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| includes four basic marketing strategies called the four P’s. These are tools marketing professions or businesses use in order to influence potential customers. |
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| choosing what products to make and sell |
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| what is exchanged for the product. |
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| the product into the consumer’s hands |
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| decisions about advertising, personal selling, sales promotion, and publicity. Deals with how customers will to told about the company’s products. |
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| • making decisions about how to get goods in the consumer’s hands. It includes deciding on the method of transportation, how and where products are stored, and tracking systems. |
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| Product/Service Management |
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| obtaining, developing, maintaining, and improving a product or product mix in response to market opportunities. Market research guides toward what consumers want. |
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| getting the money that is necessary to pay for setting up and running a business and to finance the operation of a business. |
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| deciding how much to charge for goods and services in order to make a profit. |
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| any form of communication used to inform, persuade, or remind people about a business’s products. It is also used to improve a firm’s public image. |
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| Marketing Information Management |
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Definition
| gathering information about customers, trends, and competing products then storing it analyzing it to collect information. |
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| providing customers with goods and services they want to buy. (Selling in a Retail Market etc…) |
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| the process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers. Note that marketing is a process. It is ongoing and it changes. |
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| A Company’s percentage of total sales volume generated by all companies that compete in a given market. |
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| Also known as the business-to-business market (b2b) Includes all business that buy products for use in their operations. |
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| - the added value to a product. The attributes of a product or service that make it capable of satisfying consumers’ wants and needs. The five economic utilities involved with all products |
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| having a product available at a certain time of year or convenient time of day. |
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| Having a product where customers can buy it. |
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| changing raw materials or putting parts together to make them more useful. It deals with making or producing things. |
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| the exchange of a product for some monetary value. |
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| Communication with the consumer. Salespeople, packaging, etc… |
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| dividing the total market into smaller groups of people who share specific needs and characteristics. |
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| lists information about the target market, such as age, income level, ethnic background, occupation, attitudes, lifestyle, and geographic residence. |
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| takes place every time something is sold in the market place. |
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| Intangible items that have monetary value and satisfy your needs and wants. Intangible means you cannot physically touch them. EX/Tasks, Fast food, hair cutting, etc… |
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| tangible items that have monetary value and satisfy your needs and wants. |
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| Researching the market for information to determine the five utilities. |
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| focusing all marketing decisions on the specific group of people you want to reach. |
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| Distribution, Product/Service Management, Financing, Pricing, Promotion, Marketing Information Management, and Selling. |
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Definition
| Seven Functions of Marketing |
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