steps in the marketing research process (4 steps)

Answer 11

1. define the question, problem or opportunity and determine the present situation
2. collect research data
3. analyze the research data
4. choose the best situation and implement it

Question 12

What are the different methods used to gather research?

Answer 12

Research can be gathered through

—> Secondary data
1) data gathered by others
2) journals, newspapers, directories, databases, internal sources

–> primary data
1) data you gather
2) observations, surveys, interviews, focus groups

Question 13

What is environmental scanning?

Answer 13

• The process of identifying the trends that can affect marketing success
• marketers pay attention to all environmental trends that create opportunities and threats

Question 14

What are the 6 environmental trends marketers consider in environmental scanning?(GTSCEL)

Answer 14

1. global
2. technologies
3. social
4. competitive
5. economic
6. legal

Question 15

What are the most important environmental trends in marketing

Answer 15

1. global changes
2. Technological changes

—> The growth of online and mobile marketing

Question 16

Consumer Market VS Total Potential global consumer market

Answer 16

consumer market :
consist of all individuals or households that want products for personal consumption of use and have the resources to buy them

Total potential global consumer market :
Consists of billions of people in global markets

Question 17

consumer market VS Business to Business market (B2B)

Answer 17

B2B
- selling from one business to another
- # of customers is small, and the size of the business you are selling to is large
- geographically concentrated
- sales more direct
- more enfaces on personal selling

Question 18

What types if businesses operate in the B2B market

Answer 18

consists of
- manufactures
- intermediaries (wholesalers)
- institutions (hospitals, schools, charities)
- the gov

Question 19

what defines market segmentation (role of the relationship of marketing)

Answer 19

The process of dividing the total market into several groups whose members have similar characteristics

Question 20

Ways that marketers segment the consumer market(GDPB)

Answer 20

Segmented by…

1. geographic
   –> Dividing the market into different regions
2. Demographics
   –> Age, Income, education level
3. Psychographics
   –> groups values, attitudes, interests
4. Behavuoiral
   –> divides the market based on behaviour with or toward a product

Question 21

the relationship between target marketing and product positioning

Answer 21

Target Market:
The marketer needs to select segments that are the most profitable

Product positioning:
refers to the place an offering occupies in customers’ mind on important attributes relative to competitive products
- then applied to each product

Question 22

What processes are applied before the marketers can create the 4P marketing mix

Answer 22

• Market Segment
• Target marketing
• Product Positions

Question 23

the difference between mass marketing and relationship marketing

Answer 23

Mass marketing:
Developing products and promotions to please large groups of people

Relationship marketing:
Lead away from mass production and toward costume-made production
– its goal to keep individual customer over time by offering them products that meet their needs

Question 24

How marketers meet the needs of the consumer market through the study of consumer behaviour

Answer 24

• Marketer researchers investigate consumers through processes and behaviour to determine the best way to help the buyer buy

study called –> consumer behavuir

Question 25

what are the 5 steps of the session-making process

Answer 25

1. probelem recongintion
2. informative search
3. evaluate alternatives
4. purchase decisions
5. postpurchase evaluation

Question 26

What is cognitive dissonance

Answer 26

a type of physical conflict that can occur after a purchase
– If customers are satisfied with their purchase, they will not regret their purchases (experience cognitive dissonance)

–> can occur at the postpurchase evaluation phase of decision-making

Question 27

what are 4 factors that influence the consumers’ decision decision-making processes?

Answer 27

1. learning
2. reference group
3. culture
4. subculture