Business Test CH_10
Marketing plan
is a document describing business and marketing objectives and the strategies and tactics to achieve them First step is identify target market; market identification
Database marketing
is a system of gathering, storing, and using customer data for marketing directly to customers based on their histories
Customer relationship management (CRM) system
is a system to track contact and other information for current and potential customers
Marketing concept
is an approach to business that focuses on satisfying customers as the means of achieving profit goals
Product
is anything that can be bought or sold
Psychographic segmentation
is dividing the market by certain preferences or lifestyle choices
Demographic segmentation
is dividing the market of potential customers by their personal statistics
Mass marketing
is marketing to a larger group of people who might buy a product
Geographic segmentation
is segmenting a market based on where customers live
Price
is the amount of money requested or exchanged for a product
Marketing strategy
is the plan that helps a business meet its overall goals and objectives
Influence:
is the power to sway or produce an effect
Promotion
is the process of communicating with potential customers to influence their buying behavior
Market segmentation
is the process of dividing the market into smaller groups
Target market
is the specific group of customers whose needs a company will focus on satisfying
Routine Purchase:
little thought or planning; familiar products purchased often
Personal influences
make each individual unique
Consists of dynamic activities that identify, anticipate, and satisfy customer demand while making a profit.
marketing
Approach to business that focuses on satisfying customers as the means of achieving profit goals.
marketing concept
Plan that helps a business meet its overall goals and objectives.
marketing strategy
Marketing to a larger group of people who might buy a product.
mass marketing
Government market includes
national, state, and local governments -Buy a wide range of goods and services
Marketing consists
of dynamic activities that identify, anticipate, and satisfy customer demand while making a profit
Four Ps of marketing are the elements
of product, price, place, and promotion
Influence that makes each individual unique.
personal influence
Includes the activities involved in getting goods and services to customers.
place
Process of communicating with potential customers in an effort to influence their buying behavior.
promotion
Influence that comes from within a person or why a person has specific needs and wants.
psychological influence
Focuses on building long-term relationships with customers.
relationship selling
Levels of decision making for consumer purchases
Impulse purchases, Routine purchases, Limited Buying Decision, and Extensive buying decision.
Business-to-business (B2B) influences:
Internal influences, External influences, and situational influences.
Repeat Purchase
Little research and thought, typical for items purchased on a regular basis.
4. Explain the concept of market identification.
Market identification is the first step in developing a marketing strategy, it's when you identify the target market.
Institutions
are public or private nonprofit organizations -Buy goods and services to support their activities
Customer profile
is a detailed description of the typical consumer in a market segment
B2C influence that comes from the environment. B2B influence that comes from the environment in which the business exists.
situational influence
Influence that comes from the society in which a person lives.
social influence
Specific group of customers whose needs a company will focus on satisfying.
target market
New Purchase
Great deal of research and planning, including product specifications and expectations
Steps in decison making process
1. Define the problem or the challenge 2. Research alternatives 3. Choose the best alternative 4. Implement the decision 5. Evaluate the decision
The seven functions of marketing
1. Market Planning 2. Channel Management 3. Product/Service management 4. Pricing 5. Selling 6. Marketing information management(MIM) 7. Promotion
List the seven functions of marketing and describe their related activities.
1.Market Planning - business document outlining your marketing strategy and tactics 2. Channel Management - is the process of managing online distribution channels in order to sell hotel inventory to various agents across the globe 3. Product/Service management - is a marketing function that involves obtaining, developing, maintaining, and improving product service mix in response to market opportunities. 4. Pricing - discover or establish the price of 5. Selling - give or hand over (something) in exchange for money. 6. Marketing information management (MIM) - where marketing data is collected, stored, analyzed and distributed to marketers in accordance with their needs 7. Promotion - is the process of communicating with potential customers to influence their buying behavior
Extensive Buying Decision
A great deal of research, time, and planning; usually an expensive good or service
1. How is marketing related to the other functions of business?
Because in order for a business to be successful all the functions must work together, marketing also helps with identifying the best potential customers, researching how to improve a product, and how to find new ways to sell the product.
Three basic types of customers:
Business-to-consumer (B2C) market Business-to-business (B2B) market Government and institutions
Elements of marketing concept
Customer satisfaction, Total Company Approach, Profit
Explain the difference between market segmentation and mass marketing.
Market segmentation is the process of dividing the market into smaller groups whereas mass marketing is marketing to a larger group of people who might buy a product.
What is Maslow's Hierarchy of Needs?
Maslow's Hierarchy of Needs includes Self-actualization, esteem needs, belongingness and love needs, safety needs and physiological needs. It is a description of the needs that motivate human behavior.
Levels of decision making for business purchases
New Purchase, Repeat Purchase, and Modified Purchase.
Limited buying decision:
New purchase and one one that requires some amount of research and planning
Business-to-consumer (B2C) influences
Social influences, Psychological influences, Situational influences and Personal influences.
Modified Purchase
Some planning and research; used when purchasing a familiar product with certain changes and modifications.
Impulse Purchase:
Spur-of-the movement purchase. An item that is bought without previous planning or consideration of the long-term effects.
Define and explain the importance of a target market.
Target market is a specific group of customers whose needs a company will focus on satisfying, this helps the business help and reach people who like their product and encourage them even more to buy the product and also get feedback from them.
5. List the four variables used to identify market segments.
The four variables used to identify market segments are Geographic segmentation, Demographic segmentation, Psychographic segmentation, and Behavioral segmentation.
2. What are the three elements of the marketing concept?
The three elements of the marketing concept are customer satisfaction, profit, and total company approach.
Place can be
changed based on where a product is offered
Product can be
changed by adding new features
Promotion can be
changed to appeal to the target market
Price can be
changed to match new features
External influences
come from outside the business
Situational influences
come from the environment
Situational influences
come from the environment in which the business exists
Social influences
come from the society in which a person lives
Psychological influences
come from within a person or why a person has specific needs and wants
Internal influences
come from within the business itself
System to track contact and other information for current and potential customers.
customer relationship management(CRM) system
System of gathering, storing, and using customer data for marketing directly to customers based on their histories.
database marketing
Behavioral segmentation
divides a market by the relationships between customers and the good or service
Marketing mix is the strategy for using the
elements of product, price, place, and promotion
Relationship selling
focuses on building long-term relationships with customers
Marketing elements of product, price, place, and promotion.
four Ps of Marketing
Place
includes activities involved in getting goods and services to customers
Motivator or change factor that comes from within a business itself.
internal influence