Upgrade to remove ads
MGT-110 Final - ch. 11
Terms in this set (30)
a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
activity in which two or more parties give something of value to each other to satisfy perceived needs
Company's production function; Convert raw materials, component parts and other inputs into finished goods and services
Making a product or service available when customer wants it
Making a product or service available where the customers want it
Orderly transfer of goods and services from seller to buyer
Company-wide customer orientation with the objective of achieving long-term success
"A good product will sell itself"
"Creative advertising and selling will overcome consumers' resistance and convince them to buy"
"The consumer is king; find a need and fill it"
"Long term (lifetime) relationships lead to success"
Relationships to support charitable organizations such as Children's Miracle Network and St. Jude's.
Efforts designed to attract the attention, interest, and preference of a target market toward a person (athlete, tv personalities)
Efforts designed to attract a place (a University or Rio de Janeiro for the olympics)
Super Bowl for example
American Red Cross for example
Accept an organization (Detroit Tigers for example)
is a key component of a firms overall business plan; develop a target market (demographic, geographic, psychographic, behavioral); marketing mix (product, price, promotion, distribution)
Marketing Mix External Components
blending all of the four elements of marketing strategy - product, distribution, promotion, and pricing - to fit the needs and preferences of a specific target market.
The Marketing Mix
Product strategy; Pricing Strategy; Promotion strategy; Distribution strategy
group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences.
products for personal consumption
products used directly or indirectly to produce other products
Influences in Decision Making
cultural (attitudes, values), social (family, friends), personal (demographics), psychological (motivation, perceptions)
how people act when they are buying products or being marketed to. Ex: marketing to kids
Obtaining Market Research Data
collecting and evaluating information to help marketers make effective decisions
- monitor and predict customer behavior
- evaluate and improve marketing mix
- better marketing decisions
- more value for consumers
- more profits for business
process of dividing a market into relatively small homogeneous groups
- geographic (location, segmentation)
- demographic (gender, income, age, occupation, ethnicity, education)
- psychographic (divides consumers into groups with similar characteristics, values, social habits and lifestyles)
- product-related (segment by consumer relationships to the good or service)
aka end-use segmentation; how will end-product be used.
Consumer Decision Making Process
- need recognition
- information search
- evaluation of alternatives
- purchase decision
- purchase action
- post-purchase behavior
You might also like...
Introduction to Business - Chapter 11
Excellence in Business 3E
Chapter 12: Customer-Driven Marketing
Other sets by this creator
UNE medical biochem FINAL
UNE biochemistry midterm review
MGT 110-final- ch. 15
MGT 110-final- ch. 13