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Marketing a Product of Service
management Exam 3
55
Pharmacology
Professional
12/02/2013

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Term
production concept
Definition
Focus on efficiency in production and distribution of goods and services
Term
Product concept
Definition
Focus on making good products and improving them over time.
Term
Selling Concept
Definition
Actions directed at stimulating customers’ interest through aggressive sales and promotion efforts; advertising, discounts, high-pressure selling
Term
marketing concept
Definition
Focus on identifying and responding to the needs of the purchaser; Generates profit through the creation of customer value
Term
product centric model
Definition
companies sell and customers buy; sales driven corporate; no actual customer relationships
Term
customer centric model
Definition
customer is in the very heart of the corporate focus, company is doing ist very best in order to meet customers expectations and create great customer experience
Term
T-ford
Definition
product centric model
Term
amazon, tesco
Definition
customer centric model
Term
facebook
Definition
symbiosis
Term
symbiosis
Definition
customers and a company are in solid relationship, need one another and succeed together
Term
people do things for
Definition
their reasons, not ours
Term
need
Definition
state of perceived deprivation; basic human requirements
Term
want
Definition
desire for a specific satisfied of a deeper need
Term
demand
Definition
Want that is backed up by an ability to pay
Term
negative demand
Definition
a major part of the market dislikes or doesn’t want a product, and may even pay to avoid it. (Health care is such a negative good.)
Term
Maslow’s Hierarchy of Needs
Definition
self-actualization, experience purpose, esteem need, love and belonging needs, security need, physiological needs
Term
experience purpose
Definition
meaning and realizing all inner potentials
Term
esteem need
Definition
the need to be a unique individual with self-respect and to enjoy general esteem from others
Term
love and belonging needs
Definition
the need for belonging to recieve and give love, appreciation, friendship
Term
security need
Definition
the basic need for social security in a family and a society that protects against hunger and violence
Term
physiological needs
Definition
the need for food water, shelter and clothing
Term
Production orientation example:
Definition
look over in the ‘GNC’ section on Aisle 13A
Term
Product orientation example:
Definition
we have a couple of different products; the Certified Brand is more consistent in delivering the active ingredient
Term
Selling orientation example:
Definition
That’s a good start, but we also have found that this time of year many people benefit from increasing their exposure to artificial sunlight … here’s our Vitality Lamp
Term
Marketing orientation example:
Definition
Tell me more about why you think you need St. John’s Wort
Term
5 P's of marketing
Definition
product, price, place, promotion, positioning
Term
These are variables that a company can control which may influence customer responses
Definition
5 P's of the marketing mix
Term
marketing myopia
Definition
avoid being too narrow
Term
product
Definition
the mix of goods and services provided by the pharmacy
Term
the organizations's reason for being
Definition
cannot be limited to its production
Term
the product mix must arise
Definition
from the mission and vision of the firm, and market needs
Term
changing demographics and social roles
Definition
must drive reevaluation of your product mix
Term
products and services that are unique
Definition
have higher profits
Term
price
Definition
must be sufficient to cover costs and return a profit
Term
price image is the perception that the consumer has of the firm
Definition
and often connotes quality in the consumer's mind (upscale, good deal, low quality, luxury)
Term
problematic to mix different price at one location
Definition
grades of products or services (mink coats at wal-mart? cheap flip-flops at Nordstrom's?)
Term
price as experienced by consumer is what must be given up to receive good or service
Definition
may be willing to pay a higher price to reduce other non-cash "costs" (time, effort, transportation, risk or uncertainty)
Term
decisions about place include both business location and
Definition
means of distributing goods and services to the consumer
Term
place considers how to create value
Definition
by providing a good or service to the consumer when and where they most want it
Term
the best location is not the place with the lowest rent
Definition
it is where you have greatest access to the desired customers
Term
important elements of place are
Definition
determined by a location analysis
Term
promotion
Definition
activities seeking to inform, remind, persuade; directed at a target market
Term
promotions are designed to translate needs into want and demands
Definition
translate needs into want and demands
Term
promotion may include crisis management communications
Definition
when things go wrong
Term
advertising
Definition
paid, nonpersonal promotion by a sponsor
Term
sales promotion
Definition
short term incentives
Term
publicity
Definition
nonpersonal information about a product or organization that is not paid for by the organization
Term
personal selling
Definition
sales presentations to individual customers and referral sources
Term
Guerilla marketing
Definition
approach for small businesses using low cost imaginative techniques, often resulting in free publicity, to market the firm and its products
Term
positioning
Definition
The act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market
Term
value proposition
Definition
a positioning statement that sets forth; what benefit do you provid?, for whom is it provided?, how do you do it uniquely well?
Term
value proposition informs
Definition
shareholders and trustees, employees, suppliers, customers
Term
personal promotion and positioning--build an influence network
Definition
civic and social involvement, professional involvement, political involvement and effective and safe use of social media
Term
marketing is a majorstrategic area for business and individuals
Definition
determine your market orientation, remember that people do things for their own reasons
Term
develop your company's and your own value proposition
Definition
monitor your ability to deliver it to others
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