Chapter 14 - Marketing Flashcards Preview

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Flashcards in Chapter 14 - Marketing Deck (18)
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1
Q

Marketing

A

a set of business practices designed to plan for and present an organization’s products and services in ways that build effective consumer relationships

2
Q

Non-Profit Organizations (Examples)

A

Charities use marketing to raise funds.
Blood donors are recruited by using marketing.
Environmental groups use marketing to try to cut carbon emissions.
Churches use marketing to attract new members and raise funds.
Politicians use marketing to get votes.
Provinces use marketing to attract new businesses and tourists.
Schools use marketing to attract new students.

3
Q

The Marketing Mix

A

Product (satisfy a want)
Price (what customer pays for the product)
Place (where customers buy the product)
Promotion (communicate with the customer about the product)

4
Q

Applying the Marketing Process

A
Search for an opportunity or need
Conduct research
Identify a target market
Design a product to meet customer needs
Test market product
Select a brand name
Set an appropriate price
Get the product to the right place
Develop an effective promotional strategy
Build a relationship with customers
5
Q

Marketing research

A

the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions.

6
Q

Secondary data

A

information that has already been compiled by others and published in journals and books or made available online

7
Q

Primary data

A

data that you gather yourself (not from secondary sources such as books and magazines

8
Q

Environmental scanning

A

the process of identifying the factors that can affect marketing success.

9
Q

Consumer market

A

all individuals or households that want goods and services for personal consumption or use.

10
Q

Business-to business

A

all individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others.

11
Q

Market segmentation

A

the process of dividing the total market into several groups whose numbers have similar characteristics.

12
Q

Target marketing

A

marketing directed toward those groups (market segments) an organization decides it can serve profitably.

13
Q

Geographic

A

dividing the market by geographic area.

14
Q

Demographic

A

dividing the market by age, income, and education level.

15
Q

Psychographic

A

dividing the market using the group’s values, attitudes, and interests.

16
Q

Behavioural

A

dividing the market based on behaviour with or toward a product

17
Q

Mass marketing

A

developing products and promotions to please large groups of people.

18
Q

Relationship marketing

A

marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.