Shared Flashcard Set

Details

Chapter 1
Marketing Test One
16
Marketing
Undergraduate 4
09/19/2013

Additional Marketing Flashcards

 


 

Cards

Term
Marketing
Definition
- more than just selling and advertising
- begins with needs
- involves exchanges
- builds relationships
Term
Keys to becoming a more focused marketer
Definition
- know your customer
- make the products they want
- use targeted and new media
- use non-media to reach the customer
- reach the customer in the store
- sharpen your promotions
- work with retailers
- remain flexible
Term
Marketing Failures
Definition
- due to poor promotion or misinterpretation of customer wants
- wrong targeted consumer
Term
Criticisms of marketing
Definition
- deceptive, annoying, or offensive
- marketing dangerous or bad for society products
- makes people materialistic
- confusing or deceptive packaging/labeling
- intermediaries (wholesaler, retailer) don't add value
- stereotypes
Term
Marketing definition
Definition
Performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to consumer
- understand needs, then target product to fulfill these needs
Term
Micro-marketing vs. Macro-marketing
Definition
Micro-marketing: activities carried out by independent firm
- ex) Proctor and Gamble

Macro-marketing: social process, directs flow of goods and services
Term
Micro-macro dilemma
Definition
What may be good for an individual marketer may not be good for society
- ex) alcohol sales may produce alcoholics
Term
Economic systems
Definition
- command = government controls things like the flow of goods and services, price, quantity, etc.
- market directed = government hands-off approach
Term
Discrepancies
Definition
1) quantity
- producers want to produce on large scale (economies of sale, the more you produce the cheaper it is) but consumer buys in small quantities
2) assortment
- most producers don't have wide assortment, but consumer wants variety
Term
Separations
Definition
1) spatial separation
- producers will have factories where it's economically advantageous, but consumers want it everywhere
2) separation in time
- consumer doesn't want product right when it's ready
3) separation of information
4) separation of values
- producers value based on profit, but consumers value if product satisfies needs
5) separation of ownership
- producers have legal ownership of product we want
Term
Parties to marketing
Definition
- the producer
- intermediaries (wholesaler, retailer)
- consumers
- marketing collaborators (ex. advertising agency)
Term
Eras in marketing evolution
Definition
1) simple trade era
- ex) chair maker sells chairs himself (small scale)
2) production era
- producing on a large scale
3) sales era
- depression hit
4) marketing department era
- industry began to take off and marketing departments boomed
5) marketing company era
- everyone in the organization should be focused on marketing
Term
marketing concept
Definition
- customer orientation and satisfaction
- total company effort
- profit or some other measure of success
Term
Customer value
Definition
- Trade off between benefits and costs (aka economic and non)
- Customer satisfaction: purchase expectations vs. post purchase evaluation
- Confirmation/disconfirmation paradigm:
* confirmation: expectations = evaluation
* positive disconfirmation: expectations < evaluation
* negative disconfirmation: expectations > evalutation
Term
Challenges in non-profit marketing
Definition
1) Multiple publics (aka multiple targets)
2) Government influence
3) May be attempting to change people's behavior (Lung association wants you to stop smoking)
4) Benefits are more difficult to convey
5) Less control over promotional activities (controlled by Ad Council)
Term
Marketing strategy for non-profits
Definition
1) broadening concept
- a lot of what for-profit companies do can be applied to non-profits
2) identify opportunities
3) segment markets and positioning
- segmenting: who am I targeting?
- positioning: how do people see my product compared to other products?
4) target market and marketing mix
Supporting users have an ad free experience!