BGMT110 Ch. 13 part 1

marketing
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Evolution of Marketing
Production; selling; marketing concept; customer relationship
Marketing concept
A three-part business philosophy: a customer orientation, a service orientation, and a profit orientation.
Customer relationship management (CRM)
The process of learning as much as possible about customers and doing everything you can to satisfy them-or even exceed their expectations-with goods and services.
Customer-managed relationships (CMR)
The idea to give the customer the power to build relationships with suppliers. Examples are Expedia and Priceline, where customers can find the best price.
The four P’s of marketing
Designing a want-satisfying product; setting a price for the product; putting the product in a place where people will buy it; and promoting the product.
marketing mix
The ingredients that go into a marketing program: product, price, place, and promotion. Businesses blend them together.
The Marketing Process with the Four P’s
Find opportunities. Conduct research. Identify a target market. Design a product to meet the need based on research (product). Do product testing. Determine a brand name, design a package, and set a price (price). Select a distribution system (place). Design a promotional program (promotion). Build a relationship with customers.
Product
Any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand.
Concept testing
You develop an accurate description of your product and ask people whether the idea appeals to them. If so, you go to a supplier to get samples to take to consumers to test their reactions.
Test marketing
The process of testing products among potential users.
Brand name
A word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors.
Intermediaries (middlemen)
The middle links in a series of organizations that distribute goods from producers to consumers. Ex: You want to sell your products through organizations that specialize in distributing food products. Producer –> this –> consumer.
Promotion
All the techniques sellers use to inform people about and motivate them to buy their products or services. Includes relationship building with customers.
Marketing research
The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions.
The Marketing Research Process
Defining the question and determining the present situation; collecting research data; analyzing the research data; choosing the best solution and implementing it.
secondary data
Information that has already been compiled by others and published in journals and books or made available online. Should gather this first to avoid incurring unnecessary expense.
primary data
Data that you gather yourself (not from secondary sources such as books and magazines). Ex: conducting a survey.
Focus group
A small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues.
What type of process is marketing research?
Marketing research is a continuous process of responding to changes in the marketplace and in consumer preferences.