Concepts in Marketing, Sales, and Customer Contact - D077

Concepts in Marketing, Sales, and Customer Contact - D077 Leave the first rating Students also studied Terms in this set (227) Social SciencesBusinessMarketing Save Managing in a Global Business Envir...186 terms marlio4Preview D077 - Module 6 - Market Segment...33 terms BRENDA-JEAN_RICE Preview WGU C723 Quantitative Analysis For...54 terms mwell51Preview Project 154 term del MarketingBuisness function that identifies, satisfies, and retains customers through a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for the customer Difference between marketing and sales?Sales incorporates actually selling the company's products or service to its customer, while marketing is the process of communicating the value of a product or service to customers so that the product or service sells.GoodA tangible product used to satisfy human wants serviceAn intangible product that involves a deed, a performance, or an effort that cannot be physically possessed Customer satisfactionHow products or services delivered by a company meet or exceed customer expectations.Effective marketingalso needs to retain customers by creating new opportunities to win customer loyalty and business marketing conceptBusniess philosophy holding that a company's goals can best be achieved by identifiying and satisfing the target customer's needs and wants.

Marketing concept strategy(1) Focusing on the needs and wants of customers so the organization can distinguish its product(s) from competitors' offering. Products can be goods, services, or ides (2) Integrating all of the organization's activites, including production and promotion, to satisfy these wants and needs. (3) Achieving long- term goals for the organization by satisfying customer wants and needs legally and responsibly.marketing mixThe controllable elements in the marketing enviroment, made up of the product, price, promotion and place; also know as the 4Ps of marketing product life cyclePhases of a products, from introduction to growth, matuation and decline IntroductoryLow sales - Little or no profit - Often little to no competion GrowthIncreasing sales - Rapidly increasing profit - Market has accepted the product and competitors begin to enter the market MaturitySales are high - High then declining profits - High level of competition, may be difficult for original company to compete DeclineDecline sales - Decline profits - Competitive pressure remains high and demand falls product mixThe complete range of products offered for sale by a company throughout its product lines, also known as the product assortment. Marketers can expand the current product mix by increasing product width (the number of different product lines, or series of products a company offers) or by increasing product depth (adding to the sub-products or version in a product line).Product linesSeries of similar products on a sector that a company creates under a single brand Product depthNumber of versions offered for each product in the product line brandThe unique identity and associations of a company, often captured in a design, sign, symbol, or words that identify a product and differentiate it from competitors brand loyaltyThe faithfulness of customer's to a particular company and its products price skimmingIntentionally pricing a new product offering high with the intention of lowering it over time as competition grows, particularly in the case of a unique offering with little or no competition at the outset.Price Skimming AdvantagesFirst, a high initial price can be a way to find out what buyers are willing to pay.Second, if consumers find the introductory price too high, it can be lowered.Third, a high introductory price can create an image of quality and prestige.Fourth, when the price is lowered later, consumers may think they are getting a bargain. The disadvantage is that high prices attract competition.Penetration pricingintentionally pricing a product lower than the market price to gain market share in a new market

market shareA company's percentage of the total sales in a particular market Penetration pricing advantagesFirst, the low initial price may induce consumers to switch brands or companies.For example, Gallo has lured customers away from Taylor California Cellars and Inglenook by using penetration pricing on its jug wines. Second, penetration pricing may discourage competitors from entering the market. Their costs would tend to be higher, so they would need to sell more at the same price to break even.leader pricingPricing products below market price to attract customers to a store where they would not otherwise stop bundlingGrouping related products together and pricing them as a single product prestige pricingRaising the price of a product to increase the perception of its value competitive pricing strategySetting the price for a product or service relative to competitors. That could mean pricing the product higher than competitive products, to indicate that the company believes it provides greater value. Or, it could mean pricing lower than competitive products in order to be a low-price solution.promotionElement of the marketing mix involving methods for informing and influencing customers to buy a product, including traditional advertising, sales promotion, public relations, personal selling, and digital marketing. Promotion includes several different components - traditional advertising, sales promotion, public relations, personal selling, social media, and digital marketing social mediaWebsites and applications where users can create, share, and communicate with others in social networks digital marketingAll of a company's marketing efforts that use an electronic device or the internet advertisingpaid form of nonpersonal promotion personal sellinga type of selling that uses person to person interaction to sell products and services Sales promotionMarketing activities (other than personal selling, traditional advertising, public relations, social media, and e-commerce) that stimulate consumer buying, including coupons and samples, displays, shows and exhibitions, demonstrations, and other types of selling efforts.8 Sales promotion is a direct incentive for the customer to purchase the product immediately. It must adhere to strict laws and regulations.

public relationsThe linking of organizational goals with key aspects of the public interest and the development of programs designed to earn public understanding and acceptance. Public relations can include lobbying, publicity, special events, internal publications, and media such as a company's internal television channel.Public-relations efforts are the least "controllable" of all the tools of promotion, and a great deal of effort and relationship-building is required to develop the ongoing goodwill and networking that is needed to enhance the image of a company.influencer marketingUsing paid brand advocates who have large social followings with a target audience to promote a product or brand on social media E-CommerceBuying and selling of goods and services over the internet using websites and/or mobile applications Content MarketingPromotion through the creation and sharing of messages and materials designed to stimulate interest in a product. A subset of digital marketing, content marketing involves the creation and sharing of online material (such as social media posts) designed to create interest in a product, service, or idea without directly promoting the brand.Guerilla MarketingInnovative, unconventional promotional tactics that engage customers through unique experiences. Marketing communication that is generally experiential and often involves unconventional, innovative, and usually low-cost marketing tactics to engage consumers in the marketing activity, generate attention, and achieve maximum exposure for an organization, its products, and services.Integrated Marketing CommunicationsImmersive and targeted communication with customers to help move them through the various stages of the buying process. IMC involves carefully coordinating all promotional activities - Traditional advertising (including direct marketing), sales promotion, personal selling, public relations, social media and e- commerce, packaging, and other marketing elements - to produce a consistent, unified, customer-focused message omnichannel communicationsUnified and consistent communications with customers across all channels a company employs. Includes channels such as physical locations, e-commerce, mobile applications and social media.placeElement of the marketing mix involved with getting the product from the

producer to the customer. Place includes a myriad of important task:

transportation, location, supply chain management (managing each entity that deals with the product in its route to the buyer), online presence, inventory, and atmospherics (how the office, store, or even the website looks) Distributionis efficiently managing the acquisition of raw materials by the factory and the movement of products from the producer or manufacturer to business-to- business (B2B) users and consumers. Marketing communication that is generally experiential and often involves unconventional, innovative, and usually low-cost marketing tactics to engage consumers in the marketing activity, generate attention, and achieve maximum exposure for an organization, its products, and services.