Marketing - Ch 1 - Marketing Is All Around Us

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

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

Grocery store food is an example of

Is seen as a piece of the pie

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

Who sells ideas?

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

Consists of consumers who purchase goods and services for personal use

Studying ›customer habits and attitudes

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

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

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

Information utility includes

Commercial environment where trade happens

More competitors can often mean

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

›The process of classifying customers by needs and wants.

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

›Provides customers with goods and services they want

Services that enhance life and make people feel better

Goods that are made, manufactured or grown

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

Services that you cannot touch

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

Process of deciding how to get goods to customers

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

The parts that make up marketing.

The 4P's are known as the

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

›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

Moving and storing goods is a basic function of

A good that you can touch.

Includes all businesses that buy products for use in their operations

›Gathering information about customers, trends, and competing products

Marketing activities can increase demand, which can...

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

›Placing a product so customers can buy it

Taking your suit to the dry cleaners is an example of

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

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

›Combines customer information with customer service

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

Determining how much customers are willing to pay.

›Communication with the consumer

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

Enhancing a company's image is part of

Example of marketplace

Special features or ingredients increase

Determining which products you will make/sell

Selling to the end user

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

Also known as channel management

›Selling to wholesalers, retailers, or manufacturers