UNIT 7 - MARKETING

marketing

societal process by which individuals or groups obtain what they need and want through creating, offering, exchanging products and services of freely with others

marketplace

is physical, such as a store you shop in

market space

is digital, as when you shop on the internet

market

is condition permits buyers and sellers work together

market research

collecting, analysing and reporting data relevant to a specific market situation (such as a proposed new product) or use a questionnaire to carry out a survey

needs

the basic human requirements: air, food, water, clothing,…to survive; recreation and education

wants

needs that become …whne they are directed to specific objects that might satisfy the need

demands

are wants for specific products backed by an ability to pay

market segmentation

dividing a market into distinct group of buyers who have different requirements or buying habits

brand

a name, symbol or design (or some combination) that identify a product

trademark

a name or symbol that cannot be used by another producer

value

reflect the sum of the tangible perceived and intangible benefits and costs to customers. It is primarily a combination of quality, service and price (qsp => customer value triad)

satisfaction

reflect a person’s judgements of a product’s perceived performance in relationship to expectations. 

communication channels

deliver and receive messages from target buyers and include newspapers, magazines, radio, tv, mail, telephone, billboards, posters, fliers, CDs

distribution channels

display, sell or deliver the physical products or service to the buyer or user, including distributors, wholesalers, wholesalers, retailers and agents

service channels

carry out transactions with potential buyers, including warehouses, transportation companies, banks and insurance companies that facilitate transactions

digital marketing

a domain that involves scaling brands and products online tp bring about value addition by making use of a plethora of concepts, such as SEO, and channels such as emails, social media, …

promotion

the act of encouraging st to happen or develop activities to advertize st

marketing mix

4Ps - product, price, place, promotion

superfluous

more than needed or wanted

market opportunities

possibilities of filling unsatisfied needs in sectors in which a company can profitably produce g&s

packaging

wrappers and containers in which products are sold

points of sale

places where goods are sold to the public - shops, stores, kioshks, …

product concept

an idea for a new product, which is tested with target consumers before the actual product is developed

product feature

attributes or characteristics of a product: quality, price, reliability,…

sales representative

sb who contacts existing and potential customers and try to persuade them to buy g&s

the “selling concept“

assume that resisting consumers have to be persuaded by vigourous hard-selling techniques to buy non-essential goods or services

the “marketing concept“

assume that the producers’ task is to find wants and fill them

distinctive competency

the thing a company does particularly well

consumer market

market in which people buy products for direct consumption

the producer market/ industrial market

is actually larger than the consumer market, since it contains all the raw materials , manufactured parts and components that go into consumer goods, plus capital equipment, supplies and services

conversional marketing

is the difficult task of reversing negative demand => find out why people dislike the product, and redesign it, lower prices and use more positive promotion

stimulational marketing

is neccessary when there is no demand, which often happens with new products and services, conducted by connecting the benefits of the product with people’s needs and interests

developmental marketing

involves developing a product or service for which there is clearly a talent demand => measure the size of the potential market and develop the g&s that will satisfy it

remarketing

involves revitalizing falling demand => find new target markets, change product features, develop more effective communication

synchromarketing

involves altering the times pattern of irregular demand through flexible pricing, promotion and other incentives

maintenance marketing

is a matter of retaining a current (may be full) level of demand => keep up or improve quality and continually measure consumer satisfaction

demarketing

is the attempt (by gov rather than private businesses) to reduce overfull demand, permanently or temporarily => raise price, reduce promotion and the level of service

countermarketing

is the attempt to destroy unwholesome demand for products that are considered undesirable => increase prices, reduce availability and make people scared