Chapter 1.1 Marketing and the Marketing Concept

Selling
Provides customers with goods and service they want
Promotion
Communicating with potential customers to inform, persuade, or remind them about business’s products
Product/Service Management
Is obtaining, developing, maintaing, and improving a product or a product mix in response to market opportunities
Pricing
Decisions dictate how much to charge for goods and services in order to maximize profits.
Market Planning
Is the process of developing and implementing a plan to identify, anticipate and satisfy consumer demand, in such a way as to make profit.
Market Information Management
Getting the necessary information to make sound business decisions.
Channel Management (Distribution)
involves deciding where and to whom products need to be sold in order to reach the final users.