Marketing Techniques: Chapter 13 Business and Consumer Persuasion

Podcast Beta

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which marketing concept emphasizes determining the wants and needs of buyers and providing goods and services to meet or exceed their expectations?

Customer relationship management

Hierarchical approach

Marketing concept (correct)

Stakeholder relationship

What is the primary goal of customer relationship management?

To reduce production costs

To learn as much as possible about customers (correct)

To increase sales revenue

To improve supply chain management

What are the four major components of a firm's marketing mix?

Marketing, finance, production, and human resources

Product, price, place, and promotion (correct)

Management, marketing, finance, and operations

Sales, production, marketing, and finance

What is a product in marketing terms?

A physical good or service that satisfies a want or need Signup and view all the answers

What is the primary purpose of branding?

To differentiate products from competitors Signup and view all the answers

What is promotion in marketing terms?

All the techniques sellers use to persuade consumers to buy their goods and services Signup and view all the answers

What is market research?

The process of collecting and analyzing data to make marketing decisions Signup and view all the answers

What is the comprehensive definition of marketing?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large Signup and view all the answers

What is the first step in the marketing research process?

Define the problem and determine the present situation Signup and view all the answers

Which marketing era is characterized by the philosophy of producing as much as possible due to a perceived limitless market?

Production era Signup and view all the answers

What era followed the development of mass-production assembly lines?

Selling era Signup and view all the answers

What is primary data?

Data collected through surveys, interviews, or mail questionnaires Signup and view all the answers

What is a focus group?

A small group of people who discuss their opinions about an organization or its products Signup and view all the answers

During which era did the business philosophy shift from production to advertising and selling?

Selling era Signup and view all the answers

What marked the beginning of the marketing concept era?

The significant increase in consumer demand following World War II Signup and view all the answers

What are the three elements of the marketing concept?

Customer orientation, service orientation, and profit orientation Signup and view all the answers

What is the process of gathering information about the external environment to identify opportunities and threats?

Environmental scanning Signup and view all the answers

What is the most important technological change likely to affect the marketing success of many firms?

Growth of consumer databases Signup and view all the answers

Who are people with unsatisfied wants and needs who have both the ability and the willingness to buy?

A market Signup and view all the answers

What are the two major types of markets?

Consumer market and the B2B market Signup and view all the answers

What type of market consists of individuals and organizations that want goods and services in order to produce goods and services or to sell, rent, or supply those goods to others?

B2B market Signup and view all the answers

What determines whether a product is classified as a consumer product or an industrial product?

The end use of the product Signup and view all the answers

What is the process of dividing the total market into several groups with similar characteristics?

Market segmentation Signup and view all the answers

What type of marketing is the marketing of products to groups of customers a firm decides it can serve profitably?

Target marketing Signup and view all the answers

What type of segmentation divides a market into groups based on age, income, or level of education?

Demographic segmentation Signup and view all the answers

What type of marketing strategy focuses on small but profitable market segments?

Niche marketing Signup and view all the answers

Study Notes

Marketing Definition and Eras

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
The business philosophy of "produce as much as you can because there is a limitless market" is consistent with the production era.
The selling era is characterized by an emphasis on advertising and selling.
The marketing era is marked by a focus on customer satisfaction and providing goods and services that meet customer needs.
The customer relationship era involves learning as much as possible about customers to satisfy them with goods and services over time.

Marketing Concept

The marketing concept is based on three elements: customer orientation, service orientation, and profit orientation.
A firm must find out what customers want and provide it, make sure everyone in the organization has customer satisfaction as an objective, and provide goods and services that will earn a profit.

Customer Relationship Management (CRM)

CRM seeks to learn as much as possible about customers in order to satisfy them with goods and services over time.
A key element of CRM is to learn as much as possible about customers.

Marketing Mix

A firm's marketing mix consists of four major components: product, price, place, and promotion (4 Ps).
The marketing mix refers to the combination of strategies regarding product, price, place, and promotion.

Product

A product is any physical good, service, or idea that satisfies a want or need.
A brand name is a word, letter, or group of words or letters that differentiate the goods and services of a seller from those of competitors.

Promotion

Promotion consists of all the techniques sellers use to persuade consumers to buy their goods and services.
Advertising is a type of promotion.

Research

Market analysis involves the analysis of markets to identify opportunities and challenges.
Marketing research is the process of gathering, analyzing, and interpreting information about a particular market.

Data Collection

Primary data is gathered through surveys, interviews, or mailing out questionnaires.
Secondary data is information that has already been researched by others and is published in journals or books, or has been made available online.
Focus groups are a widely used technique for collecting primary data.

Environmental Scanning

Environmental scanning is the process of identifying factors that can affect marketing success.

Target Market

A market consists of people with unsatisfied wants and needs who have both the ability and the willingness to buy.
The two major types of markets are the consumer market and the B2B market.
The B2B market consists of individuals and organizations that want goods and services in order to produce goods and services or to sell, rent, or supply those goods to others.

Market Segmentation

Market segmentation is the process of dividing the total market into several groups with similar characteristics.
Target marketing is the marketing of products to groups of customers a firm decides it can serve profitably.
Psychographic segmentation divides a market into groups based on values, attitudes, or interests.
Demographic segmentation divides a market into groups based on age, income, or level of education.
Niche marketing is a marketing strategy that focuses on small but profitable market segments.

Marketing Strategies

Mass marketing develops products and promotions designed to please large groups of people.
Relationship marketing focuses on keeping individual customers over time by offering them new products that exactly meet their requirements.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

This quiz covers key concepts from Chapter 13 of Understanding Business, 12e, focusing on marketing principles and philosophies.

Marketing Concepts: Understanding Business Chapter 13