Marketing (Chapters 1 & 2)

the process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers
marketing
tangible items that have monetary value and satisfy your needs and wants such as cars, toys, furniture, tv, clothing, and candy
goods
intangible items that have monetary value and satisfy your needs and wants are
services
understand business’s responsibility to know, avide by, and enforce laws and regulations that affect business operations and transactions
business law
understand the concepts, strategies, and systems used to foster positive, ongoing relationships with customers
customer relations
understand the economic principles and concepts fundamental to business operations
economics
understand techniques, strategies, and systems used to foster self understanding, and enhance relationships with others
emotional intelligence
understand the concepts, processes, and skills associated with identifying new ideas, oppurtunities, and methods and with creating or starting a new project or venture
entrepreneurship
understand tools, strategies, and systems used to maintain, monitor, control, and plan the use of financial resources
financial analysis
understand the tools techniques and systems that businesses use to plan staff lead and organize human resources
human resource management
understand tools strategies and systems needed to access process maintain evaluate and disseminate info to assist business decision-making
information management
understand the tools techniques and systems that businesses use to create exchanges and satisfy organizational objectives
marketing
understand the processes and systems implemented to monitor, plan, and control the day to day activities required for continued business functioning
operations
understand concepts tools and strategies used to explore obtain and evelop in a business career
professional development
understand tools techniques and systems that affect a business’s ability to olan control and organize an organization and or department
strategic managment
distribution; the process of deciding how to get goods into customer’s hands (truck, rail, ship, air)
channel management
understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience
market planning
gathering good info on customers, trends, and competing products
marketing info management
how much to charge for goods and services in order to make a profit
pricing
obtaining, developing, maintaing, and improvising a product or a product mix in response to market opportunities
product/ service management
effort to inform, persuade, or remind potential customers about a business’es products or servcies
promotion
providing goods or services that customers want
selling
the idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the firm
marketing concept
the functions of marketing add value to a product. this added value in economic terms is called….
utility
What are the utilities?
form, place, time, possession, and information
all people who share similar needs and wants and who have the ability to purchase a given product are called a _____
market
What are the two type of markets
industrial, consumer
this consists of consumers who purchase goods and services for personal use
consumer market
business-to-business market includes all businesses that buy products for use in their operations
industrial market
a company’s percentage of the total sales volume generated by all companies that compete in a given market
market share
classyfying customers by needs and wants
market segmentation
What is the goal of market segmentation?
to identify the group of people most likely to become a customer
the group that is identified for a specific marketing program is
the target market
to create a clear picture of their target market, a business creates a ….. this lists information about the target market, such as age, income level, ethnic background, occupation, attitudes ,lifestyle, etc.
customer profile
includes the four basic marketing strategies called the four ps
marketing mix
what are the four Ps
product, place, price, promotion
the acronym for strengths, weaknesses, opportunities, and threats
SWOT analysis
an analysis of outside influences that may have an impact on an organization (political, economic, socio-cultural, technological)
environmental scan
a formal, written document that directs a company’s activities for a specific period of time
marketing plan
a brief overview of the entire marketing plan
executive summary
the study of the internal and external factors that affect marketing strategies
situation analysis
identifies target markets and sets marketing mix choices that focus on those markets
marketing strategy
the projection of probable, future sales in units or dollars
sales forecasts
an expectation for performance that reflects the plans objectives
performance standard
the process of classifying people who for ma given market into even smaller groups
market segmentation
refer to statistics that describe a population in terms of personal characterisics such as age, gender, income, marital stattus, ethnicitiy
demographics
the money left after taking out taxes
disposable income
the money left after paying for basic living necessitites
discretionary income
segmentaion of the market based on where people live
geographics
involves grouping people with similar lifestyles, as well as shared attitdues values and opinons
psychographics
involves using a single marketing strategy to reach all customers
mass marketing