Marketing Note Cards

marketing
the process of developing promoting and distributing products to ssatisfy customers needs and wants.
services
you are not able to physically touch but can see
goods
thangs that you are able to touch
products
is goods and services
7 functons of markting
activites that work together to get goods and services from the producer to the consumer.
distribution
deciding where and whom products need to be sold to reach the final user.
financing
getting the money needed to opperate a business
pricing
how much to change to maximize profits.
promotion
communting with potential coustomer to inform purswade and remind them about a business products.
selling
planned personlized communction that influences purchase desions
marketing information managment
getting information to make sound desions usally obtained through marketing research.
product service managment
obuting developing mainting and improving a prduct or a product mix in response to market opportunities.
The Four Basic Foundations of Marketing
1. Business Management, Entrepreneurship.
2. Communication and Interpersonal Skills.
3. Economics.
4. Professional Development.
The Marketing Concept
Businesses must satisfy customers’ needs and wants in order to make a profit.
Utility
added value
Form Utility
Changing raw materials or putting parts together to make them more useful – making and producing things. Function of Production not Marketing.
Place Utility
Having a product where customers can buy it.
Time Utility
Having a product available at a certain time of the year or a convenient time of day.
Possession Utility
The exchange of a product for some monetary value.
Information Utility
The exchange of a product for some monetary value.
Market
All potential customers who have the ability and willingness to buy.
Consumer Markets
Consists of consumers who purchase goods and services for personal use.
Industrial Markets
Business to Business markets include all businesses that buy products for use in their operations.
Market Share
A company’s percentage of the total sales volume generated by all companies that compete in a given market.
Target Marketing
Focusing all decisions on a very specific group of people who you want to reach.
Customer Profile
Lists information about the target market, such as age, income level, occupation, attitudes, lifestyle, and geographic residence.
Consumers
People who actually use the product.
Customers
People who buy the product.
Marketing Mix
Basic marketing strategies – the four P’s. The elements are interconnected. Contains countless alternatives. Management must select a combination of marketing mix decisions that will satisfy target markets and achieve organizational goals.
Product Strategies
What product to make. How to package it. What brand name to use. What image to project.
Place Strategies
How and where a product will be distributed
Price Strategies
Reflect what customers are willing and able to pay.
Promotion Stategies
How potential customers will be told about the new product. What the message will be. When and where it will be delivered. What inducements are there to buy.
Exchange
Takes place everytime something is sold in the marketplace.