Marketing Definition 1

Marketing
communicating the value of a product, service or brand to customers or consumers for the purpose of promoting or selling that product, service, or brand.
Product Management
Obtaining, developing, and improving a product
Marketing Information Management
Getting the information needed (Research)
Financing
Financing
Getting the money needed
Promotion
Inform, persuade, or remind them about your product
Pricing
determining how much to charge
Distribution
Delivering products to the buyers
Personal Selling
Direct interaction between the customer and the sales person
ANPOCS
the process of communicating to the customer how the product will benefit them
Approach
Approach
greeting, service,merchandise, ice breaker to the customer
Needs
rational, emotional, patronage
Product
Product
the initial item you are selling
Features
physical characteristic of what the product offers
Benefits
How the product make you feel personally
Objections
Legit reason someone wont buy
Excuses
why someone doesnt want to buy
Objections Analysis Sheet
most common objections
5 buying decisions (objections)
Need, product, source, price, time
4 step method
Listen, Acknowledge, restate, Answer
Substitution
offer a different product
Boomerang
Boomerang
use objection as a selling point
Question
Question
used to figure out there objection
Superior Point
objection is valid
Denial
objection is false
Demonstrate
Show them how is works
Third party method
bring in a previous customer to the convorsation
closing the sale
closing the sale
thanking them for supporting you and their time
Marketing Mix
Marketing Mix
the four P’s
the 4ps
Product, Place, Promotion, Price
price
price
the retail price
Place
Place
where your product will be sold
markets
markets
a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities
Market share
the portion of a market controlled by a particular company or product
Industrial Market
Marketing goods and service from one buisness to another
consumer Market
is defined as creating and selling products, goods and services to individual buyers
Marketing segmentation
Divide a broad target market into sub target market
Geographics
Geographics
Based on location
Pyschographics
Based on likes
Demographics
Based on race, age, gender
Behavioral Characterisctics
Based on spending habits
Target Marketing
Target Marketing
Selling to a specific group of people
Customer Profile
Report based on your “average” customer
Consumer
Consumer
Who uses the product
Customer
Customer
Who buys the product
Promo mix
one of the 4 p’s
Direct Marketing
Selling to one person specificly
Sales Promotion
Promoting your sells
Advertising
the activity or profession of producing advertisements for commercial products or services
Public Relations
the relationship between a company and the public
Publicity
attention being drawn to you company good or bad
AIDA
Attention, Intrest, Desire, Action
Product Promotion
The act of promoting a product
Institutional Promotion
Promoting a institution
Push Policy
Pushing your product onto someone to buy it
Pull Policy
Advertising Campaign
campaign to advertise your product
Advertising Agency
people who specialize in print ads
Logo
Logo
symbol the make people know its your company
Headline
Headline
Words that grab the attention on a print ad
Copy
Copy
the information part of an ad
Illustration
Illustration
the picture on your ad
Clip Art
Clip Art
Picture program to ad small clips of picture onto word
Signature
Signature
your company “trade mark”
Slogan
Slogan
catchy saying the people will associate with your company
Ad Layout
the base drawing of a print ad and where everything goes
Advertising Proof
Parts of an AD
Copy, Headline, Illustration, logo, slogan, Signature