7 Functions
The process of setting a price by taking into account how much money needs to be made to finance the business as well as factors related to customer needs and expectations
What is pricing?
Product, Price, Place, Promotion
What are the 4 P's of marketing?
Attitudes, interests, preferences, fears
What are examples of psychographics?
Past research which has already been preformed and often already published
What is secondary research?
document which outlines a business's marketing problems and how they will be addressed and solved
What is a marketing plan?
Directly communicating with customers to determine and satisfy their wants and needs
What is selling?
A funny Doritos commercial
What is an example of a promotion?
Division of the mass market based on shared characteristics
What is market segmentation?
Focus groups, interviews, observation
What are examples of qualitative research?
Statements describing the overall approach to how goals and objectives will be achieved
What are strategies?
Obtaining the funds needed to operate the business
What is financing?
Owen chose not to buy the jeans because they were too expensive
What is an example of a failure of price?
Age, gender, income level
What are examples of demographics?
Organized effort to gather and interpret information about a market
What is market research?
Specific, measurable, short-term expectations
What are objectives?
Communicating the value of the business’s products and services to customers to create and increase demand for and purchase of the products and services
What is promotion?
Payton saw an ad on TV and decided to go out and buy a new Honda
What is an example of a successful promotion?
Specific group for which a business' products, services, and marketing efforts are intended
What is a target market?
Research done firsthand, for the first time
What is primary research?
Broad, long-term expectations for future achievements
What are goals?
The design, development and maintenance of the products and services which meet the wants and needs of customers
What is product and service management?
Mrs. J was right by a Starbucks, so she decided to stop in and get a chai
What is an example of an effective business location or place?
Demographic, geographic, psychographic, behavioral
What are the methods of market segmentation?
Surveys, questionnaires, experiments
What are examples of quantitative research?
Specific actions which advance the strategy and achieve an end result
What are tactics?