Find study materials for any course. Check these out:
Browse by school
Make your own
To login with Google, please enable popups
To login with Google, please enable popups
Don’t have an account?
To signup with Google, please enable popups
To signup with Google, please enable popups
Sign up withor
procedures that develp and analyze new infor about a market. (Interviews, experiments, etc)
Procedures that develop and analyze new info about a market.
-Can include questionnaires, interviews, surveys, etc..
A system for linking computers within a company.
-many firms, even smaller ones, have their own intranet.
A place where databases are stored so that they are available when needed.
-think of this as an electronic library.
computer program that helps marketing manager find info
an orderly and obective decison making approach
educated guesses about the relationship between things or about what will happen in the future
five step application
A 5 step appreciation of the scientific method.
1. defining the problem
2. analyzing the situation
3. getting problem specific data
4. interpreting the data
5. solving the problem
-the process made lead to a solution before all of the steps are completed.
An informal study of what info is already available in the problem area.
-helps educate a researcher
seeks structured responses that can be summarized in numbers, like percentages, averages, or other statistics
A word, letter, or a group of words or letters.
Example: AOL, Post-It, PT Cruiser
an organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions
a computer program that makes it easy for a marketing manager to get and use information as he or she is making decisions
The percentage of people contacted who complete the questionnaire.
-often low and may not be representative.
people who know all of the facts and logically compare choices to get the greatest satisfaction form spending their time and money
are concerned with making the best use of a consumers time and money
What is left of income after paying taxes and paying for necessities.
-this is where a family's purchase of "luxuries" comes from
"needs" that are learned during a person's life (a certain type of water)
concerned with protection and physical well-being
concerned with love, friendships, status, and esteem, things that involve a persons interaction with others
How we gather and interpret info from the world around us.
-determines what customers see and feel.
our eyes and mind seek out and notice only information that interest us
A change in a person's thought process caused by prior experience.
-often based on direct experience
-determines what response is likely
the response is followed by satisfaction (reduction in the drive)
A person's point of view of something.
-relate to buying
A person's opinion about something.
-may help shape someone's attitude but necessarily involve any disliking or liking.
People whose children are grown and who are now able to spend their money in other ways.
-spend more on travel and other things they couldn't afford earlier.
The people to whom an individual looks when forming attitudes about a particular topic.
-help people form attitudes
A person who influences others.
when they put much effort into deciding how to satisfy a need (buying a car)
when he or she regularly selects a particular way of satisfying a need
the steps individuals go through on the way to accepting or rejection a new idea—awareness, interest, evaluation, trial, decision, confirmation
the 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 customer or client
a group of potential customers that are willing to exchange something of value with sellers offering various goods or services
What is marketing?
an aggregating process clustering people with similar needs into a market segment
1) Similar within (with regards to their likely responses to marketing mix variables and their segmenting dimensions)
2) Different between (custs in different segments should be as diff as possible with regards to ibid
3) Substantial (big enough to be profitable)
4) Operational (segmenting dimensions should be useful for IDing customers and deciding on marketing mix variables)
try to find similar patterns within a set of data, groups customers who are similar on their segmenting dimensions into homogeneous segments
The need satisfying offering of a firm.
-The idea of potential customer satisfaction or benefits.
The first people to adopt.
-Eager to try a new idea and willing to take risks.
-Tend to be young and well educated
A social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society.
-how the whole marketing system works.
as a company produces larger numbers of a particular product, the cost of each unit goes down
As a company produces larger numbers of a particular product, the cost of each unit of the product goes down.
-consumers want to buy in small quantities with a variety of options.
buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information
Buying function- looking for and evaluating goods and services
Promoting the product.
-most visible function of marketing.
sorting products according to size and quality, reduces needs for inspection and sampling
Storing products according to size and quality.
-makes buying and selling easier because it reduces the need for inspection and sampling.
provides the necessary cash and credit to produce, transport, store, promote, sell, and buy products
Involves bearing the uncertainties that are part of the marketing process.
-cant be sure customers will buy products, products could be stolen or outdated.
- involves the collection, analysis, and distribution of all the information needed to plan, carry out, and control marketing activities
someone who specializes in trade rather than production (wholesalers and retailers)
Someone who specializes in trade rather than production, plays a role in the exchange process.
-help make the whole macro marketing system efficient and effective.
firms that facilitate or provide one or more of the marketing functions other than buying or selling (advertising agencies, research firms, public warehouses, financial institutions)
exchanges between individuals or organizations and activities that facilitate these exchanges, based on applications of information technology
The way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in society.
-how this operates depends on a society's objectives and the nature of its political institutions.
Government officials decide what and how much is to be produced and distributed by whom, when. to whom and why.
-aka "planned economies"
a time when a company focuses on production of a few specific products, maybe because few of these products are available in the market
A time when a company emphasizes selling because of increased competition.
-problem was deciding where to put the company's efforts.
when all marketing activities are brought under the control of one department to improve short-run policy planning and to try to integrate the firms activities
marketing people develop long-range plans and the whole company effort is guided by the marketing concept
Making whatever products are easy to produce and then trying to sell them.
-think of customers existing to buy the firm's output rather than the firm existing to serve the customers.
Trying to carry out the marketing concept.
-tries to offer customers what they need.
-three basic ideas
1. customer satisfaction
2. A total company effort
3. Profit- not just sales: as an objective marketing concept and customer value.
- the difference between the benefits a customer sees from a market offering and the costs of obtaining those benefits
The moral standards that guide marketing decisions and actions.
-the marketing concept guides marketing ethics.
the typical production-oriented approach, aims at everyone with its marketing mix
The typical production oriented approach; vaguely aims at "everyone" with the same marketing mix.
-assumes that everyone is the same and considers everyone to be potential customers.
any series of firms that participate in the flow of products form producer to final user or consumer
direct spoken communication between sellers and potential customers
Direct spoken communication between sellers and potential customers.
-Flexibility is its strength
-Can be very expensive
Communicating with large numbers of potential customers at the same time.
-Involves advertising and publicity
-Less flexible and less expensive than personal selling
any unpaid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor
refers to those promotion activities other than advertising, publicity, and personal selling, that stimulates interest, trial or purchase
Promotion activities other than advertising, publicity, and personal selling that stimulate interest, trial, or purchase by final customer or other in the channel.
-Tries to spark immediate interest
-Implemented quickly and gets results sooner
- a written statement of a marketing strategy and the time related details for carrying it out
A written statement of a marketing strategy and the time related details for carrying out the strategy.
Should spell out in detail...
1)what marketing mix will be offered and to whom
2)what company resources will be needed at what rate.
3)What results are expected
Opportunities that help innovators develop hard to copy marketing strategies that will be very profitable for a long time.
-breakthrough opportunities are the best
same product, same market
same product, new market
new product, same market
Sets out the organizations basic purpose for being.
-A mission statement helps set the course.
-A good mission statement should focus on a few key goals.
-Should supply guidelines that help managers determine which opportunities to pursue.
an emphasis on a country’s interests before everything else affect how macro-marketing systems work
An emphasis on a country's interests before everything else; affects how macro marketing systems work.
-nationalism can be limiting in international markets.
any buyers who buy for resale or to produce other goods and services
Buying specialists for their employers.
-in large organizations usually specialize by product area.
A request to buy something.
-frequently handled online to cut time and paper costs.
- the inbetween process where some review of the buying situation is done
contract with an outside firm to produce goods or services rather than to produce them internally
Groups of firms in similar lines of business.
-number of establishments
-number of employees
when a company focuses its efforts on satisfying some consumers to achieve its objective, there may be negative effects on society
an organizational unit that focuses on some product-markets and is treated as a separate profit center
aka lifestyle analysis, is the analysis of a person’s day-to-day pattern of living as expressed in that person’s activities, interests, and opinions, sometimes referred to as AOIs
production line workers or their supervisors
engineering or R&D people who help write specifications or supply information for evaluating alternatives
the purchasing managers who have the responsibility for working with suppliers and arranging the terms of the sale
the people in the organization who have the power to select or approve the supplier—often a purchasing manager but perhaps top management for larger pu