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| performance of activities that seek to accomplish an organizations objectives by anticipating customer needs, providing goods/services to satisfy customer's needs |
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| extent to which a firm fulfills a customers needs desires and expectations |
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| the development and spread of "New" or different good/service |
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| universal functions of marketing |
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| buying selling, transporting, storing, standardization and grading financing risk taking and market performances (how and by whom these are done may vary nation to nation |
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| how society uses scarce resources |
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| when govt decides what and how much is to be produced and distributed and by whom |
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| in a pure ________ consumer's make a society's production decisions when they make their choice in the marketplace via "votes" |
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| means organization aims all of its efforts at satisfying customers at a profit (selling at a profit) 1) customer satisfaction 2) total company effort and 3) profit at an objective |
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| making products that are the most efficient (making whatever products are easy to produce and THEN trying to sell them) |
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| w/e the customer wants, carrying out the maketing concept (1) customer satisfaction 2) company effort and 3) profit as an onjective |
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| difference between cost and our benefit |
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| standards that guide marketing decisions |
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| specifies a target market and a related marketing mix. |
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| target marketing vs mass marketing |
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| rifle vs shotgun. Rifle knowing exactly what we want to hit: fairly similar group of customers tailored to fit a specific set of customers. Shotgun just kind of shoot to win -- typical production-oriented approach |
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| written statement of our strategy AND the time related details of carrying out the strategy |
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| 2 types of competitive advantage |
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| Product Price Place Promotion |
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| Strengths, Weaknesses, Oppurtunities, and Threats |
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| SWOT-- A good SWOT analysis helps managers focus on a strategy that takes advantage of a firms success |
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| trying to increase sales by selling products to new markets |
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| getting into a different line of business ei: unfamiliar product markets or even levels in the production-marketing system |
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| same sex marriage, closed on sundasy |
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| what is it that Chik-Fil-A does differently |
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| an organizations main purpose of being that clearly describes its objectives |
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| # and types of competitors and how they behave |
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| an organized approach to evluating strengths weaknesses ect SWOT |
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| affects how the company uses resrouces. how all parts of macro-economic systems interact |
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| analog vs digital-- application of science to convert an economy's resources to output for example advances in informational tecnology make it easier for people to communicate across the world |
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| a system for linked computers around the world. possibly the best example for the worlds biggest advances |
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| consumers in a similar country often share a common _______. The attitudes and reactions of people, social critics and govts all affect this. Can also affect oppurtunities at the local and international level |
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| change here often lead to changes legally and in the way existing laws are enforced -- many believe if it is legal its okay to do |
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| ROI -- return on envestment |
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| besides profit potential, firms may also calculate the ______ of resources needed to implement their plans |
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| group of customers with similar needs |
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| clustering people with similar needs |
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| segmenting best practices |
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| 1) select the broad product-market 2) identify possible customer needs 3) form initial homogenius submarkets 4. identify determined dimensions 5) name possible product-markets 6) evaluate product market segment behaviors 7) estimate the size of each product-market segment |
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because different guests may have different needs
ei: family oriented vacationers will be looking for comfort, security, privacy and fun, while upscale executives will be looking for comfort, security, distinctive furnishings, privacy, quality dining |
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| why are there several kinds of hotels |
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| search for similar patterns within sets of data |
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| clustering techniques within a large amount od information, profiles, facts ect |
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| CRM -- customer realtionship managment |
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| when a seller fine tunes the marketing effort with information from a detailed customer database, ei: customer's past purchases |
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| refers to how customer think when hopping (ei:lava soap (vs dove soap) for industrial companies can get grease off! Differentiation tool |
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| GDP--Gross domestic product- |
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| total market value for all goods and services for one year |
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| "popular trends" because the water was a form of transportation |
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| why are big cities often located near water |
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| the # of babies born per 1000 people (fluctuate gratly in the last 60 years |
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| MSA Metroplotan Statistical Area -- metro areas offer greater sales potential than large population alone suggests, consumers tend to have more money to spend in these areas because wages are higher |
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| an integrated economic and social unit with a large population nucelus. Generally ____ centers on ONE city or urbanized area of 50k or more including bordering urban areas (marketers are more intersted in the size of the homogeneous maketing areas than the number of people within political boudaries) ---ei: abbey's and kelly's restaurants dont want more big steakhouses coming to town |
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| although 48% of money are in the top 20% of people, some marketers still market to low-income families because they have more spending power thanks to food stamps, medicare and public housing |
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| what is left over for families after taxes (gifts pensions cash savings other assets all count for this category) |
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| the money left over for luxeries after taxes and disposoable (necessary) income (ie: food, rent ect) |
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| people whose children have grown up and are able to spend their money in other ways (usualy people in the 50-64 age group) |
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| people over 65 that marketers should not neglect. this number has increased rapidly thanks to modern medicine, better nutritian ect. |
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| The largest and fasted growing ethnic group. Particular about smell of laundry |
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| people who know all of their options and logically compare choices to get the greatest satsfiaction on where they spend their time and money. (getting the most for your money and time --ie: buying a 1 liter at kwik trip for $1 verses going inside the store and getting a 2 liter for $1, kwik trip sold more because it was within a closer proximity |
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| basic forces that motivate a person to do something |
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| "needs" that are learned during a person's life ei: water is a needed, but people LIKE flavored water |
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| a strong stimulus that encourages actions to reduce a need |
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psychological needs
safety needs
love/belonging needs
esteem needs
self actualization |
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| maslows hierachy of needs (5) |
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| how we personally gather and interpret the world |
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| a yogurt with lots of bacteria and "bugs" that europeans got people to eat by advertising the taste then the health benefit |
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| psychograpics/lifestyle analysis |
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| analysis of a person's day to day living |
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| group of people who have approximately equal social position as viewed by others in society |
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| a set of beliefs, attitudes and a way of doing things within a similar group of people (homogeneous) |
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| a person who influences others, not necesarily wealthier or more well educated but just someone people like the opinion of PewDiePie, more followers could lead to more positive publicity in product related discussions |
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| internation marketing segmentation |
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| when plamning strategies in these, markets it is often best to use locals who have a better chance of understanding the experiences attitudes and interests of your cutsomers. |
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Customer Satisfaction
Company Effort
Profit as an Objective |
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| 3 parts to Market Concept |
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