Marketing
What is marketing?
An organizational function and a set of processes for creating, communicating, and delivering value to customers
What does CRM stand for?
Customer Relationship Management.
What is a marketing plan?
A formal document that defines marketing objectives and the specific strategies for achieving those objectives.
What is marketing research?
The process of gathering, interpreting, and applying information to uncover marketing opportunities.
Describe what consumer behavior is.
Description of how people act when they are buying, using, and discarding goods and services for their own personal consumption. Consumer behavior also explores the reasons behind people’s actions
What is utility?
The ability of goods and services to satisfy consumer “wants.”
What is perceived value?
A customer's perception that a product has better value than its competitors.
What is a target market?
The group of people who are most likely to buy a particular product.
What is primary data?
New data that marketers compile for a specific research project
Explain the 5 steps of the Consumer Decision Process
Need Recognition, Information Search, Evaluation of Alternatives, Purchase Decision, Post Purchase Decision
What is the marketing concept?
A business philosophy that makes customer satisfaction the central focus of the entire organization.
What is customer satisfaction?
When customers perceive that a good or service delivers value above and beyond their expectations
What is market segmentation?
Dividing potential customers into groups of similar people
What is secondary data?
Existing data that marketers gather or purchase for research.
Explain the different business market segmentations
B2B Geographic segmentation, B2B Customer-based segmentation, B2B Product-use‒based segmentation
What are the four types of utility?
Form, time, place, and ownership utility.
What is customer loyalty?
When customers repeatedly buy a product from the same supplier.
What is the marketing mix?
The blend of marketing strategies for product, price, distribution, and promotion.
What are the tools of primary research?
Observation research and survey research.
What are the four elements that influence the Consumer Decision-Making Process?
Cultural, Social, Personal, Psychological
What is the scope of marketing?
Marketing encompasses people, places, events, ideas, and more, influencing various aspects of society.
What are the two types of values?
Perceived value and actual value.
What is environmental scanning?
The process of continually collecting information from the external marketing environment.
What is the purpose of marketing research?
To identify external opportunities and threats, monitor customer behaviors, and improve marketing strategies.
In what decade did relationship focus become the main form of marketing?
the 1990s