Production & Operations
The creation of products and services - turns inputs into outputs
Production
The customer's feeling that a product has met their expectations
Customer Satisfaction
The process of separating, identifying, and evaluating the layers of a market
Market Segmentation
A series of marketing intermediaries that products pass through on their way from producers to consumers
Distribution Channel
Face-to-face sales presentation to a prospective customer
Personal Selling
Doing the right thing, the right way, every time
Quality
The 4 P's of Marketing
1. Product
2. Price
3. Place
4. Promotion
The process of planning, collecting, and analyzing data on potential customers
Market Research
Organizations that assist in moving goods and services from producers to consumers
Marketing Intermediaries
Beginning of the sales process, when a salesperson is looking for sales prospects
Prospecting
The 3 Stages of Production Management
1. Production Planning
2. Production Control
3. Improving Production and Operations
A set of unique features a company has that makes it's products significant or superior to the competition
Competitive Advantage
1. Survey Research
2. Observation Research
3. Experimentation
5 Types of Marketing Intermediaries
1. Agents
2. Brokers
3. Industrial Distributors
4. Wholesalers
5. Retailers
What's the difference between rapid skimming and slow skimming?
High price w/ lots of advertising vs high price w/ low advertising
The 3 Types of Production Processes
1. Mass Production
2. Mass Customization
3. Customization
The specific group of customers toward which a business directs it's marketing
Target Market
The 6 Steps of Creating a new Product
1. Set new-product goals
2. Develop new-product ideas
3. Screen ideas and concepts
4. Develop the concept
5. Test-market the new product
6. Introduce the product
6 "Promotional Tools" used by companies to promote a product
1. Traditional Advertising
2. Personal Selling
3. Sales Promotion
4. Public Relations
5. Social Media
6. E-Commerce
4 Stages of the Product Lifecycle
1. Introduction
2. Growth
3. Maturity
4. Decline
The 3 Main Types of Facility Layouts
1. Process Layout
2. Product Layout
3. Fixed Position Layout
4 Types of Competitive Advantagae
1. Cost
2. Product Differentiation
3. Service Differentiation
4. Niche
The 5 types of market segmentation
1. Demographic Segmentation
2. Geographic Segmentation
3. Benefit Segmentation
4. Volume Segmentation
5. Business Market Segmentation
The 7 Goals of Promotion
1. Creating Awareness
2. Getting consumers to try products
3. Providing Information
4. Keeping loyal customers
5. Increasing the amount and frequency of use
6. Identifying target customers
7. Teaching the customer
6 Steps of the Selling Process
1. Prospecting and Qualifying
2. Approaching Customers
3. Presenting and demonstrating product
4. Handling Objections
5. Closing the sale
6. Following up on sale