Chapter 11

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sociocultural factors

Marketing activities are influenced by beliefs and values regarding family, religion, education, health and recreation People over 65 have become one of the fastest growing segments of the U.S. population. education age income

the marketing mix/four Ps

Product, Price, Place, Promotion

If a student majors in marketing, which career options will be available:

Retail store manager Advertising Public relations

technological innovations that companies can use to develop products and services that match consumers' wants and needs more effectively

Social networking Blogs Data bases

marketing environment

Sociocultural, competitive, technological, global, and economic

consumer behavior

The investigation of consumer thought processes at each stage in a purchase in order to determine the best way to help the buyer buy study of people's purchase decisions and the factors that influence those decisions

marketing concept

customer orientation-find out what customers want and provide it for them service orientation-make sure everyone in the organization has the same objective:customer satisfaction. Total and integrated organizational effort Profit orientation-focus on goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs

selling era

emphasized selling and advertising in an effort to persuade consumers to buy existing products; few offered extensive service after the sale

competitive factors

ex brick and mortar companies must stay aware of online competition Marketers must pay attention to the dynamic competitive environment because the Internet gives consumers information instantly change is occurring more rapidly

primary data

information that is collected for the first time; used for solving the particular problem under investigation ex interviews surveys and focus groups

price

represents the value of the product The costs of producing, distributing and promoting the product will all influence this

demographic segmentation

segmenting markets by age, gender, income, ethnic background, and family life cycle

geographic segmentation

segmenting markets by region of a country or the world, market size, market density, or climate

market research

the action or activity of gathering information about consumers' needs and preferences. helps to identify what products customers have purchased in the past, current purchasing patterns, and future wants

marketing

the activities, sets of institutions, and processes that add value for customers. the activities buyers and sellers perform to facilitate mutually satisfying exchanges state governments use this to compete with other states and countries to locate businesses in their areas (attract new businesses and tourists)

technological factors

using consumer databases, blogs, social media, and the like, companies can develop products and services that closely match consumers' needs

A product includes anything that would enhance it in the eyes of consumers, such as

warranty package brand

product

A physical good, service, or idea that satisfies a want or need

promotion

All of the techniques sellers use to inform people about and motivate them to buy their products or services

customer relationship era

CRM emphasizes finding out everything possible about customers and using that information to satisfy or exceed expectations in order to build long-term customer loyalty. newest: social networks, online communities, tweets, and blogs

Marketing era

From 1950 to at least 1990, the dominant philosophy among businesses is the marketing concept.

niche marketing

When a company finds a small but profitable market segment and designs products just for them

business-to-business market (B2B)

consists of all the individuals and organizations that want goods and services to use in producing other goods and services to sell, rent, or supply goods to others. oil drilling bits, cash registers, display cases, office desks, public accounting audits, and business software are B2B services includes manufacturers, intermediaries, hospitals, schools, charities, and the government

consumer market

consists of all the individuals or households that want goods and services for personal consumption or use and have the resources to buy them

economic factors

consumers income, purchasing power, inflation, recession

psychographic segmentation

dividing the market using groups' values, attitudes, and interests

production era

focus on producing as much as possible because of high demand

factors that affect consumer behavior

learning-Changes in an individual's behavior resulting from previous experiences and information reference group-the group an individual uses as a reference point in forming beliefs, attitudes, values, or behavior culture- set of values, attitudes, and ways of doing things transmitted from one generation to another in a given society subculture- set of values, attitudes, and ways of doing things that results from belonging to a certain ethnic/racial/other group which one closely identifies cognitive dissonance- type of psychological conflict that can occur after a purchase,

global makret

marketers must be sure to dialogue with customers to ensure they understand about the good and services they want Globalization can create more opportunities for marketers but along with that comes more pressure because they must take into account the differing attitudes and values of various country cultures

secondary data

marketers should gather this first because it is already available and to avoid incurring unnecessary expense. Ex government publications and magazines

intermediaries

middle links in a series of organizations that distribute goods from producers to consumers. perform many of the activities required to move products efficiently from producers to consumers or industrial buyers and are often wholesalers or retailers

consumer decision making process

problem recognition, information search, evaluation of alternatives, purchase decision, postpurchase evaluation


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