Marketing
Concepts
Concepts
This marketing concept focuses on producing large quantities of goods efficiently and at low cost.
Production concept
This is the process of collecting, analyzing, and interpreting data to make informed decisions about a product or market
marketing research
This part of a business environment includes internal factors that directly influence the company’s operations, such as suppliers, competitors, and customers.
micro-environment
This is the person who buys a product, but may not be the one who ultimately uses it.
a customer
This refers to the division of the market into different sectors or groups called
segments
This concept emphasizes creating products with superior quality, performance, and features to attract consumers.
product concept
These two types of data collection are equally important in the research process.
primary data and secondary data
These are organizations or individuals that help a company promote, sell, and distribute its products to customers
marketing intermediaries
This stage of the buying process involves realizing there is a need for a product.
need recognition
This type of segmentation divides a market based on characteristics like age, gender, income, and social class.
demographic segmentation
Firms using this concept focus on aggressive advertising and sales techniques to persuade customers to buy their products.
selling concept
In this type of sampling, every person in the target population has an equal chance of being selected.
probability sampling
This factor in the macro-environment refers to government laws, regulations, and political stability that can influence a firm's operations.
political factors
These are groups of people that influence our buying behavior, such as friends, family, or mentors
reference groups
a type of demographic segmentation that categorizes us (gen z) and our teachers (boomers)
age
This concept prioritizes identifying and satisfying customer needs to achieve organizational goals.
marketing concept
Focus groups, surveys, and test marketing are examples of these tools used during marketing research.
research techniques
This type of factor in the macro-environment includes elements like climate, weather patterns, and availability of natural resources that affect business activities.
natural factor
This factor refers to how consumers view a product, which can impact their purchasing decisions. For example, products without a recognized brand may be perceived as inferior.
perception
This type of marketing has Lower competition, since the focus is on a smaller group of customers as one of its benefits
niche marketing
The most recent marketing concept, it promotes social and ethical responsibility by encouraging firms to consider their impact on society and the environment.
societal marketing concept
The first step in the marketing research process involves identifying this key element.
the problem
This broader segment of a company's environment encompasses external and uncontrollable factors such as demographics, economic trends, and cultural shifts.
macro-environment
This is the amount and frequency of money that influences whether a consumer can buy a product
level of income
These criteria for effective segmentation look at the firm’s ability to reach the targeted segment effectively. The firm must be able to implement its marketing and distributing strategies in the targeted segments
accessibility