Marketing Principles and Information Technology Flashcards
Markets exist when?
groups of people express a demand for different kinds of commodities.
What are the 4Ps of marketing?
Product, Price, Place, and Promotion
Commodities can be?
goods or services. In fact, anything that can be bought or sold is a commodity.
Marketing has eight functions. What are they?
Exchange includes
- Buying—You have to have something to market.
- Selling—Hopefully, you can sell your goods or services at a profit.
Physical distribution includes
- Transportation—Conveying physical goods (merchandise) from where they’re produced to where they can be bought or sold requires transport. People who offer services require some way to get them to the customer.
- Storage—Merchandise may be stored (often in warehouses) where it’s produced, where it’s held by wholesalers, and typically, where it’s held in a retailer’s inventory
Facilitating includes
- Quality and quantity—A retailer, for example, has to select merchandise that meets quality standards demanded by consumers and in quantities consistent with demand.
- Finance—Neither merchandise nor services are conveyed from producers to consumers without the imaginary lubricant of all market transactions—money. Hence the expression, “Money makes the world go ’round.”
- Risk—Every market transaction, like every kind of production, involves some measure of risk. In general, the risk is that what is offered for sale won’t be consistent with either supply or demand. 8.Gathering marketing information—Though listed last, this is the thing that comes first. If the characteristics of a market aren’t known, the level of demand will be unknown, and marketing activities are likely to be inefficient, inadequate, or futile.
Market segmentation is?
differentiating the characteristics of specific markets.
Example:
Mothers make up most of the market for diapers. Teenagers make up much of the market for iPods and video games. The parents of young children make up most of the market for toys, children’s clothing, and particular kinds of food products.
Geographic segmentation divides?
markets by region or locality—such as states, cities, or regions within a nation or different nations.
Demographic segmentation identifies?
markets by demographic characteristics, like age, gender, rural or urban residence, income level, education, or social class.
Psychographic segmentation focuses on?
the interests and concerns of particular segments of a population.
Benefit segmentation identifies?
product or service qualities preferred by consumers.
Volume (usage) segmentation makes?
sense when you can identify different kinds and levels of demand within a market.
For example, as a grocery retailer you’ll stock up on pumpkin pies and cranberry jelly in the holiday season, charcoal briquettes and potato salad in the summer months
Niche marketing goes after?
specific markets.
Consumer behavior study is?
psychology, social psychology, and other fields in the human sciences to better understand what motivates people to buy different kinds of goods and services
Learning—People’s behavior?
changes as they process their experiences and sort out the information they’re exposed to. Consumer behavior, like all other forms of social behavior, is learned behavior.
Reference group—People’s behaviors?
including buying behavior, are influenced by the people they associate with, such as peer groups. For example, adolescents are very likely to choose sport shoes or casual wear that’s favored among their peers. A peer group is often a reference group.
Culture in consumer behavior is?
a system of beliefs, attitudes, values, and standards of behavior shared within a society.
Subculture is?
—The populations of modern nations are made up of subcultures. In the United States, when we speak of Asian Americans, African Americans, Italian Americans, Irish Catholics, or Somali Muslims, we’re speaking of subcultures. Logically, of course, the presence of subcultures implies a dominant culture.
Cognitive dissonance?
—Cognitive dissonance occurs when people try to reconcile conflicting beliefs. In the context of consumer behavior, buyer’s remorseexpresses a consumer’s conflicted feelings after having made a significant purchase, such as an automobile.
total product offer is ?
Everything a person might evaluate before making a purchase.
These are four steps in marketing research:
- Define the question or problem.To find out what people look for in winter wear, you’ll want to gather information from current consumers of winter wear.
- Collect data. The data can be numbers, like sales figures, or they can be attitudes or preferences expressed by potential consumers.
- Analyze the data. Look over your data to see what it suggests about marketing strategies.
- Act. Choose and implement marketing decisions suggested by what you learn from your research.
Primary research is ?
An example is a focus group.Twelve to 15 people representing a particular market are gathered in a room.
Secondary research?
depends on demographic and other kinds of research data that have been gathered by others. A number of firms are in the business of market research offered to commercial organizations.
A product line is a?
group of products that are physically similar. If your market research focuses on one product in a line, such as lip gloss in a cosmetics line, it may have applications to other products in the line.
Quantitative research gathers?
and analyzes data from representative samples. A sample is representative if each person in the population from which it’s drawn has an equal chance of being selected. The main advantage of quantitative research is that it can be analyzed using the methods of statistics
Convenience goods and services are?
(consumer products) include the wide array of products that consumers buy or use often, like milk, gum, candy, snacks, gasoline, and banking services (like those provided by an ATM). Services, such as banking, are made more convenient for customers by providing online sites for quick and easy access to account information
