Intro to Marketing MIDTERM REVIEW

Marketing
The process of planning, pricing, promoting, selling, and distributing ideas, good, or services to create exchanges that satisfy customers
Goods
Tangible items that have monetary value and satisfy your needs and wants
Services
Intangible items that have monetary value and satisfy your needs and wants
Marketing Concept
The idea that a business should strive to satisfy customers needs and wants while generating a profit for the firm. The focus is on the customer.
Distribution
7 FUNCTIONS OF MARKETING
The process of deciding how to get goods in your customers’ hands
Financing
7 FUNCTIONS OF MARKETING
Getting the necessary money to set up and run a business
Marketing Information Management
7 FUNCTIONS OF MARKETING
Gathering information about customers, trends, and competing products and storing it and analyzing it
Pricing
7 FUNCTIONS OF MARKETING
Charging enough for a product to make a profit. Price is what is exchanged for the product. Strategies should reflect what customers are willing and able to pay.
Product/Service Management
7 FUNCTIONS OF MARKETING
Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities
Promotion
7 FUNCTIONS OF MARKETING
The effort to inform, persuade, or remind potential customers about a business’ products or services
Selling
7 FUNCTIONS OF MARKETING
Provides customers with the goods and services they want
New and improved products, Lower prices, and Added value
The three economic benefits of marketing (____, ______, and ______)
Competition
Creates better products and lower prices; generated by marketing
Utility
An attribute of a product or service that makes it capable of satisfying consumers’ wants and needs
Form
TYPE OF UTILITY
Putting parts together to make a product consumers want
Place
TYPE OF UTILITY
Offering a product where consumers can buy it
Time
TYPE OF UTILITY
Offer a product at a convenient time of day or year for consumers
Possession
TYPE OF UTILITY
Allowing customers to take legal ownership of a product
Information
TYPE OF UTILITY
Communicating information about a product (e.g. through labeling, advertising, or an owner’s manual)
Market
People who share similar needs and wants and are capable of buying products
Consumer Market
All customers who purchase goods and services for personal use
Industrial Market
Businesses that buy products to use in their operations; also called the business-to-business market (B2B)
Market Share
Percentage of total sales volume generated by all competition in a given market
Target Market
A group of people identified as those most likely to become customers
Consumer
Person using the product
Customer
Person buying the product
Customer Profile
The age, income level, ethnic background, occupation, attitude, lifestyle, and geographic residence of the customer
Communication
The process of exchanging messages between a sender and a receiver
Channels (Media)
The avenues through which messages are delivered
Feedback
A receiver’s response to a message
Setting
The circumstance under which communication takes place
Jargon
Specialized vocabulary used by members of a particular group
Barriers
Obstacles that interfere with the understanding of a message
Distractions
TYPE OF BARRIER
Things that compete with the message for the listener’s attention
Emotional
TYPE OF BARRIER
Biases against the sender’s opinions that prevent a listener from understanding
Planning a response
TYPE OF BARRIER
Receiver of a message stops listening and begins to think about what to say next
Inform, persuade, entertain
Three purposes of speeches (_______, ________, __________)
Enumeration
Listing items in order
Generalization
Statement that is accepted as true by most people
Lifestyle
The kind of life a person lives. Influenced by where you live, type of housing, cultural environment, mode of transportation, relationships, and career choice
Values
Beliefs that guide the way we live
Aptitude
An ability or natural talent; the potential to learn a certain skill
Occupational Outlook Handbook (OOH)
A publication that descrives what workers do on the job, working conditions, the training and education needed, earnings, and expected job prospects in a wide range of occupations.
O*Net (Occupational Information Network)
An online database that includes information on skills, abilities, knowledge, work activities, and interests associated with occupations
Internship
Direct work experience and exposure to various aspects of a career, with or without pay
Planning goals
The small steps you take to get from where you are now to where you want to be
Specific goal
A goal stated in exact terms
Realistic Goal
A goal that a person has a reasonable chance of achieving
Occupational Area
A category of jobs that involve similar interests and skills
Black
What color ink should you use if you handwrite a job application?
N/A
What should you write if a question on a job application does not apply to you?
Product, Price, Place, Promotion, People
The marketing mix
Product
5 P’S
Good, service, or idea a business will offer its customers.
Price
5 P’S
Determination of the amount of money that will be asked in exchange of products.
Place
5 P’S
Selected product at the right place at the right time.
Promotion
5 P’S
The various types of communications that marketers use to inform, persuade, or remind customers of their products
People
5 P’S
Anyone that is willing and able to purchase your good or service
Resume
A summary or short account of a person’s career and qualifications. Usually prepared by someone who is applying for a job.
one inch
Margin size for a resume
Times New Roman 12 pt.
Font face and size of type on a resume
Wedding (or Engagement)
The only ring you should keep on for your job interview
10 minutes
Minimum time you must arrive before scheduled time
Ask appropriate questions
This is key to ending your interview.
Go for DECA Gold!
VA DECA 2011-’12 theme
Blue and Gold
DECA colors
Distribution Education Clubs of America
DECA stands for __________ although it is now obsolete (Good to know but not necessary)
Can’t get along with other
#1 reason people get fired?
Soft skills
Skills not easily taught or learned.
60-80%
Amount of communication coming from body language
Body language
The gestures, posture, mannerisms, and eye contact through which a person communicates thoughts to others