Business Functions
Business function that creates or obtains products and services
What is production?
The public promotion of something, such as a product, service, business, or event, to attract or increase interest in it.
What is Advertising?
This is the action or activity of gathering information about consumers' needs and preferences.
Goods and services (creating offerings)
What is product?
What is a group of customers who share common wants and needs?
Business function that maintains daily activities and resources of the businesses
What is Operation?
The Marketing Concept
What is using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotions of a product or service?
A strategic planning technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition or project planning.
What is SWOT Analysis?
Communication to consumers about a product
What is promotion?
Business function that develops, implements, and evaluates business plans
What is management?
4 Types of Media
What are Newspapers, Magazines, TV, Direct-Mail, Radio, Billboards, Transit, Jingles, Online (Banners, pop-ups, etc.) and Mobile (Emails and Text Messages)
Target Market
What is a specific group of consumers at which a company aims its products and services.
The process of distributing a good or service?
What is place?
These four components make up SWOT Analysis
What are strengths, weaknesses, opportunities and threats?
Business function that manages income and expenses and maintains financial records
What is accounting and finances?
The process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers based on some type of shared characteristics.
What is market segmentation?
What is Product, Price, Place and Promotion?
Price
What is the monetary amount charged for a product?
3 Goals of Marketing Concept
Identify needs of customers.
Develop and market products / services.
Operate a business profitably.
Business function that processes, creates, promotes and presents a product or service to meet the wants and needs of consumers
What is marketing?
Three factors used to identify a target market.
Age, gender, where you live, marital status, employment, occupation, hobby
What are surveys, observations, focus groups and experiments?