Functions
Obtaining, managing, and using information about what consumers want to improve business decision making, performance of marketing activities, and determining what will sell.
Marketing - Info Management
T or F - Marketing has 7 functions
True
Market research that involves gathering new data first hand for a specific purpose. Methods include surveys, interviews, focus groups and observations.
What is Primary research?
A marketing approach adopted by businesses that are inward looking.They focus on selling products that they make rather then making products they can sell.
What is Product orientation?
The combination of various elements needed to successfully market a product. It consists of the 4 P's
What is the marketing mix?
pricing is setting and communicating the value of products and services. Setting the price at the right level.
Pricing
T or F - A product can be anything that someone is interested in and can be sold.
True
Refers to market research carried out with individuals who then suggest other friends, family members or colleagues, thereby increasing the sample size.
What is snowballing?
Obstacles that determine the number of suppliers in a market. Things that can prevent a business from entering a new market
What are barriers of entry?
Undifferentiated marketing that ignores targeting inidivdual market segments.
What is mass marketing?
designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs.
Product
Distribution is determining the best ways for customers to locate, obtain, and use the products and services of an organization. Involves moving the product each step from the idea to the consumer.
Distribution
A document that contains a series of questions used to collect date for a specific purpose.
What is a survey or questionnaire?
Characteristics of consumers which include differences in gender, age ethnicity and religion.
What are demographics?
A marketing approach that targets a specific and well defined market segment, often unique products or services.
What is niche marketing?
Communicating directly with potential customers to determine and satisfy their needs.
Selling
T or F - A promotion is budgeting for marketing activities
False
A method of primary research that involves watching how people behave or respond in different situations.
What are observations?
An organizations portion of the total value of sale revenue within a specific industry?
What is market share?
A visual aid that shows customers perceptions of a product or brand in relation t o others in the market, often by comparing perceptions of price and quality.
What is a Position map(or perception map)?
Budgeting for marketing activities, obtaining the necessary funds needed for operations, and proving financial assistance to customers so they can purchase the business products and service.
Financing
Communicating with customers about the product to achieve the desired result-- customer demand for and purchase of the product. Includes advertising, personal selling, publicity, and public relations.
Promotion
A small discussion group used to gain insight into the attitudes and behavior of respondents.
What are focus groups?
The firm with the largest market share in a particular market.
Who is the market leader?
Refers to the strategies used to attract customers to buy a firm's product. Includes above the line and below the line approaches.
What is promotion?