Marketing Concepts Flashcards
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Questions and Answers

What does the marketing concept entail?

  • Maximizing product prices only
  • Ignoring customer feedback
  • Business must satisfy needs and wants of their customer to compete (correct)
  • Focusing only on advertising

    • Who is a customer?

    A person who buys the product

    What is a consumer?

    A person who uses the product

    What does pricing determine?

    <p>Prices for products to maximize profit</p> Signup and view all the answers

    What is the purpose of promotion?

    <p>Applying promotional techniques to potential customers</p> Signup and view all the answers

    What does product/service management involve?

    <p>Developing, improving, and maintaining a product mix</p> Signup and view all the answers

    What is financing in business?

    <p>Obtaining the money necessary for business operations</p> Signup and view all the answers

    What does selling involve?

    <p>Providing consumers with the products and services they desire</p> Signup and view all the answers

    What is marketing information management?

    <p>Managing market information to maximize business decisions</p> Signup and view all the answers

    What does distribution refer to?

    <p>Using channels to get products to consumers</p> Signup and view all the answers

    What does disaggregate mean in marketing?

    <p>Reduce the marketing focus to product-market areas where companies have a competitive advantage</p> Signup and view all the answers

    What is segmentation?

    <p>An aggregating process which clusters people with similar needs into market segments</p> Signup and view all the answers

    What are market segments?

    <p>A similar group of consumers responding to the same marketing mix</p> Signup and view all the answers

    What characterizes the Baby Boom Generation?

    <p>Babies born between 1946-1964</p> Signup and view all the answers

    What characterizes Generation X?

    <p>Babies born between 1965-1977; children of dual-careered parental homes</p> Signup and view all the answers

    What characterizes Generation Y?

    <p>Babies born between 1977-1997; comfortable with computers</p> Signup and view all the answers

    What is disposable income?

    <p>Money left after taxes are taken out of paychecks</p> Signup and view all the answers

    What is discretionary income?

    <p>Money left after basic living expenses have been paid</p> Signup and view all the answers

    What are trends in marketing?

    <p>Changes in households, the economy, politics, and workplace</p> Signup and view all the answers

    What are Metropolitan Statistical Areas (MSAs)?

    <p>Created by the government to help distribute federal aid</p> Signup and view all the answers

    What is target marketing?

    <p>Applies to a fairly homogeneous group of consumers</p> Signup and view all the answers

    What is mass marketing?

    <p>Applies to a more heterogeneous group of consumers</p> Signup and view all the answers

    What are parity products?

    <p>Products seen as little-interest and little-involvement products</p> Signup and view all the answers

    What are negative driven products?

    <p>Products purchased due to the consumer's negative view of other comparable products</p> Signup and view all the answers

    What are unsought products?

    <p>Items customers do not yet know they want or need to buy</p> Signup and view all the answers

    What are new unsought products?

    <p>Completely new products people do not know about</p> Signup and view all the answers

    What are regular unsought products?

    <p>Products that remain unsought but not forever</p> Signup and view all the answers

    What are convenience products?

    <p>Items of necessity consumers usually do not want to spend a lot of time or money buying</p> Signup and view all the answers

    What are staples?

    <p>Products bought often, routinely and without a lot of thought</p> Signup and view all the answers

    What are impulse items?

    <p>Products the customer had not planned to buy but were at the right place at the right time</p> Signup and view all the answers

    What are emergency products?

    <p>Products especially sought out by consumers usually for emergency reasons</p> Signup and view all the answers

    What are specialty products?

    <p>Items especially sought out by consumers; less comparison shopping than other types of products</p> Signup and view all the answers

    What is mark-up?

    <p>Increase in cost</p> Signup and view all the answers

    What are channels of distribution?

    <p>Series of companies who participate in the flow of products from producer to the final customer</p> Signup and view all the answers

    Study Notes

    Marketing Concepts

    • Marketing concept emphasizes understanding and satisfying customer needs to remain competitive in the market.

    Key Definitions

    • Customer: An individual who purchases products.
    • Consumer: An individual who utilizes or consumes the product.

    Core Marketing Functions

    • Pricing: Establishing product prices to optimize profit margins.
    • Promotion: Engaging potential customers using various marketing techniques.
    • Product/Service Management: Involves developing, enhancing, and maintaining a product mix.

    Financial Aspects

    • Financing: Securing capital necessary for business operations.
    • Selling: Delivering products and services that meet consumer demands.

    Information Management

    • Marketing Information Management: Organizing market data to support informed business decisions.

    Distribution Strategies

    • Distribution: Utilizing various channels to deliver products to consumers.

    Market Focus Techniques

    • Disaggregate: Narrowing marketing efforts to areas where businesses hold a competitive edge.
    • Segmentation: Grouping consumers with similar needs into defined market segments.

    Consumer Groups

    • Market Segments: Groups of consumers who respond similarly to the marketing mix.
    • Baby Boom Generation: Individuals born from 1946-1964, notable for their interest in age-related products.
    • Generation X: Individuals born from 1965-1977, characterized as savvy consumers from dual-career families.
    • Generation Y: Individuals born from 1977-1997, raised in technology-rich environments, appealing for brand loyalty.

    Financial Metrics

    • Disposable Income: Income remaining after taxes, available for spending or saving.
    • Discretionary Income: Residuary income after basic living costs are covered.
    • Shifts in households, economies, and personal attitudes impact marketing strategies and product offerings.

    Geographic Targeting

    • Metropolitan Statistical Areas (MSAs): Government-defined regions used by marketers for targeting and promotional purposes.

    Marketing Strategies

    • Target Marketing: Targeting a specific, homogeneous consumer group.
    • Mass Marketing: A broader approach targeting diverse consumers.

    Product Types

    • Parity Products: Basic items with minimal differentiation (like light bulbs).
    • Negative Driven Products: Bought out of aversion to alternatives (e.g., bottled water).
    • Unsought Products: Items consumers are unaware they need, requiring promotional efforts for awareness.

    Product Categories

    • Convenience Products: Essential items purchased with little effort.
    • Staples: Frequently bought items without extensive consideration.
    • Impulse Items: Unplanned purchases made due to strategic placement in stores.
    • Emergency Products: Items needed urgently with little time for comparison shopping.
    • Specialty Products: Sought-after products with limited comparison shopping.

    Economic Considerations

    • Mark-up: The increase in cost from production to retail.
    • Channels of Distribution: Networks facilitating the movement of products from producers to consumers.

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    Test your knowledge with these flashcards covering key marketing concepts. Each card includes important terms and definitions that are crucial for understanding the marketing field. Perfect for entrepreneurs, students, or anyone interested in learning about marketing basics.

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