Marketing Basics
The process of planning, pricing, promoting, selling, and distributing products to satisfy customers needs and wants.
What is Marketing
Two marketing benefits of marketing.
What are lower prices and improved products and services?
Added value in economic terms.
What is utility?
Charging for goods and services to make a profit.
What is Pricing?
Include 4 basic marketing strategies known as the 4P's.
What is the Marketing Mix?
Tangible items of monetary value that satisfy needs and wants.
What are goods?
When this is high, products can be produced in larger quantities.
What is demand?
Having a product or service available at a convenient time of day or certain time of year.
What is time utility?
Obtaining, developing, maintaining, and improving a product or a service.
What is product/service management?
A company must decide how to sell and publicize a product.
What is Promotion?
Automotive repair, legal counseling, dry cleaning
What are services?
A list about the target market (age, gender, income level, etc.)
What is Customer Profile?
Changing raw material into usable goods or putting parts together to make them more usable.
What is form utility.
Getting goods to customers.
What is Channel Management?
A company must choose what products to sell update and improve.
What is Product?
The customer is always right.
What is the Marketing Concept?
A group of people identified as those who will likely become customers.
What is Target Market?
Communicating with customers about goods and services.
What is information utility.
Researching customers, trends, and competitors.
What is Information Management?
A company must decide what it must charge for a product.
What is Price?
Aspect of marketing that combines customer service with customer information and marketing information.
What is customer relationship managment.
A company's percentage of total sales volume generated by all competition in a given market.
What is Market Share.
The exchange of product for money.
What is possession utility.
Acquiring money to set up and run a business.
What is Market Planning?
A company must decide where to sell and distribute a product.
What is Place?