principles of marketing Flashcards
(46 cards)
What is Marketing?
A management tool that focuses on identifying the needs, wants, and demands of customers and developing products to meet those needs and wants. (Hudson, 2008)
The activity of facilitating exchange of a commodity for money/goods/service
Science of choosing target markets through:
Market analysis
Understanding consumer buying behavior
Providing superior customer value.
“A tool that strives to meet the needs, wants, and demands of customers to obtain products and service of quality and value” (Pukett).
views of the market place Product Perspectives (4)
The consumer will favour products that has the most value desirable features, or best performing
Product Perspective
Selling perspective
Marketing Perspective
Societal Marketing Perspective
Selling perspective
Direct promotion to consumers to introduce them to a product that was not being sought
view of the market place based on getting customers to purchase foods; promotion- method used to attract customers
Marketing Perspective
Determining the wants and needs of the target market and developing products to satisfy these needs
considers products, sales and promotion in lifght of the consumers needs, wants, and demand
4-Ps of Marketing-product, place, price, promotion- the thing that is unique about marketing perspective is that focus on more than one of these factors, and importantly how each contribute to the marketing mix.
Societal Marketing Perspective
Balancing the consumers needs for satisfaction with the organizational goal of marketing a profit while acting on the best interest of society
. Breer manufactiered- are promoting concepts of designated drivers and responsible drinking in their advertiselemt
Product Perspective
The consumer will favour products that has the most value desirable features, or best performing
in health care in the 1990, focus on developing products speciality foods to be used by clients such as dysphasia
New products and cooking techniques developed over the years-pureed, thickened liquids, new cokking techniques, etc
What are some of the ways that marketing occurs in: Food and Nutrition (e.g., private practice, institutional food service, food retail, restaurants) ?
Instagram and facebook – media, taste tests, depends on the aurdiences, how much money they have
Health care providers should be familiar with three key marketing concepts
Services marketing
Health care is part of the service sector
Markets and Segmentation
Divide market into manageable segment and identify target(s)
Marketing mix
Elements over which an operation has control to influence salability
Why Services Matter
Services dominate U.S. Canada, and worldwide economies
Services are growing dramatically
Service leads to customer retention and loyalty
Service leads to profits
Services help manufacturing companies differentiate themselves
What is Service? The Old View
Service is a technical after-sale function that is provided by the service department.
What is Service? The New View
Service includes every interaction between any customer and anyone representing the company, including:
dealers, salesperson, receptionist, service employee, billing and accounting
web services
Service Can Mean all of These
Service as a product
Customer service
Services as value add for goods
Service embedded in a tangible product
Why study Services Marketing?
Service-based economies
Service as a business imperative in manufacturing and IT
Deregulated industries and professional service needs
Services marketing is different
Service equals profits
Services marketing
Health care is part of the service sector
In this service industry patient satisfaction should be the only Moto and this can be achieved by providing good quality patient care, cost reduction and proper manpower utilization
Markets and Segmentation
Divide market into manageable segment and identify target(s)
Marketing mix
Elements over which an operation has control to influence salability
Goods vs. Services
Goods: objects, devices or things
When goods are purchased, something tangible changes hands
Food products
In health care: diagnostic equipment, foodservice equipment, supplies
Services: activity performed for the benefit of the purchaser
When services are purchased, there typically is no possession of a tangible item involved
Philip Kotler and Kevin Lane Keller, “ A service is any act or performance that one party can offer to another that is essentially intangible and does not result in the ownership of anything and its production may or may not be tied to a physical product
Characteristics of Services
Intangible product Simultaneously produced and consumed Less uniform/standard than goods No inventory maintained Healthcare Marketing:
Healthcare Marketing: Why services is Important for Your Practice?
Health care is evolving, changing customer values
Issues influencing consumer values
Meeting Changing values
Begin with a marketing strategy, be flexible
Challenges for Services
Defining and improving quality
Ensuring the delivery of consistent quality
Designing and testing new services
Communicating and maintaining a consistent image
Accommodating fluctuating demand
Motivating and sustaining employee commitment (if they feel like they are valued- they will do well)
Coordinating marketing, operations, and human resource efforts
Setting prices
Finding a balance between standardization versus customization
Generational segmentation is one one effective marketing startegie
Dividing consumers according to their birth years provides insight into their common experiences and underlying values, and ultimately into their preferences and buying behaviour. Superficially similar to lifestage marketing, it takes an evolutionary rather than static view, incorporating the impact of changing societal conditions and individual experiences over time
for example baby boomers
Segmentation Characteristics
Geographical: where customers live; service area
Demographical: age, gender, diagnosis, income, culture
Psychographic: social class, lifestyle
Behavioral: knowledge, attitudes, use of services, response to services
GEN Y:
The children of the Baby Boomers, they are considered important not only as tomorrow’s consumers but also because they already exercise considerable clout in the marketplace, through pocket money, earned income and purchasing influence.
Market Segmentation: Benefit Approach
What benefits do consumers gain from selecting fast food options?
Good choice of food options (for all ages), Tasty and easy to eat food,
Comfortable, clean facilities, fast service, easy ordering and perhaps even a playground. good value
