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BIP 302 Marketing Management Midterm

Terms in this set (94)

marketing orientations
production focus, product focus, selling focus, marketing focus
market-oriented business
understanding your customers, knowing your competitors, understanding how dynamic forces in marketplace may impact the business
product-oriented business
looks at their offerings, and strives to continually improve them; differentiation tied to product superiority
marketing myopia
the failure to see themselves as a customer-need-oriented business as opposed to a product-producing business
push marketing
production and selling concepts
pull marketing
customer-focused, profit through customer satisfaction
Ernest Dichter
psychologist and consultant, pushed marketers to dig deeper to identify the basic human needs and motivations underlying consumer behavior
societal marketing concept
a company should make marketing decisions not only by considering consumers' immediate wants, the company requirements, but also society's long-term interests
sustainable marketing
socially and environmentally responsible marketing that meets the present needs of consumers and business while also preserving or enhancing the ability of future generations to meet their needs
marketing management process
3C, STP, 4P, CRM
3 C's
company, competitor, consumers
4 P's
product, price, place, promotion
product (4 P's)
goods-and-services combination (e.g.
variety, quality, design, features, brand name, packaging, services)
price (4 P's)
amount of money customers must pay (e.g. list price, discounts, allowances, payment period, credit terms)
place (4 P's)
company activities that make product available to target consumers (e.g.
channels, coverage, locations, inventory, transportation, logistics)
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