Product and Price Flashcards
(16 cards)
What is marketing
Identifying the needs of consumers and providing goods and services that meet expectations
What is the marketing concept
Focusing on the needs and wants of customers
Integrating all of the business’ activities
What is value
The ratio of benefits for the customers to the sacrifices necessary to obtain those benefits
What is satisfaction
Meeting expectations
What is customer relationship management
Using information about customers to create marketing strategies that develop and sustain desirable customer relationships
What is customer lifetime value
A combination of purchase frequency, average value of purchases and brand-switching pattern over the entire span of a customer’s relationship with a company
What is competitive advantage
A set of unique features of a business and its product that are perceived as superior
What is market segmentation
Provides the foundation by identifying distinct consumer groups
What is targeting
Picks the best segments to pursue based on strategy
What are the different elements of a product to consider (4)
Branding
Packaging
Colors
Warranty
How is pricing determined
Based on the demand for the product and the cost of producing the product
What is meant by place (Distribution)
Creating the channel by which a product flows from the producer to the consumer
What are 3 elements to consider with regards to distribution
Physical location
Inventory systems
How many stores?
What are 3 forms of customer market segmentation
Demographic
Geographic
Psychographic
What are the 6 classifications of business products
Installations
Accessories
Component parts and materials
Raw materials
Supplies
Services
Look at strategies to determine price of product
