Marketing Basics
What is Marketing?
Making or producing the correct good or service to add value to consumers' everyday life.
What are goods?
Material items that you can physically touch.
What is purchasing?
Obtaining goods and services for use in the operation of a business or for resale.
What is promotion?
Communicating information about products, services, images, or ideas to influence customer purchase behavior.
What is utility?
In marketing and economics, this term is defined as the usefulness or added value of a product.
What is an exchange?
This takes place every time something is sold in the marketplace.
Question:
What are services?
A series of tasks performed for a customer rather than a tangible item.
What is pricing?
Determining the exchange price where both buyer and seller perceive optimum value.
What is distribution?
The physical movement or transfer of ownership of a good or service from producer to consumer.
What is form utility?
Added usefulness achieved through making or producing things (e.g., turning wheat into flour or bread).
What is the exchange process?
Marketing provides the means for this key commercial process between businesses and customers.
What are products?
Together, tangible items and intangible tasks are broadly referred to in marketing as these.
What is product planning?
The process of creating a product in response to market opportunities.
What is marketing information management?
A business conducting customer surveys to collect feedback is engaging in this function.
What is place utility?
Increasing a product's usefulness because of where it is sold or located.
What are understanding business, learning interpersonal skills, and perfecting communication skills?
) are that marketing delivers value to customers by educating them to make better choices, and marketing offers career opportunities because it acts as the vital interface between producers and consumers. A third reason often included is that marketing benefits society.
What are services?
Getting a hair cut, auto repair, or tax guidance are all examples of this product classification.
marketing decisions.
Gathering, recording, analyzing, and disseminating information to aid in making
What is promotion?
Running TV commercials, online ads, and social media promotions falls under this marketing function.
What is time utility?
Making a product available at convenient hours or key seasons, like Christmas or Valentine's Day.
What are businesses and customers?
The primary overall purpose of marketing is to connect these two parties.
What are goods?
Laptops, sneakers, and groceries are examples of this product classification.
What is marketing information management?
Determining the need for and availability of financial resources to support marketing
What is distribution?
Shipping goods from a factory in California to a retail store in Georgia involves this function.
: What is possession utility?
A store offering credit cards, layaway, or accepting checks enhances this type of utility by aiding customer ownership.