Marketing - Ch 1 - Marketing Is All Around Us

Services that enhance life and make people feel better

Commercial environment where trade happens

Goods that are made, manufactured or grown

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

Marketing activities can increase demand, which can...

Determining which products you will make/sell

Selling to the end user

›Communication with the consumer

Determining how much customers are willing to pay.

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

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

Includes all businesses that buy products for use in their operations

Moving and storing goods is a basic function of

Process of deciding how to get goods to customers

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

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

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

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

Taking your suit to the dry cleaners is an example of

›The process of classifying customers by needs and wants.

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

›Placing a product so customers can buy it

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

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

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

Consists of consumers who purchase goods and services for personal use

Special features or ingredients increase

Is seen as a piece of the pie

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

Information utility includes

›Combines customer information with customer service

A good that you can touch.

Who sells ideas?

Example of marketplace

Grocery store food is an example of

The 4P's are known as the

Also known as channel management

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

More competitors can often mean

›Gathering information about customers, trends, and competing products

›Selling to wholesalers, retailers, or manufacturers

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

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

The parts that make up marketing.

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

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

Studying ›customer habits and attitudes

›Provides customers with goods and services they want

Services that you cannot touch

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

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

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

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

Enhancing a company's image is part of