What is marketing?
how many marketing functions are there?
seven
what is the target?
to attract the consumer
what is promotion?
Communication of info about goods and services, images, and or ideas
if a ticket is overpriced 25 and keeps going up what is this an example of?
making a profit
product/service management function also?
plans, directs, and controls all phases of a product’s life cycle from beginning to end.
what is market planning?
planning, creating strategies to attract customers to business
what are the 4 p's of marketing?
promotion, price, product, place
what are the 4 things promotion does?
informs, persuades, or reminds customers bout business or products
A new hot toy is in short supply and is priced high this is an example of what?
demand
what is product service management
obtaining, developing, maintaining and improving a product or service mix
what is pricing?
Determining and adjusting prices to maximize return and perceptions of value by customers.
what is sales promotion?
when a store displays, samples, contests, coupons, trade shows, etc
a restaurant may lose your business due to not having fresh items
channel management
what is marketing information management?
businesses collecting information to make good marketing decisions
what is swot?
Strength, Weakness, opportunity, and threat
How do businesses advertise?
Television, radio, newspaper, magazine, online ad, and etc.
to identify, select, monitor, and evaluate sales channels.
how does competition affect marketing?
helps decide whether they should lower or raise prices