B2C (business-to-consumer)
the process in which businesses sell to consumers
B2B (business-to-business)
the process of selling merchandise or
... [Show More] services from one business to another
Marketing Mix
Product, Price, Place, Promotion
transaction
A business deal or action; exchange of money, goods, or services
exchange
the trade of things of value between the buyer and the seller so that each is better off as a result
enviromental forces
social, economic, technological, competitive, regulatory
Enviromental Scan
Is an analysis of outside influences that may have an impact on an organization.
Evolution of Marketing
Production Era
Selling Era
Marketing Era
Relationship Era
Marketing Concept
is the business model that involves creating value and satisfying consumer needs not so much to find the right customers for a product but to find the right products for the customers.
organizational buying demand
purchases by organizations that are influenced by the consumer.
ultimate consumers
the people who use the goods and services purchased for a household
Profit Equation
Profit = Total Revenue - Total Cost
Market Segmentation
Dividing of the entire available market into groups of consumers with similar characteristics.
SWOT analysis
identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)
Consumer Behavior
The study of why personal, situational, psychological, and social interactions drive he decision making process within individuals known as consumers
Motivation
Motivation is a powerful force that influences purchasing behavior. Often, an action or status can motivate a buyer into making a purchase. For instance, tires that have gone bare might cause a consumer to fear for their safety and provide motivation to purchase four new tires.
Learning
people's actions are influenced by reward or punishment, based on previous experience.
word of mouth
the influencing of people during conversations
reference group
a social group that serves as a point of reference in making evaluations and decisions - serve as models and inspiration
organizational buying centers
a formal group within an organization that approves purchases, also known as a buying committee.
Marketing Research
The collecting, recording, and analysis of information to aid in making marketing decisions
Marketing Research Process
1. Defining the problem and research objectives
2. Developing the research plan for collecting information
3. Implementing the research plan - collecting and analyzing the data
4. Interpreting and reporting the findings
5. take action
primary
information collected directly from the researcher's own efforts in order to answer specific questions.
secondary
the information collected by another organization, person, or system.
Qualitative Research Focus
focuses on smaller number of people and tries to answer questions about "why" or "how"
Quantitative Research
research that collects and reports data primarily in numerical form
Qualitative Research
Open ended research meant to better understand consumer reasoning and behavior
demographic segmentation
segmenting markets by age, gender, income, ethnic background, and family life cycle
geographic segmentation
the grouping of consumers on the basis of where they live
psychographic segmentation
dividing the market using groups' values, attitudes, and interests - how consumers act or think
product positioning
Creating and maintaining a certain concept of a product in customers' minds based on needs
product repositioning
changing the place a product occupies in a consumer's mind relative to competitive products
perceptual mapping
A tool that uses two or three variables to graph the position of a brand in comparison to its competitors based upon consumer perceptions.
Differentiation
actually differentiating the market offering to create superior customer value
Product Life Cycle
introduction, growth, maturity, decline
Logos
or symbols representative of the brand; other visual elements and non-visual elements specific to the industry or market
Slogans
a short and striking or memorable phrase used in advertising.
Trademarks/Service Marks
a symbol, word, or words legally registered or established by use as representing a company or product.
CDI (Category Development Index)
a measurement of a brand's sales potential using sales of all brands within a category in a specific market indexed to national sales average.
BDI (Brand Development Index)
measures the effectiveness of a brand with a specified market segment compared to its performance with all consumers
Service Marketing
marketing services vs . intangibles
b. Intangibility
c. Inseparability
d. inconsistency
e. Inventory
services hint 3 additional P`s
people, physical evidence, and process
Service Quality Dimensions
A measurement of the perceptions and opinions of consumers about how well the service delivery met their needs and wants.
Gap Model of Service Quality
a. Knowledge gap
b. Standards gap
c. Delivery gap
d. Communications gap
e. Customer gap
service zone of tolerance
the area between what is considered an adequate level of service and the desired level of service.
packaging
Materials used to wrap or protect goods.
types of business purchasing
New-task purchase
Straight rebuy purchase
Modified rebuy purchase
Ansoff Matrix
A business tool that assesses four key considerations when determining the right marketing strategy and helps marketers evaluate the potential risk and reward involved.
SMART goals
goals that are specific, measurable, attainable, realistic, and timely
positioning statements
Clear, simple, focused statements that identify (1) why the target market buys the product and (2) what sets the product apart in the market [Show Less]