Marketing, Midterm Review.

marketing concept
consisted of customer orientation (provide customers want) , service orientation (customer satisfaction), and profit orientation (focus on what would earn the most profit)
customer relationship management
process of learning as much as possible about present customers and doing everything you can over time to satisfy them w goods or services
geographic segmentation
dividing a market by cities, countries, states, or regions
demographic segmentation
dividing a market by age, income, education
psychological segmentation
dividing a market by values, attitudes, interest
benefit segmentation
dividing the market by determining which benefits of the product to talk about
volume segmentation
dividing the market by usage
niche marketing
identifying small but profitable market segments and designing or finding products for them
one-to-one marketing
developing a unique mic of goods and services for each individual customer
mass marketing
developing products and promotions for large groups of people
relationship marketing
tends to lead away from mass production and toward custom-made goods and services
product life cycle
includes the four stages of introduction, growth, maturity, and decline
competition-based pricing
strategy based on what the competitors are doing
price leadership
strategy where more dominant firms set prices and other follow
skimming price strategy
prices a new product high to cover research costs and take advantage of little competition (apple)
penetration strategy
pricing costs low to attract customers
everyday low pricing
set prices lower than competitors and usually don’t have sales (walmart)
high-low pricing strategy
setting prices at “everyday low pricing” but having many sales (jcpenney)
psychological pricing
setting prices that make the product look less expensive than it is (gas stations)
promotion mix
combination of promotional tools an organization uses
personal selling
face-to-face presentation and promotion of goods and services, including the salesperson’s search for new prospects and follow-up service after sale
public relations
listens to public, change policies and procedures, and informs people you’re responsive to their needs
sales promotion
tool that stimulates consumer purchase and dealer interest by means of short-term activities (sampling oft pretzels)
push strategy
convince wholesalers and retailers to stock and sell merchandise
pull strategy
heavy advertisement and sales promotion efforts are directed to consumers so that they’ll request the products