Important Marketing Concepts

Added when it becomes easier for a customer to acquire a product ex: loan

Means every person in the business has a goal of satisfying their customers

The degree to which customers are pleased with a company's goods or services

Function of Business: the part of business that focuses on the customer

The relationship between two or more people who join to create a business; liability depends

Considered a legal entity and is, in the eyes of the law, a person; limited liability

SMART goals:

Process of communicating with potential customers in an effort to influence buying behavior.

Added when products are available at convenient places. ex: ATMs

Marketing Function: Handles activities involved in setting acceptable prices for products.

Function of business: the process of controlling and making decisions about a business

Approach to business that focuses on satisfying customers to achieve profit goals.

Added when products are made available at the times customers need them. ex: 24 hour stores

MFunc: Refers to the nonpersonal communications with customers designed to influence purchasing

A business owned by one person; full liability

Consists of customers who buy products for use in a business.

Marketing Function: Determines which products a business should offer to meet customer needs

Added when a business changes the form of something to make it more useful ex:wood to furniture

Marketing Function: Handles activities involved in getting products through different routes

The money a business has left after all expenses and costs of running the business are paid.

Marketing Function: Responsible for all personal communications with customers

The amount of money requested or exchanged for a product.

Marketing Function: Creating an actionable marketing plan designed to achieve business goals.

Function of Business: the activities involving money in the business

Marketing Function: Gathering and analyzing information about markets, customers, trends, etc.

Added when marketing provides information about a product to a customer. ex:website, directions

Consists of customers who buy products for their own use.

The activities involved in getting a product or service to the end users.

Function of business: activities related to making a product

Anything that can be bought or sold.