Marketing - Ch 1 - Marketing Is All Around Us

›When someone buys or sells something in exchange for something else

Goods that are made, manufactured or grown

Determining how much customers are willing to pay.

Having product available at a certain time of year or a convenient time of day.

Enhancing a company's image is part of

Special features or ingredients increase

People who share similar needs/wants and have the ability to purchase a product are called a

›Gathering information about customers, trends, and competing products

Determining where your customers shop, how much to stock & how to get the product to the shelf

›Combines customer information with customer service

›The process of classifying customers by needs and wants.

Determining which products you will make/sell

›Items that will make life easier, save people money, improve appearance or create status

Moving and storing goods is a basic function of

Includes all businesses that buy products for use in their operations

Selling to the end user

The 4P's are known as the

›Inform, persuade, or remind potential customers about your product/service

Consists of consumers who purchase goods and services for personal use

Information utility includes

Changes raw materials or puts parts together to make them more useful.

The idea that a business should strive to satisfy customers’ needs/wants while making a profit

The group of potential customers that is identified as the most likely people to buy a product.

Also known as channel management

›Obtaining, developing, maintaining, and improving a product because of market opportunities

›Who is your audience? and how will you reach them? are questions you would ask...

Process of deciding how to get goods to customers

›Provides customers with goods and services they want

›Used to identify the group of people most likely to become customers.

›Activities related to advertising, personal selling, sales promotion and publicity

Taking your suit to the dry cleaners is an example of

Grocery store food is an example of

More competitors can often mean

How will a customer come into possession/pay for an item?

›Placing a product so customers can buy it

Process of planning, pricing, promoting, selling ideas, goods, or services to satisfy customers

›Understanding concepts and strategies used to target specific strategies to a select audience

The attribute of a product/service making it capable of satisfying a customers’ wants and needs

A good that you can touch.

›Items that improve profit & productivity, increase sales or decrease expenses

Example of marketplace

Marketing activities can increase demand, which can...

Who sells ideas?

Is seen as a piece of the pie

Information about the target market: age, income, ethnicity, occupation, attitudes, location

Services that enhance life and make people feel better

Studying ›customer habits and attitudes

›Selling to wholesalers, retailers, or manufacturers

Services that you cannot touch

A company's ›percentage of the total sales generated by all companies in a given market.

›Communication with the consumer

Commercial environment where trade happens

›Deciding how much will you charge for goods and services in order to make a profit

The parts that make up marketing.