Marketing Final

The purchasers of an organization's products, the focal point of the marketing

A way of satisfying customer needs better than our competitors, the place where opportunities, core competencies, and strategic windows meet.

An influence in a society and its culture(s) which bring about changes in attitudes, beliefs, norms, customs, and lifestyles.

The systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities. IT IMPROVES DECISION MAKING

One marketing mix for one specific segment. We specialize in the needs of one group of people -- can dominate a segment, but putting all eggs in one basket can be risky.

Routinized response, limited problem solving, extended problem solving, impulse buying

A limited, fixed number of imports a country allows.

1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption

The first step in setting prices is the development of pricing objectives

Adjust price levels so the firm can increase sales volume to match organizational expenses

Customer who is concerned about price and quality of a product

Adding a specific dollar amount to the seller's costs

Customers pay a higher price when demand for the product is strong and the lower price when the demand is weak

Pricing influences primarily by competitor's prices

Charging the highest possible price that buyers who most desire the product will pay. Price skimming can generate much-needed initial cash flows to help sizable development costs

Prices set below competing brands to penetrate market and gain market share quickly

Basic product in a product line is low while related items are higher

Low pricing on one item in line with intention of selling higher prices item in the line. "Doorbusters"

Downward sloping

Total revenue will increase

Prohibits conspiracies to control prices

The buyer

The value paid for a product in a marketing exchange

An exchange without using money

A measure of the sensitivity of demand to changes in price

Examines what happens to a firm's costs and revenues when production changes by one unit

The point at which the costs of producing a product equal the revenue made from selling the product

The value of money that has been used to produce something

Develops in buyer's mind through experience with product

Used when an individual does not have much experience with a given item

Concerned about price and quality of a product

Drawn to products that signify prominence and status

Paid personal communication that informs customers and persuades them to buy products in an exchange situation

Developing a list of potential customers, sources can  come form internal and external things, some examples are sales records, trade shows, commercial databases, newspaper announcements, public records, telephone directories, trade association directories, referrals

The stage in the personal selling process when the salesperson asks the prospect to buy the product

After the purchase has been consummated, you call a few days later to see if the customer is happy with their purchase

Sells to new customers and increases sales to current customers

Primarily seeks repeat sales

The use of a team of experts from all functional areas of a firm, led by a salesperson, to conduct the personal selling process

The building of mutually beneficial long-term associations with a customer through regular communications over prolonged periods of time