introduction to marketing chapter 1

marketing
the process of planning the conception, pricing, promotion, and distribution of ideas
production orientation
Companies concentrating what they are capable of producing instead of consumers needs
selling orientation
companies believe that the more they sell more profit they will make
marketing concept
the process of determining the needs and wants of a target market more effectively than the competition does
socially responsible marketing
companies are in the best interests of consumers and society
cause marketing
an organization’s support of causes that benefit society
social network
a website that connects people with different kinds of interests ( e.g. facebook or twitter)
brand democratization
customer can interact with a brand, and have some control over the marketing of a brad ( as in online user-generated content)
consumer- generated content
online content created by consumers for consumers
market
a group of people who have a similar need for a product or service, willingness and ability to buy it
needs assesment
company collects appropriate information to determine if a market is worth pursuing
market analysis
the collection of appropriate information (i.e : information regarding demand) to determine if a market is worth pursuing
consumer analysis
the monitoring of consumer behaviour changes (tastes, preferences, lifestyles) to adjust accordingly
target market
a group of customers who have certain characteristics in common
marketing mix
are product, price, distribution, and marketing communications
product strategy
making decisions about such variables as product quality, product features, brand names, packaging, customer service, guarantees and warranties
product differentiation
unique attributes or benefits of a product that distinguish it from another product
price strategy
is fair and aquitable for consumers and still profitable for the organization
distribution strategy
marketing channels and the physical distribution of products
marketing channel
a series of firms of indivituals that participate in the flow of goods and services from producer to final users or customers
marketing communications strategy
persuasive message about a product or service
integrated marketing communications(IMC)
maximizes impact on consumers and other types of customers
sales promotions
activity that special incentives to bring about immediate action from consumers, distributors, and an organization’s sales force
public relations
a variety of activities and communications that organizations undertake to monitor
experiantial marketing
a type of marketing that creates awareness for a product by having the customer directly interact with the product
event marketing
the process planned by a sponsoring organization of integrating a variety of communications
public image
the reputation that a product, service, or company has among its various publics
customer relationship management (CRM)
strategies designed to optimize profitability, revenue, customer retention, and customer satisfaction
loyalty (frequent buyer) programs
offer the consumer a small bonus such as points or “play money,” when they make a purchase; the bonus accumulates with each new purchase
customer relationship management programs
analyze data about customers’ buying behaviour to create individualized marketing programs to meet unique customer needs
partnetship
arrangement between two or more companies used to achieve common objectives
partnetship marketing
cooperation and collaboration among members of a channel of distribution