Exam 2 B190 Flashcards

What are some promotional methods?

-Personal selling-Public relations-Word of mouth-Sales promotions-Television, Radio, News Papers, Magazines-E-Commerce-E-mailCoupons

What is marketing

the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

What does a symbol represent

Name, symbol, or design that identifies the goods or services and distinguishes them from competitors' offerings.

What is marketing research?

the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions

1. Customer Orientation --Finding out what customers want and then providing it.2. Service Orientation -- Making sure everyone in an organization is committed to customer satisfaction.3. Profit Orientation --Focusing on the goods and services that will earn the most profit

marketing segmentation

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

what is value

The level to which the service meets a customer's expectation

product line

a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

product mix

the complete set of all products offered by a firm

brand awareness

Measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements (brand name, logo, symbol, character, packaging, or slogan) in the firm's communications to consumers.

Product Life Cycle

introduction, growth, maturity, decline

supply chain

the connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function

Agents

Intermediaries who assist in the sale and/or promotion of goods and services but do not take title to them

product distribution

The process by which goods reach the final consumer

wholesaler

A type of business that buys goods in large amounts and resells them to other businesses in smaller lots.

retailer

a channel intermediary that sells mainly to consumers

goal of advertising

inform, persuade, and remind target to buy specific brands of products

public relations

the marketing function that evaluates public attitudes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance

Push Strategy vs. Pull Strategy

push: directing the promotional mix to channel members to gain their cooperation in ordering and stocking the productpull: directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product

the know-how involved in comprehending social situations and managing oneself successfully