17. marketing Basics Flashcards Preview

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Flashcards in 17. marketing Basics Deck (24)
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1
Q

Consumers who want or need a product/service

A

Potential Market

2
Q

Those in the potential market who can afford to buy the product/service

A

Available Market

3
Q

Qualified Available Market

A

Those consumers in the available market who can legally obtain the desired product/service

4
Q

Target market

A

Those in the qualified available market that the business wants to supply with its product/service

5
Q

Penetrated Market

A

Those who have purchased the product/service

6
Q

is the percentage of the entire market served by a single organization

A

Market share

7
Q

The most elemental gauge of the competition—and often the first one considered— is that of __________

A

market share

→ the percentage of the entire market served by a single organization

8
Q

Marketing efforts should be directed toward selling what the organization has to anyone likely to make the purchase; “this what we have”

A

Selling orientation philosophy

9
Q

Marketing efforts should be directed toward creating new customers and retaining existing customers. What do the costumers want?

A

Market orientation

10
Q

A business focuses on having or developing services to offer that meet the needs of the target market

A

Market Orientation Philosophy

11
Q

Market Segmentation Examples

A

Pediatrics, sports, geriatrics specialized
PT clinics

12
Q

is a very specific target market

A

A niche market

The market (customers) have unique needs

13
Q

Marketing research to identify potential customers and their needs, the means to meet those needs, analysis of the competition and positioning and pricing a new service

A

Inbound Marketing

14
Q

The promotion of a product or service through advertising, public relations and sales strategies:

  • Branding
  • Advertising, Publicity, Promotion, and Public Relations
A

Outbound Marketing

15
Q
A
16
Q

Reasons to Market

A
  1. to grow
  2. to retain
17
Q

The marketing mix is the combination of ways businesses choose to present themselves and their offerings to customers. All businesses utilize 4 P’s to accomplish this:

A
  • Product/service (benefit[s])
  • Price (value[s])
  • Place (delivery environment)
  • Promotion (attract attention)
18
Q
A
19
Q

The marketing mix is the combination of ways businesses choose to present themselves and their offerings to customers. In healthcare, all businesses utilize 4 P’s (Product, price, place, promotion) and 3 extra P’s, to accomplish this:

A
  • –Physical evidence (a quality indicator)
  • Processes (efficiency)
  • People (quality/expertise)
20
Q

the lifecycle of services and products

A
21
Q

In this stage of the cycle, sales are low, expenses are high, and there are financial losses.

A

introduction stage

22
Q

in this stage, profits and sales increase rapidly:

A

growth stage

23
Q

In the _________ stage, there is high volume and profit with little additional investment in the promotion:

A

maturation

24
Q

The _______ stage is characterized by decreasing popularity and market share:

A

decline