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Related Flashcards
Cards In This Set
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Identify the Consumer Inputs of marketing.
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Needs, wants, demands
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What are the desired outcomes of marketing?
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Satisfaction and value
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What are the Marketing Exchange conditions?
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Must be at least 2 parties, Parties must: have something of value, want to deal, be free to accept/reject, be able to communicate
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What is the focus, means, and profit of the Product Concept?
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Inside to outside game; F: existing products, M: aggressive sales, P: sales volume
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What is the focus, means, and profit of the Marketing Concept?
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Outside to inside game; F: consumer need, M: IMC, P: satisfaction
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Define the Form, Task, and Possession, Time, and Place Utility satisfaction constructs.
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F: tangible features, T: service, P: having the right to use a product (Cable), T,P: having a product avail. WHEN(T)WHERE(P) cons. wants it
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Define Value-Driven Marketing.
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Focus on developing & delivering superior value to consumers; Value is attained by applying key principles
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Identify the value principles.
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Customer, Competitor, Proactive, Cross-Functional, Continuous Improvement, Stakeholder
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Define the Functional, Social, Personal, and Experiential Benefits
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F: tangible, S: + response cons. get from others, P: good feelings they get, E: sensory enjoyment they gain
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Define Monetary, Temporal, Psychological, and Behavioral Costs.
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M: $ cons. pays, T: time spent purchasing, P: mental energy involved in purchase, B: physical energy they expend to buy
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Identify the stages of Marketing Evolution.
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(Orientations) Simple trade, Production, Sales, Marketing, Value-Driven Marketing
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Define Marketing Strategy.
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Game plan; WHAT the firm wants to do, HOW it will accomplish it; has target market & marketing mix
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Define Target Market.
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Homogeneous set of consumers that the firm pursues; similarity based on characteristics, lifestyle, behavior
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Define Marketing Mix and Identify the 4 P's.
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Firm's controllable/tactical tools; Product, Price, Place, Promotion - interdependent & changeable
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Define Product and identify its issues.
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Good/service the firm offers to its target markets; Quality, Design, Features, Warranty, Branding, Packaging
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