Chapter 01 Marketing Essentials

Understanding concepts used to develop & target specific marketing strategies to a select audience.

To inform, persuade, and remind potential customers about a company or a product.

The group of people most likely to buy a product, identified for a specific marketing program.

The idea that a business should strive to satisfy customers’ needs & wants while generating profit.

Group of people with similar wants and needs who are willing and able to buy product.

A list of information about the target market, such as age, gender, income, etc.

Providing customers with products they need and want.

Things you can’t physically touch. Ex. movies, haircut.

Added value to a product that makes it more satisfying to consumers.

What are the four components (4 Ps) of the marketing mix?

Process of developing, pricing, promoting & distributing products to satisfy customer needs/wants.

Getting the information to make sound business decisions. Ex. surveys

Consists of those who purchase products for personal use.

Business to business market, businesses that buy products for use in their operations.

Percentage of sales of a company compared to other companies selling similar products.

Accepting cash, checks and credit cards.

Opening a store in Tumon instead of Mt. Lamlam.

Putting labels on the product, sales clerks should have knowledge of the products.

Having products available 24 hours a day to make it convenient for customers.

Obtaining, developing, maintaining and improving products.

Things you can physically touch. Ex. soda, car

Deciding how much to charge for goods & services in order to make a profit.

Changing a piece of wood into a pencil.