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Flashcards in Chapter 10 - Marketing Deck (16)
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1
Q

What is Marketing?

A

The activity, set of institutions, and processes for creating, delivering, and exchanging offerings that have values for customers.

2
Q

What are the 5 most recent stages of marketing?

A

1) Production - the product will sell itself
2) Sales - clever sales tactics will persuade people to buy
3) Marketing - Consumer rules.
4) Relationship - Long term relationship
5) Social - Using social media

3
Q

What is utility? What are the four main types of utility?

A

Utility is the ABILITY of goods and services to SATISFY WANTS.

All about convenience!

1) Form utility - produce something useful from something not useful.
2) Time utility - produce something that is provided at the right time
3) Place utility - produce something that is in a convenient place.
4) Ownership utility - produce something that is accessible to own.

4
Q

What is Marketing Concept?

A

The philosophy that customer satisfaction is the central focus to the entire organization.

5
Q

What is “unmatched value”?

A

That being able to provide this to customers is the only way to long-term profitability.

6
Q

What is CRM? And describe it.

A

Customer Relationship Management. It involves value, customer satisfaction, and customer loyalty.

7
Q

What is Market Segmentation?

A

The first step in planning your market strategy. Involves breaking down the market into target groups that will be targeted specifically.

8
Q

What should be considered when choosing a target market?

A

Size, Profitability, Accessibility, and Limited Competition.

9
Q

Define what a consumer market and a business market is.

A
Consumer market (B2C) - products for personal consumption.
Business market (B2B) - products made for the production of other products.
10
Q

What is the consumer market segregated into?

A
  • Demographic
  • Geographic
  • Psychographic
  • Behavioral
11
Q

What is the business market segregated into?

A
  • Geographic
  • Customer-based
  • Product used-based
12
Q

What are the 3 P’s (plus one D) of the marketing mix?

A
  • Product strategy
  • Pricing strategy
  • Promotion strategy
  • Distribution strategy
13
Q

What is consumer behavior?

A

How people act while they are buying a product.

14
Q

What are some elements that influence the consumer buying process?

A
  • Cultural: values, attitudes, customs, etc
  • Social: Family, friends, etc
  • Personal: Demographics and personality.
  • Psychological: Motivation, attitudes, perceptions, etc.
15
Q

What are the steps involved in the consumer decision making process?

A

1) Realize need
2) Research
3) Consider alternatives
4) Make a decision
5) Post-decision behavior

16
Q

What are the primary research tools?

A

1) Survey - direct contact with subject

2) Observation - indirect contact with subject