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Marketing chapter 4
Terms in this set (26)
A choice among alternatives
Groups of similar consumers within a larger market
A clearly defined segments of the market to which a business wants to appeal
The businesses used to provide many of the marketing functions during the distribution process
Blending of the four marketing elements (product, distribution, price, & promotion) by the business
Channel of distribution
All of the businesses involved in completing marketing activities as products move from the producer to the consumer
A plan that identifies how a company expects to achieve its goals
The type of market in which a few businesses offer very similar products or services
Include new markets & ways to improve a company's offerings in current markets
Provide products & services for their clients but don't profit (don't make $)
What is the first step in the marketing concept
Identify needs of customers
Is it costly for a business to bring a new product to the marketplace?
The most common exchange of goods and services is directly from the producer to the consumer
What type of marketing research is the most important for most businesses
To study potential customers & continue to keep customers
Do nonprofit organizations need to use marketing?
How does planning begin in the marketing concept
Find potential customers & what they need
What are the steps in the consumer decision-making process
Recognize, identify, evaluate, decide, assess
What are some reasons for marketers to use research techniques
To identify & satisfy what they want, analyze competition
What type of competition would a company need to utilize the marketing concept the best?
What is the most important element of the marketing mix for producers and manufactures
Explain how marketing has become integrated in the business world.
Its become almost essential. It's used for predicting, moving forward,and for making decisions
What is a market opportunity analysis
It's studying and prioritizing market segments. They study potential customers & figure out what's best for the company. Market opportunity analysis also locates the best potential based on demand & competition.
Why is distribution planning so vital for services
Services are used at the same time you buy it. Distribution is important because it has to be there when you need it. It needs to be very available because if it's tough to get to customers may go somewhere else
What are some situations where a business may not meet customer needs?
Bring wrong food out at a restaurant, not enough tickets at a movie, the idea is not what it looked like online or it's broken, ordering flowers and they were dead. Bad service
What factors are taken into account when the price of a product or service is decided?
Looking at competition, who the consumers are: are they rich, middle class, poor, etc. where you are selling the product. The demand of the product and the cost to make it. You need to cover the costs and make a profit
How have companies changed their strategies in intensively competitive environments?
They didn't use marketing mix very well. The relied on promotion and cutting prices. They now try and figure out what is working and isn't working
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