Chapter 1 FYI
Why is B2B marketing different than consumer marketing?
B2B marketing customers are generally more rational and customers are large
The set of values, attitudes, and ways of doing things passed from one generation to another in a given society
Culture
The process of learning as much as possible about present customers and doing everything you can over time to satisfy them is:
Customer Service Management (CRM)
What is geographic segmentation?
Dividing a market by cities, counties, states, or regions
What is cognitive dissonance?
When consumers who make a major purchase may have doubts about whether they got the best product at the best price
What technological innovations can companies use to develop products and services that match consumer's wants and needs more effectively?
blogs, social networking, data bases
What are the three major factors in the marketing environment?
competitive factors, technological factors, and global factors
The ____________________ market consists of all the individuals and households that want goods and services for personal consumption
consumer
The marketing concept is a business philosophy that involves three orientations. What three factors make up the marketing concept?
customer, profit, and service
What do companies conduct market research on?
ecological impact of decisions and business trends
Shifts in the U.S. population have created new challenges for marketers as they adjust their products to meet the tastes and preferences of the growing number of...
ethnic groups
What is the consumer market made up of?
individuals and households
What does the the B2B market include?
manufacturers, government, institutions
When marketers gather information on business trends, global trends, and consumer buying patterns they are conducting:
market research
Which marketing activity helps businesses gather information to compete effectively?
market research
What career options are available to students majoring in marketing?
marketing advertising, retail store manager, public relations
A three-part business philosophy that involves a customer, service, and profit orientation is the ____________________.
marketing concept
What are some of the industries that will benefit from the increase in the over 65 population?
nursing homes, recreation, prescription drugs
What provide(s) companies with an opportunity to observe people interacting with one another, expressing their own opinions, forming relationships, and commenting on various goods and services?
online communities
One of the fastest-growing segments of the U.S. population is...
over 65
Whereas consumer promotions are based more on advertising, B2B sales are based on...
personal selling
The web allows companies to communicate with their customers to assist in cultivating customer ____________________, as people interact with the company
relationships
The internet helps buyers in the purchasing process because customers are able to:
search and compare to find the best price
Within the marketing environment, computers, telecommunications, bar codes, data interchange, and internet changes are all considered...
technological factors
What was the production era philosophy?
the belief that companies should produce as much as they can because there is limitless market for products
The factors that go into a marketing program include product, price, place, and promotion. These are called what?
the marketing mix
When businesses developed mass-production techniques and capacity exceeded immediate demand, what era began?
the selling era
What nonprofits use marketing to achieve?
to raise funds to meet their objectives; increase awareness of their causes
Which groups do states use marketing to attract?
tourists, new businesses
Marketing is the activities, set of institutions, and processes that add ____________________ for customers.
value
What attributes are typically used to differentiate consumer groups?
1. Age 2. Income 2. Education
Rank the three steps to develop the marketing mix
1. Find opportunities 2. Conduct research 3. Identify a target market
What is target marketing?
Selecting which groups or segments an organization can serve profitably
What is service orientation?
The focus of the marketing era that makes sure everyone in the organization has the same objective, customer satisfaction
What is customer orientation?
The marketing concept that sates that a business must find out what consumers want and provide it for them
What is a subculture?
The set of values, attitudes, and ways of doing things that differentiate a group as belonging to a certain ethnic, racial, or other group
What is psychographic segmentation?
The study if a group's values, attitudes, and interests in order to determine the group's lifestyle