Business Chapter 13

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Author:
Toastedbread
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290831
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Business Chapter 13
Updated:
2014-12-06 20:09:22
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13 business marketing
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based upon the review sheet from Elizabeth
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  1. Four Eras of U.S. Marketing(list)
    • Production era
    • Selling Era
    • Marketing Concept Era
    • Customer Relationship era
  2. Marketing involves helping the buyer buy through:
    • Websites that help buyers find best price, identify product features, and question sellers.
    • Blogs and social networking sites that cultivate consumer relationships.
  3. Production Era (define)
    The general philosophy was "Produce what you can because the market is limitless."
  4. Selling Era (Define)
    After mass production, the focus turned from production to persuasion.
  5. Marketing Concept Era (Define)
    After WWII, a consumer spending boom developed. Businesses knew they needed to be responsive to consumers if they wanted their business.
  6. Customer Relationship Era (define)
    Organizations seek to enhance customer satisfaction building long-term relationships.
  7. The Marketing Concept (three steps)
    • Customer orientation: finding out what customers want and then providing it.
    • Service orientation: Making sure everyone in an organization is committed to customer satisfaction.
    • Profit Orientation: Focusing on the goods and services that will earn the most profit.
  8. Customer Relationship Management (CRM)
    Learning as much as you can about customers and doing what you can to satisfy or exceed their expectations.
  9. How to keep customers:
    • Build trust
    • emphasize the long term
    • listen
    • treat them like stars
    • show appreciation
    • Employees are customers, too.
  10. Nonprofit marketing tactics:
    • fundraising
    • public relations
    • special campaigns
    • ecological practices
    • changing public opinions and attitudes
    • increasing organizational membership
  11. Nonprofit marketing strategies:
    • Determine firm's goals and objectives
    • focus on long-term marketing
    • find competent board of directors
    • exercise strategic planning
    • train and develop long-term volunteers
    • segment the target market carefully
  12. the four P's
    • Product: good, service, or idea that satisfies a consumer's want or need
    • Pricing and Placing a Product: depends on competitors'prices, production costs, distribution, high/low price strategies
    • Promotion: All the techniques sellers use to inform people about their products and motivate them to purchase those products.
  13. promotion includes (list):
    • Advertising
    • personal selling
    • public relations
    • word of mouth
    • sales promotions
  14. Marketing Research (define)
    Analyzing markets to determine challenges and opportunities, and finding the information needed to make good decisions
  15. Research:
    • identifies products consumers have used in the past and what they want in the future
    • uncovers market trends and attitudes held by company insiders and stakeholders
  16. Market research process (steps)
    • defining problem or opportunity and determining the present situation
    • Collecting research data
    • analyzing the data
    • choosing the best solution and implementing it
  17. Primary Data
    • in-depth information gathered by marketers from their own research
    • Telephone/online/mail surveys, personal interviews, focus groups
  18. Secondary data
    existing data that has previously been collected by sources like the government
  19. Benefits of market research (list):
    • analyze customer needs and satisfaction
    • analyze current markets and opportunities
    • analyze effectiveness of marketing strategies
    • Analyze marketing process and tactics currently used
    • Analyze the reasons for goal achievement or failure
  20. Ways to find out how consumers think:
    • Conduct informal consumer surveys
    • host customer focus group
    • listen to competitors' customers
    • survey your sales force
    • become a "phantom" customer
  21. environmental Scanning
    • the process of identifying factors that affect marketing success.
    • Factors: global, technological, sociocultural, competitive, economic
  22. consumer market
    All individuals or households that want goods and services for personal use and have the resources to buy them
  23. B2B (Business-to-Business)
    Individuals and organizations that buy goods and services to use in production or to sell, rent, or supply to others.
  24. The size and diversity of the consumer market forces marketers to decide which groups they want to serve. B2B marketers:
    • manufacturers
    • wholesales and retailers
    • hospitals, schools and charities
    • government
  25. B2B miscellaneous
    • Products are often sold and resold several times before reaching final consumers.
    • fewer customers; larger purchases
    • buyers are geographically located; selling is direct
  26. Market Segmentation
    Divides the total market into groups with similar characteristics
  27. Target marketing
    Selecting which segments an organization can serve profitably.
  28. Geographic segmentation
    Dividing market by cities, counties, states, regions
  29. Demographic segmentation
    Dividing the market by age, income, education
  30. Psychographic segmentation
    dividing the market by group values, attitudes, interests
  31. Benefit segmentation
    Dividing the market according to product benefits the customer prefers
  32. Volume (Usage) Segmentation
    Dividing the market by volume of product use
  33. Niche Marketing
    Identifies small but profitable market segments and designs or finds products for them
  34. One-to-one marketing
    Developing a unique mix of goods and services for each individual consumer
  35. Mass marketing
    Developing products and promotions to please large groups of people
  36. relationship marketing
    rejects the idea of mass production and focuses toward custom-made goods and services for customers
  37. Building Effective Relationships:
    • open communication; consistently reliable service
    • Staying in contact with customers
    • Trust, honesty, and ethical behavior
  38. Key factors in Consumer decision making:
    • learning
    • reference groups
    • culture
    • subcultures
    • cognitive dissonance
  39. Decision-making process:
    • problem recognition
    • information search
    • alternative evaluation
    • Purchase decision/or no purchase
    • Postpurchase evaluation (cognitive dissonance)

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