Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
92 Cards in this Set
- Front
- Back
marketing |
the process of creating, communicating, delivering, and exchanging goods and services that have value |
|
utility |
how products and services satisfy the needs and want of those who use them |
|
form utility |
how raw materials are converted into finished products |
|
task utility |
when a product is available for customers to purchase in a timely fashion |
|
place utility |
ensures a product is conveniently available and accessible for customers to purchase |
|
ownership utility |
allows customer to physically take "possession" of a given product |
|
production era |
business believed that a product should be expansive and available everywhere for consumers to purchase |
|
selling era |
aggressive product promotion and pushy sales efforts; convince customers that they needed what was produced |
|
marketing era |
creating products that a customer want to buy |
|
relationship era |
value in creating relationships with customers in order to develop life-long customers |
|
holistic era |
making sure the company is socially responsible and meeting customer needs |
|
marketing concept |
a philosophy focused on customer orientation, customer satisfaction, and profit |
|
B2B (business-to-business) |
businesses selling products or services to other businesses |
|
B2C (business-to-consumer) |
business selling products or services to end-users (consumers) |
|
non-profit marketing |
marketing related to non-profit business activities |
|
marketing plan |
a written document that shows how a business will use its resources, establish objectives, develop marketing strategies, and implement and control the plan |
|
elements of the marketing plan |
1) executive summary 2) marketing objectives 3) environmental analysis 4) SWOT analysis 5) marketing strategies 6) marketing budget 7) marketing implementation 8) evaluation and control |
|
executive summary |
involve a brief overview of the proposed marketing plan |
|
marketing objectives |
set measurable objectives and goals that will guide your plan |
|
environmental analysis |
examine the internal and external environment market |
|
SWOT analysis |
determine the company's strength, weaknesses, opportunities, threats, and trends |
|
marketing strategies |
develop strategies that will help a company complete the objectives |
|
marketing budget |
determine how much money, tie, and resources will be devoted to marketing efforts |
|
marketing implementation |
decide how and when the plan will be implemented and how much times will be allowed for each phase of the plan |
|
evaluation and control |
provide guidelines on how often the plan will be evaluated, how success will be measure, and how revisions to the plan will be made |
|
marketing strategy |
a plan to determine the target market and proper marketing mix |
|
tactical plan |
steps or tactics needed to achieve the goals defined in a strategic plan |
|
market segmentation |
subdividing a large market into identifiable segments that have similar needs, wants, or characteristics |
|
demographics |
the study of a population that analyzes factors such as race, age, sex, etc. |
|
consumer behavior |
the study of buyers and the processes they use to select products or services that satisfy their wants and needs |
|
target market |
a specific consumer group that a company focuses its marketing efforts towards |
|
target audience |
a specific cluster of people within the target market |
|
marketing research |
the process of gathering, analyzing, and interpreting data about a market, products, services, and consumers |
|
primary data |
data collected first-hand by the company |
|
secondary data |
data collected by outside sources used to make internal decisions |
|
secondary sources |
1) public sources 2) commercial sources 3) education institutions |
|
qualitative research |
inquiry research used to uncover trends in thoughts and opinions |
|
quantitative research |
uses numbers to formulate facts and uncover patterns in a set of data |
|
action research |
research used to solve an immediate problem within an organization |
|
four P's |
product, price, place, and promotion |
|
marketing mix |
the strategic mix of the controllable elements within a products marketing plan |
|
product |
the benefits and features of all goods and services that a business sells to the target market |
|
price |
the amount of money businesses must charge in order to make a profit and satisfy customers |
|
place |
the distribution, location, and method of getting products or services to the customer |
|
promotion |
how an organization communicates the benefits and value of products or services to consumers |
|
product line |
a group of similar products aimed at the same target market |
|
product mix |
all the product lines that a company sells |
|
branding |
creating an exclusive name, image, or symbol for a company or product that differentiates it from its competition |
|
trademark |
legal protection for a brand or project |
|
service mark |
legal protection for an invention |
|
copyright |
legal protection for an invention |
|
brand loyalty |
consumer's faithfulness to a specific plan |
|
brand equity |
the value that a company's name gives to a product or service |
|
types of product classifications |
1) convenience 2) shopping 3) specialty 4) unsought |
|
price objective |
a marketing strategy that helps guide business in setting the selling price of products or services |
|
survival |
GOAL: reduce prices to help a business remain operational |
|
profit |
set price at a point to maximize sales and profits |
|
sales |
price increases sales volume or market share |
|
status quo |
encourages competition based on factors other than price |
|
breakeven analysis |
the point at which the number of units sold covers the cost of producing products |
|
fixed costs |
costs that don't fluctuate based on sales volume |
|
variable costs |
costs that change directly with sales volume |
|
price skimming |
setting the initial price high to maximize profits |
|
penetration pricing |
setting a low initial price to gain a greater percentage of the overall market |
|
EDLP (Everyday low prices) |
continuous low prices |
|
discount pricing |
short-term price drops designed to increase sales |
|
competitive pricing |
matching competitors pricing |
|
odd pricing |
using odd numbers to price products |
|
distribution channel |
the route a product travels between the producer and the consumer |
|
distribution intensity |
how widely available a company's products are distributed in the marketplace |
|
levels of distribution intensity |
intensive selective exclusive |
|
intensive |
products widely available at multiple locations |
|
selective |
products are available in a few selective areas of a geographic region |
|
exclusive |
products are available through one specialty or luxury distributor in geographic area |
|
pushing strategy |
creating demand for products within the distribution channel |
|
pulling strategy |
creating demand for products through customers |
|
types of transportation |
1) truck 2) railroad 3) air 4) water 5) pipeline 6) digital |
|
promotion |
creating consumer awareness of a product or brand, generating sales, and creating brand loyalty |
|
IMC (integrated marketing system) |
the process of coordinating all promotional activities within an organization |
|
advertising |
calling public attention to a company's product or service through paid advertisements |
|
personal selling |
a salesperson sells a product, service, or solution to a customer |
|
sales promotion |
activities that attempt to provide added value or incentives to customers to encourage immediate purchasae |
|
public relations |
actions by a business to create a strong and favorable public image |
|
publicity |
unpaid promotion of a company's products or services |
|
direct selling |
the use of independent sales representatives who use person-to-person sales directly to consumers |
|
sponsorships |
a company pays for costs associated with a project or program in exchange for advertising or recognition |
|
product life cycle (PLC) |
the four stages of product's life in the marketplace |
|
product life style stages |
1) introduction stage 2) growth stage 3) maturity stage 4) decline stage |
|
introduction stage |
most expensive stage relates to development of a new product from time it is initially conceptualized to the point it is introduced to the market |
|
growth stage |
strong sales growth as new competition enter the market high levels of profit invest in more promotional activites |
|
maturity stage |
product is well-established and goal is to maintain market share most competitive time |
|
decline stage |
market for product starts to shrink production takes place in low cost locations volume slows tremendously |