Marketing
The process of marketing
What is the process of creating, distributing, promoting, and pricing products
List the eras of marketing
What is The Sales Concept Era, The Marketing Concept Era, The Societal Marketing Era, and The Customer Relationship Era?
Describe prosperity
an economic period when unemployment is low, total income is relatively high, and consumers have more buying powers
Describe the characteristics of convenience products
relatively inexpensive
buyers spend little time comparing products or purchasing
Sold at various retail outlets
Describe the introduction stage
the first stage where the product first makes an appearance in the marketplace
Stage when sales are zero, profit is negative due to high initial costs
Period of high costs/risks
The center of everything the market does
What is value?
Describe traits of the Marketing Concept Era
Supply of goods/services exceed demand
Companies realized that they needed to determine what the customer wants and produce those products
Focused on the right products for the right customer
Describe Recession
consumers' buying power declines and unemployment rises
Describe shopping products
items which buyers spend a lot of time comparing prices, brands, and warranties
more expensive
purchased infrequently
Describe the growth stage
second cycle- sales increase rapidly
profit reaches a peak but then starts to declineThe 4p's of marketing
What is price, product, place, and promotion?
Describe characteristics of the Societal Marketing Era
Companies focused on benefiting both the customers and society while still attaining a profit
Describe depression
unemployment is extremely high, wages are low, total disposable income is minimal, buying power is at an all time low
Describe the characteristics of specialty products
items with unique characteristics
buyers spend a lot of time to obtain the item
these purchases are planned with no alternatives
Maturity Stage
sales start to decline and profits continue to fall
competition is intense
many similar products are on the market
Describe the term 'value'
the center of everything the market does- the benefits the buyers receive that meet their needs
Describe the customer relationship era
focused on building long term relationships with customers
Fostered loyalty and repeated business
This concept tries to please the customer after the sale
Describe recovery
unemployment begins to decline, total income rises, consumers' buying power increases
Describe the characteristics of unsought products
products a customer buys when they have a problem
These are products consumers have no knowledge of
These are products consumers do not normally think of purchasing
Decline stage
last stage on product life cycle
profits are basically non-existent
Describe the Sales Concept Era
1920's-1950's
Technological advances accelerated production
supply far exceeded demand
intense competition
heavy sales tactics and heavy public advertising
heavy emphasis on selling existing products
economic forces- changes in economic conditions that affect demand and supply in the global marketplace
Give an example of each type of product
Convenience products- (bread, milk, eggs, etc.)
Shopping products- (appliances, electronics, etc.)
Specialty products- (Ferrari...)
Unsought Products- (emergency auto-repair, coffins, etc.)
What stage is Walmart in?
Maturity