EOPA Marketing Pathway Review

marketing
process of developing, promoting, pricing, and distributing goods and services to customers in order to satisfy customer needs and wants
What is the most important thing in the marketing concept?
Satisfy Customers
Financing
Obtaining the money needed to start and operate a business is a marketing function
When Apple decides to improve features of the IPOD by developing a newer, more up-to-date version, they have conducted the marketing function known as
Product/Service Management
Six Flags Amusement Park wants to start offering more games in the game area that will attract more teenagers. While at the park, you are asked to complete a questionnaire about games you would like them to offer. This is an example of which function?
market research
You were just hired at PetSmart to be a cashier. Your job includes running the cash register and assisting customers with their needs. Which function is this an example of?
selling
The marketing function of ______________ is used when Mayfield Milk decides how many trucks to use to transport its products in a timely manner to reduce product spoilage
distribution
Annie has decided to mark up the cost of the newest bathing suit line she just ordered for her boutique by 50%. This is an example of the __________ marketing function
Pricing
When Lois, a small business owner, decides to become a sponsor in his local community’s annual Cancer Walk in order to create publicity for his company, he is making decisions in relation to the _________ marketing function
promotion
The process of planning, improving, and/or adding to a firm’s product line.
Product/Service Management
Decisions surrounding the transportation and storage of goods from producer to consumer.
Distribution
Finance
Decisions about how to find the money to invest in the business and helping customers to find ways to purchase the product.
Marketing Information Systems/Market Research
Collecting and analyzing information in order to make decisions about a product/service.
Pricing
Deciding the amount to charge customers for products/services based on demand, completion, and the costs of raw materials.
Informing, reminding or persuading customers about a product, the company or a social cause that is important to the company.
Promotion
Personally communicating with the customer in order to help them purchase a product.
Selling
Retailer
intermediary obtains goods in order to sell them directly to consumers
Agent
intermediary brings buyers and sellers together but does not take ownership of the actual product
Wholesaler
intermediary obtains goods to sell to industrial users
Land, Labor, Capital and Entrepreneurship
The resources, or factors of production
Supply is the quantity of goods and services that
Producers are willing and able to manufacture

Supply = Sellers

Demand is the quantity of goods and services that
Consumers are willing and able to purchase
In an economy, individuals, businesses and the government have a variety of choices on which to spend their money. Once the choice is made, the alternative choices given up are considered
Trade Offs
The type of economic system that makes the decisions which affect the jobs and living conditions of people living
command
The type of economic system that promotes private business ownership among business owners drives prices
market
Economy that is based on agricultural products
traditional
Economic system that both the government and individuals own factors of production (like the USA)
mixed
Honda recently opened a plant in a town in hopes of building their vehicles cheaper. When Honda began interviewing potential employees, they found there were few educated and trained employees in the area. The limited number of potential employees compared to Honda’s need for trained and educated employees is considered to be the economic problem of _________.
Scarcity
Economic Classification for consumer products: Convienence goods
Packaging may be plain, advertising is minimal, prices are usually stable, and products are sold at a variety of locations.

Products purchased without much planning because they are purchased frequently.

ex: Milk, eggs

Economic classification for consumer products: Shopping
Advertising budgets are high, prices are set at a price that consumers will agree the product is valuable yet good quality; product will come in a variety of colors, styles, etc, and can be bought at a variety of stores.

Shopping Products purchased less frequently and whereby research is invested into the process. Consumer looks at both price and quality.

EX: shoes, clothing, make up

economic classification for consumer products: Specialty
High amount of money is spent on advertising, prices are generally higher to indicate quality, focus is on brand recognition, products sold at specialty stores

Products that consumers will go out of their way to purchase because of the unique characteristics or brand loyalty. Focus is on quality.

Ex: Laptops, cameras, high end make up, TV