Chapters 12-14: Principles Of Marketing Flashcards
(31 cards)
What is a Marketing Concept?
Creating the correct product for a customer and doing it better than the competition.
What is Marketing?
Identifies and satisfies human needs and wants.
What is Target Marketing?
Specific group of potential customers on which a firm focuses its marketing efforts
What is a Marketing Mix?
Combination of controllable elements of a products marketing plan designed to serve the target market
What are the four P’s in Marketing?
Product, Price, Promotion, and Place/Distribution.
Define Product from the 4 P’s
The perfect product is one that provides value for the customer. Companies must determine what a customer wants forma product or how a product satisfies a particular need.
Define Price from the 4 P’s
The price has to be high enough for a firm to profit from it but be low enough to appeal to customers.
Define Promotion from the 4 P’s
Consists of all the methods used to inform customers about a products d=benefits and persuad them to buy it.
Define Place/Distribution from the 4 P’s
Methods involved in getting a product into the hands of customers
What is the Marketing Process?
- Identify a need.
- Conduct marketing research
- Determine a target market
- Implement the four P’s
- Nurture good customer relationships
What is a Marketing Environment?
Includes environmental influences such as competitive, economic, technological and sociocultural environments as well as political, legal, and regulatory environments.
What is Market Research?
Process of gathering and analyzing market information to gauge changing market conditions that lead to better ways and opportunities to provide services to customers.
What is the Market Research Process?
- Define the marketing need
- Collect relevant data
- Analyze and interpret the data
- Act on the research’s conclusions.
What is a Marketing Plan?
Written document that specifies marketing activities designed to achieve organizations objectives.
What are the four things needed for an effective Marketing Plan?
- Clearly written marketing objective
- Situation analysis
- Selection of a target market
- Implementation, evaluation and control of the marketing mix
What is the product life cycle?
Model describing a product’s sales and profits over the course of its lifetime.
What is a total product offer?
All the tangible and intangible benefits associated with a good, service or an idea that affects a consumers purchasing decision
what is a core product?
Satisfies the basic need or want that motivates a purchase.
What is an actual product?
Tangible aspect of a purchase that you can touch, see, hear, smell or taste
What is the augmented product?
Consists of the core and actual product plus other real or perceived benefits that provide additional value to the customer’s purchase.
What is product differentiation?
Process of attracting customers by distinguishing a product in real or perceived terms from competing products.
What is a product line?
Group of similar products marketed to one general market
What is a product mix?
Combination of all product lines offered for sale by a company.
What are the 4 class’s of consumer goods?
Convenience, shopping, specialty, and un-sought
