Marketing Definitions

Marketing -

activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Marketing Management -

art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

Marketing Mix -

Product Price PROMOTION PLACE

Satisfaction -

reflects a person’s judgment of an offerings’ perceived performance in relationship to expectations.

In designing marketing plans,

marketing management takes other company groups into account. • Top management • Finance / Accounting • Research & Development • Purchasing • Operations

Market segment -

has been defined as «A group of customers who share a similar set of needs and wants».

Market segment -

Market segment - has been defined as «A group of customers who share a similar set of needs and wants».

Positioning -

is the act of designing a company’s offering and image to occupy a distinctive place in the minds of the target market.

A product -

is anything that can be offered to a market to satisfy a want or need.

Convenience – 2 питання

2 питання

Shopping

2 питання

Specialty

2 питання

Industrial Goods

3 питання

Design

- is a way to differentiate and position products & services.

Design -

is the totality of features that affect the way a product looks, feels, and functions to a consumer. is the totality of features that affect the way a product looks, feels, and functions to a consumer.

A product mix (also called a product assortment) -

is the set of all products and items a particular seller offers for sale.

A product system -

is a group of diverse but related items that function in a compatible manner (iphone and its headsets, cables, docks, cases, power and car accessories)

inelastic

If demand hardly changes with a small change in price, we say it is...

elastic.

If demand changes considerably, it is...

Average cost

is the cost per unit at that level of production; it equals total costs divided by production

Marketing communications

o Attempt to inform, persuade, andremindconsumers about the products and brands. o Show consumers howandwhya productis used, by whom, where, and when. o Inform customers about who made the product and what the company & brand stands for.

Personal communications channels

let two or more persons communicate face to face or through a phone, or mail/ e-mail.

Nonpersonal channels

are communications directed to more than one person and include;

Creative strategies

are the way marketers translate their messages into a specific communication

Integrated marketing communications (IMC):

A planning process designed to assure that all brand contacts received by a customer or prospect are relevant to that person and consistent over time.

Sales promotion

consists of a collection of incentive tools, mostly short term, designed to stimulate quicker or greater purchase of products or services...

Public relations (PR)

includes a variety of programs to promote or protect a company’s image or individual products.

An advertising objective(or goal)

is a specific communications task and achievement level to be accomplished with a specific audience in a specific period of time.

Marketing channels

are groups of interdependent organizations who make a product or service available for use or consumption.

Merchantssuch

as retailers, buy the goods from producer and resell these products.

Agents (brokers, producer representatives, sales agents)

do not own goods and only search for customers and negotiate on the producer’s behalf.

A push strategy

. Strategia uses the manufacturer’s sales force and trade promotions to motivate intermediaries to carry, promote, and sell the product to end users.

In a pull strategy

the manufacturer uses advertising, promotion, and other forms of communication to persuade consumers to demand the product from intermediaries.

Multichannel marketing

. Marketins using two or more marketing channels to reach customer segments in one market area.

Omnichannel marketing

is a type of multichannel marketing where all channels work together and deliver the right product information and customer service regardless of whether customers are online, in the store, or on the phone.