Marketing - Ch 1 - Marketing Is All Around Us

Special features or ingredients increase

Taking your suit to the dry cleaners is an example of

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

Services that enhance life and make people feel better

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

Who sells ideas?

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

Services that you cannot touch

Includes all businesses that buy products for use in their operations

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

›Combines customer information with customer service

Is seen as a piece of the pie

Studying ›customer habits and attitudes

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

The 4P's are known as the

Grocery store food is an example of

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

Example of marketplace

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

Determining which products you will make/sell

Selling to the end user

Moving and storing goods is a basic function of

›The process of classifying customers by needs and wants.

Enhancing a company's image is part of

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

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

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

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

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

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

›Placing a product so customers can buy it

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

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

More competitors can often mean

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

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

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

Consists of consumers who purchase goods and services for personal use

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

›Selling to wholesalers, retailers, or manufacturers

Information utility includes

Determining how much customers are willing to pay.

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

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

Also known as channel management

Goods that are made, manufactured or grown

A good that you can touch.

Process of deciding how to get goods to customers

The parts that make up marketing.

›Communication with the consumer

›Provides customers with goods and services they want

Marketing activities can increase demand, which can...

›Gathering information about customers, trends, and competing products

Commercial environment where trade happens