Marketing 6900 - Week 1
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What were in the top row of the 9 crucial concepts of marketing?
- Generic product definition
- Target markets
- Differentiated marketing
What were in the middle row of the 9 crucial concepts of marketing?
- Consumer behavior analysis
- Differential advantage
- Multiple marketing tools
What was in the bottom row of the 9 crucial concepts of marketing?
- Integrated marketing planning
- Continuous feedback
- Marketing audit
What are the 6 kinds of products?
- Consumer goods
- Consumer services
- Business to business (B2B) goods and services
- Not for profit
Who are the stakeholders when an organization undergoes marketing?
- Active Publics
- General Public
What product types are the intangible product types?
What are consumers?
Groups interested in the products of a company and can influence the company's success
What are marketing tools?
Under control of the firm, affect product acceptance
What is generic product definition?
Broad definition - one that emphasizes the basic customer need being satisfied
What is Target Groups Definition?
Limit product offering to certain clearly defined groups within the market
What is Differentiated Marketing?
Maximize effectiveness by differentiating product offering and communications
What is Consumer Behavior Analysis?
Can't relay on impressions, must do research
What is Differential Advantage?
Know what elements of company reputation to resources can be exploited to create special value in the minds of the consumer
What is Integrated Marketing Planning?
Must coordinate tools used
What is Marketing Audit?
Periodically examine purpose
What is the key to customer loyalty and satisfaction?
Focus on the customer's needs
What is Kotler's definition of marketing?
Marketing is the function of the organization that can keep in constant touch the organization's consumers, read their needs, develop "products" that meet these needs, and build a program of communication to express the organization's purpose
Who has been responsible for the definition of marketing?
American Marketing Association (AMA)
What is the major differences between the early AMA definition of marketing and the 2004 one?
The latest mentions organizations, delivering value, and benefiting both organizations and stakeholders.
What are the ingredients in the marketing mix? (4 Ps)
What are uncontrollable factors of marketing?
- Cultural and social environment
- Resources and objectives of the firm
- Competitive environment
- Economic environment
- Political and legal environment
In the 4 Ps, what is Product?
The characteristics of the product that is offered
In the 4 Ps, what is Price?
The price that is charged in exchange - both the amount and how it is to be paid
In the 4 Ps, what is Place?
Distribution - where, when, and how the product is delivered to the customer
In the 4 Ps, what is Promotion?
Communication - which involves the nature of the message directed at the prospective customers and influencers about the organization and its products as well as the means by which these messages are transmitted
What are the additional Ps to the first 4 Ps?
- Physical Evidence
- Process of Service Assemply
What are Participants in the additional 3 Ps?
Customers and employees
What is Physical Evidence in the additional 3 Ps?
Environment in which the service is assembled and in which seller and customer interact
What is Process in the additional 3 Ps?
Actual procedures, mechanisms, and flow of activities
Why were 3 more Ps added to the original 4 Ps of marketing?
To accommodate services,.
What can the service environment be used to do?
- Reinforce or establish an image
- Reposition a service
- Influence customer behavior
What would you like to do?
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