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| The performance of activities that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to customer or client |
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| A social process that directs an economies flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society |
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| What is good for some producers and consumers may not be good for a society as a whole |
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| The idea that an organization should aim all and its efforts at satisfying its customers – at a profit |
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| Price, Product, Promotion, Place |
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| The amount of money that is charged for something of value |
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| The need-satisfying offering of a firm |
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| Communicating information between seller and potential buyer or others in the channel to influence attitudes and behavior |
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| Making goods and services available in the right quantities and locations –when customers want them |
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Breakthrough Products
a. Breakthrough opportunities |
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| Opportunities that help innovators develop hard-to-copy marketing strategies that will be very profitable for a long time |
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| An aggregating process that clusters people with similar needs into a market segment |
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Buyers who buy for resale or to produce other goods and services
b. Producers of goods and services
c. Intermediaries
d. Government units
e. Nonprofit organizations |
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| Organizational Buying Processes |
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Definition
| New Task Buying, Straight Rebuy, Modified Rebuy |
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| New Product, Try to establish products price and place |
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| In between straight and new-task |
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| All the people who participate in or influence a purchase |
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| Organized way of continually gathering, accessing and analyzing information that marketing managers need to make ongoing decisons |
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Setting the problem and the goal
b. Preparation of research
c. Gathering information
d. Analyze
e. Present |
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Definition
| Seeks structured responses that can be summarized in numbers – like percentages, averages, or other statistics |
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| Seeks-in-depth, open-ended responses not yes or no answers |
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| The need-satisfying offering of a firm |
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Definition
| Equity, Familiarity, Insistence, Managers, Name, Non-Recognition, Preference, Recognition, Rejection |
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| Value of a brands overall strength in the market |
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| How well customers recognize and accept a companies brand |
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| Customers insist on a firms’ branded product and are willing to search for it |
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| Manage specific products, often taking over the jobs formaerly handled by an advertising manager |
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| Word, letter or a group of words or letters |
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| Final customers don’t recognize a brand at all – even though intermediaries may use the brand name for identification and inventory control |
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| Target customers usually choose the brand over other brands, perhaps because of habit or favorable past experience |
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| Customers remember the brand |
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| Potential customers wont buy a brand unless its image is changed |
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Definition
| Promoting, protecting and enhancing the product |
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| 5 Step New Product Developmen |
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Definition
Idea generation
b. Screening
c. Idea Evaluation
d. Development |
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Definition
| Direct communication with the customer |
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Definition
| Indirect communication through another medium |
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Definition
Truck
b. Rail
c. Water
d. Air
e. Pipeline |
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Definition
Storing facilities owned or leased by companies for their own use
ii. Large volume of goods must be stored reulary
iii. Expensive
iv. Slow change |
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| Mass Merchandising (-ers) |
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Definition
| Large, self-service stores with many departments that emphasize soft goods and selling on lower margins to get faster turnover |
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| Mass Merchandising Concept |
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Definition
| i. Idea that retailers should offer low prices to get faster turnover and greater sales volume by appealing to large numbers |
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Definition
To get Attention
b. To hold Interest
c. To arouse Desire
d. To obtain Action |
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| Shows when different groups accept ideas |
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| Using normal promotion effort (personal selling, advertising) to help sell the whole marketing mix to possible channel members |
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| Using promotion to get consumers to ask intermediaries for the product |
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Definition
Order getting
b. Order Taking
c. Supporting |
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Definition
Commission
b. Combination plan
c. Straight Salary |
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Definition
Prepared Approach
b. Consultative selling
Selling formula |
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Definition
Awareness
b. Interest
c. Evaluation and trial
d. Decision
e. Confirmation |
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Definition
| Product Advertising, Institutional Advertising |
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Definition
Pioneering advertising
Competitive advertising
iii. Reminder advertising |
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Definition
Television
b. Direct Mail
c. Newspaper
d. Radio
e. Yellow pages
f. Magazine
g. Internet
outdoor |
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Definition
Objectives should guide strategy planning for price
Profit oriented
Sales oriented
Status Quo Oriented |
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Definition
Target return
Maximize profits |
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Definition
Dollar or unit sales growth
Growth in market share |
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Definition
Meeting Competition
Non-price Competition |
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Definition
Price reductions given to firms to ecourage them to advertise
Stocking allowances, push money, trade-in allowance |
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Definition
| Given to an intermediary to get shelf space |
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| Push money (prize money) allowances |
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Definition
| Given to retailers by manufacturers or wholesalers to pass on to the retailers salesclerks |
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| Price reduction given for used products |
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| Quantity, Cumulative, Non-cumulative, Seasonal |
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Definition
| Encourage customers to buy in a large amounts |
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| Cumulative quantity discounts |
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| Discounts increase as the amount purchased increases |
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| Noncumulative quantity discounts |
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Definition
| Apply only to individual orders |
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Definition
| Encourage buyers to buy earlier than present demand requires |
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| The dollar amount added to the cost of products to get the selling price |
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Definition
Average-cost
Bid
Negotiated
Break-even analysis
Cost-oriented
Demand-oriented
Profits
Sales |
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Definition
| Physiological > Safety > Love > Esteem > Self-actualization |
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Definition
| Our eyes and minds seek out and notice only information that interests us |
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Definition
| People screen out or modify ideas, messages and information |
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| occupation, education and type & location of housing |
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