Marketing Flash Cards
Chapter 1
3 benefits of marketing
5 utilities
channel management
competition
1. New and Improved Products 2. Lower Prices 3. Added Value and Utility
form, place, time, possession, and information
distribution; the process of deciding how to get goods into a customer's hands.
marketing plays an important role in the economy because it provides a means
for ________ to take place
consumer market
customer profile
consumers who purchase goods and services for personal use
a clear picture of a target market that includes information such as age, income
level, ethnic background, attitudes, lifestyle, and geographic residence
customer relationship management
an aspect of marketing that combines customer information (through database
and computer technology) with customer service and marketing communications
form utility
goods
industrial market
changing raw materials or putting parts together to make them more useful
tangible items that have monetary value and satisfy your needs and wants
businesses that buy products to use in their operations; also called the businessto-business market (this can be abbreviated as b-to-b or b2b).
information utility
the value added by communicating with the consumer (displays, labels, owner's
manuals, etc.)
not able to be touched
all people who share similar needs and wants and who have the ability to
purchase a given product
intangible
market
market information management
market planning
gathering and analyzing information about customers, trends, and competing
products
involves understanding the concepts and strategies used to develop and target
specific marketing strategies to a select audience
market share
a company's percentage of the total sales volume generated by all companies
that compete in a given market
marketing
The process of planning, pricing, promoting, selling, and distributing ideas,
goods, or services to create exchanges that satisfy customers
marketing concept
the idea that a business should strive to satisfy customers' needs and wants
while generating a profit for a firm
marketing mix
place utility
possession utility
the 4 Ps; product, place, promotion, price
having a product where customers can buy it
the exchange of a product for money; providing customers with payment options
such as accepting cash, checks, or credit cards
pricing
product/service management
promotion
determining how much to charge for goods and services in order to make a profit
obtaining, developing, maintaining, & improving a product or product mix
the effort to inform, persuade, or remind potential customers about a business's
products or services
selling
provides customers with the goods and services they want; includes both the
retail and wholesale markets
services
tangible
intangible items that have monetary value and satisfy your needs and wants
that which can be touched
target market
time utility
utility
a group of consumers identified for a specific marketing program
having a product available at a certain time of year or a convenient time of day
added value; the attributes of a product or service that make it capable of
satisfying consumers' wants and needs
Chapter 2
All Eyes On Me Everywhere I Go (demographic factors)
behavioral factors
company analysis
company, customer, and competition
competitive position
customer analysis
demographics
discretionary income
disposable income
economic factors
Age, Education, Occupatin, Maritial
Status, Ethnic Background, Income,
Gender
Segmenting the market based on
_____________ involves looking at the
benefits desired by consumers,
shopping patterns, and usage rate. (For
example, many people, regardless of
their socio-economic status, desire
luxury merchandise).
The part of a company's internal
analysis about what the company does
well and what areas are week (including
review of staff, the company's financial
situation, production capabilities, and
each aspect of the marketing mix)
The internal analysis centers are these;
the three Cs
A company's strengths and weaknesses
when compared to its competitors,
based on factors such as market share,
core competencies, or reputatation.
The part of a company's internal
analysis about customers' buying habits
(including understanding who the
customers are, what, when, where and
how much do they buy, how satisfied is
each customer segment, etc.)
Refer to statistics that describe a
population in terms of personal
characteristics such as age, gender,
income, marital status, ethnic
background, education, and occupation.
Money left after paying for basic living
necessities such as food, shelter and
clothing. (Money available to spend on
luxury or premium items).
Money left over after taking out taxes
(your net income), this money is spent
on basic needs such as food, shelter and
clothing.
External factors such as the
unemployment rate, inflation, retail
sales figures, productivity, and
consumer confidence.
environmental scan
executive summary
external factors
geographics
Internal factors
market segmentation
marketing plan
marketing strategy
mass marketing
niche marketing
Personal Selling
political factors
psychographics
sales forecast
situation analysis
Part of a company's external analysis
that includes four types of factors:
political, economic, socio-cultural, and
technological (sometimes referred to to
with the acronym PEST).
A brief overview of the entire marketing
plan; it briefly addresses each topic in
the plan and gives an explanation of the
costs involved in implementing the plan.
Opportunities and Threats are both
_________ that affect business
operation.
Refers to segmentation of the market
based on where people live.
Strengths and weaknesses are both
___________ that affect business
operations
The process of classifying people who
form a given market into even smaller
groups is called __________________.
A formal, written document that directs
a company's activities for a specific
period of time. It details analysis and
research efforts and provides a
roadmap for how a product will enter
the market, be advertised, and sold.
Part of a marketing plan that identifies
target markets and sets marketing mix
choices that focus on those markets.
Involves using a single marketing
strategy to reach all customers.
The current trend in marketing markets are narrowed down and
defined with extreme precision (as
opposed to mass marketing).
any form of direct contact between a
salesperson and a customer.
External factors that involve
government involvement in business
operations, such as changes in laws and
regulations.
Involves grouping people with similar
lifestyles, as well as shared attitudes,
values, and opinions.
The projection of probable, future sales
in units or dollars.
The study of the internal and external
factors that affect marketing strategies.
The information from a company's
SWOT analysis and from the
environmental scan becomes the basis
for this portion of the marketing plan.
socio-cultural factors
SWOT
SWOT analysis
technological factors
The 80/20 rule
Chapter 12
Business-to-business selling
Cold canvassing
Consultative selling
Customer Benefits
Emotional Motive
Endless chain method
Extensive decision making
Feature-benefit selling
Limited decision making
Pre-approach
Product features
Prospect
Rational Motive
External factors that analyze customers
and potential customers. This covers
changes in all demographic factors, such
as age, income, occupation, and marital
status, as well as pychographic factors,
such as lifestyle and attitudes.
The acronym for strengths, weaknesses,
opportunities, and threats
The process of analyzing everthing that
can foster the business's success and
make it fail
External factors that may threat one
industry or company, but provide an
opportunity for others (such as digital
photography).
Means that 80 percent of a company's
sales are generated by 20 percent of its
loyal customers.
may take place in a manufacturer's or wholesaler's
showroom (inside sales) or a customer's place of business
(outside sales). It is up to the salesperson to make contact
with the customer.
Potential customers are selected at random, such as by going
door-to-door or selecting names from a telephone directory.
Providing solutions to customers' problems by finding
products that meet their needs.
The advantages or personal satisfaction a customer will get
from a good or service.
A feeling experienced by a customer through association with
a product.
When salespeople ask previous customers for names of
potential customers.
Used when there has been little or no previous experience
with an item.
Matching the characteristics of a product to a customer's
needs and wants.
When a person buys goods and services that he or she has
purchased before but not regularly.
The preparation for the face-to-face encounter with potential
customers.
Basic, physical, or extended attributes of a product or
purchase.
a potential customer.
A conscious, logical reason for a purchase. (dependability,
time or monetary savings, health, etc.)
Referrals
Routine decision making
Sales Quotas
Telemarketing
The names of other people who might buy the product.
When a person needs little information about a product.
Dollar or unit sales goals set for the sales staff to achieve in a
specified period of time.
The process of selling over the telephone.