marketing Flashcards
(25 cards)
marketing
The process of developing, promoting, and distributing products, or goods and services, to satisfy customers’ needs and wants
7 functions of marketing
- Marketing Information Management
- Distribution
- Product Management
- Pricing
- Promotion
- Selling
- Financing
market
Potential customers with shared needs that have the desire and ability to buy a product
target market
A clearly identified segment of the market to which the company wants to appeal. To maximize profit for the company
marketing mix (four p’s)
- Product
- Price
- Placement
- Promotion
product
Anything offered to a market by a business to satisfy needs, including physical products, services, and ideas
pricing
the amount a customer will pay for a product
what do pricing decisions depend on?
Pricing decisions depend on–
-Cost to make the product
-Other companies’ products
-the company’s goals for the product
-introduce something new
-build an image
placement
The locations and methods used to make a product or service available to the target market
direct channel of distribution
a company sells directly to the end consumer
indirect channel of distribution
a company uses intermediaries to deliver it’s products or services to customers
promotion
Any form of communication used to inform, persuade, or remind consumers about an organization’s goods or services
advertising
Designed and paid by a company to communicate a message about their brand or product
personal selling
a technique that involves face-to-face selling between a sales rep and a prospective customer
publicity
Communicated in the media, not paid for, designed or controlled by the company
market research
The process of systematically collecting, analyzing and presenting data related to marketing goods and services
steps to market research process
- Identify the problem
- Conduct secondary research
- Select and design primary research
- Collect data
- Report and analyze
primary research
Original research conducted for a specific situation
-focus groups, product testing, observation
examples of primary research
-Traffic count
-Mystery shoppers
-Ethnography
-Surveys
-Focus groups
-Personal interviews
-observations
secondary research
Published data that have been collected for some other purpose
example: the internet
demographic market segmentation
provides a specific descriptive classification, most common form, more accessible and less expensive to obtain
(ex: age, income, occupation, gender, education)
psychographic market segmentation
grouping consumers based on personality traits and lifestyle, focus on emotional characteristics, offer insight on consumers motives, preferences, and needs
(ex: personality traits, interests,hobbies, attitudes, lifestyles, beliefs, values)
behavioral market segmentation
behaviors are displayed to customize marketing that cater to what the consumers do
(ex: brand preferences, perchance history, product usage, benefits, website activity, online shopping habits)
geographic market segmentation
dividing markets into physical locations. Identifying the location of customers helps to create more targeting advertising messages
(ex: countries, regions, zip codes, states)
