What is Marketing
Channel Management (Distribution)
Marketing Information Management
Market Planning
Product & Service Management
Pricing
Promotion
Selling
What are the core functions of marketing?
Wherever a good/service is sold to a customer
What is a Marketplace?
The purchaser of goods or services
What is a customer?
A conflict between the supplier and the retailer
What is vertical conflict?
Strengths and Weakness
What are the internal Factors analyzed in a SWOT analysis?
The physical development of a country,such as roads, ports, and utilities.
What is infrastructure?
Providing customers with the goods and services they want
What is Selling?
a)When products go missing
b)When consumers can’t find what they want
c)When a business fails or goes bankrupt
d)An opportunity for a business to meet customer needs
What is a gap in the Market?
Opportunity and Threats
What are the external factors anaylized in a SWOT analysis?
The currently accepted or popular style.
What is fashion?
Making goods and services available in the right quantities and locations, when customers want them
What is place?
An innovation that makes the consumer make a small change to the behavior.
What is a dynamically continuous innovation?
Communicating with potential customers to inform, persuade, or remind them about a business’s products
What is Promotion?
Percentage of the total sales in a given market or industry.
What is Market Share?
Narrowing a market to more specific segments and creating strategies to reach more precise target market.
What is Niche Marketing?
Separating products by quality and grade desired by certain markets.
What is sorting?
Deciding where and to whom products need to be sold and how to get the products to the final users
What is channel management/distribution?
Using a single marketing strategy to reach all customers.
What is mass marketing?
Describes the stages a new-product idea goes through from beginning to end.
What is product life cycle?
Company: employees, financial decisions, production capabilities, products (new or revised), prices, place and promotions
Customers: target markets, public image, customer base
Competition: advantages compared to other companies/products in the market
What are the internal factors of Marketing?
Analyzing data and creating subsets of customers in a product market
What is Market Segmentation?
production/procurement
management
Marketing
finance/accounting
What are the 4 major functions of business?
Products that are bought often, routinely, and without much thought—such as breakfast cereal, canned soup, and most other packaged foods used almost every day in almost every household.
What are staples?
The process of classifying people who form a given market into even smaller groups.
What is market segmentation?
All potential buyers (customers and consumers) who share common needs/wants and have the ability and willingness to buy.
What is a Market?
Analysis of the Political Environment, Economic Environment, Social & Cultural Environment,and Technological Environment
What is a PEST analysis/ analysis of the external factors of marketing?
Attitudes
Opinions
Interests
Activities
Personalities
Values
What are Psychographics?
The 3 General Types of Branding
What are Corporate, Product and Personal?
Items the customer sees as basically the same and wants at the lowest price.
What are homogeneous shopping products?
Consumer willingness and ability to buy products.
What is demand?
Consumer products that the customer really wants and makes a special effort to find.
What are specialty products?
The general assumption that, based on your experiences and interactions with one person or a small group, all others sharing similar traits are virtually identical in thoughts, values and behaviors.
What is stereotyping?
Industry sales grow fast—but industry profits rise and then start falling..
What is the market maturity stage?
Selling some of what the firm produces to foreign markets.
What is exporting?
Decisions about how much to charge for a good or service in order to maximize profits.
What is pricing?
The legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products.
What is product liability?