Unit 1
What are the four P's of Marketing?
Product
Price
Place
Promotion
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings to customers?
Marketing
Before marketers lay out their strategies, they first find out their business's?
Destination
Group of customers who have those same needs and are in the same specific market as you are called?
Target Market
A set of procedures or strategies for attracting the target customer to a business?
Marketing plan
Who helps two people become a couple in business or products?
Matchmaker
What are interrelated activities that must work together to get goods and services from producers to Customers?
Marketing functions
Since marketers want to move forward without wasting anything they create a plan of action that they believe to be most?
Efficient
What is it called When sellers design products that will appeal to most buyes in a whole market?
Mass Marketing
The marketing plan may be included as part of the organization's overall?
Business plan
To capture their customers' attention and generate demand for their goods and services, Businesses use what?
Promotion
What is the first step of any activity in marketing?
Market planning
Marketers carefully choose short term actions or __________to carry out their marketing strategies
Tactics
when Marketers often divide the total market for their products into smaller more specific groups, this is called?
Market segmentation
The only part of the marketing plan that people may read is the Executive summary: What is on it?
(3 Things)
Mission Statement
Business Description
Marketing Strategy
What are tangible items that last a long time?
Durable goods
_________________This marketing function involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.
Product/Service management
The marketing Strategy must align with the _________ of the company?
Mission
Customers are more educated and more discerning, this has increased the impact of which type of marketing?
Segment Marketing
What is the determination of a firm's current marketing situation?
Situation alalysis
Another name for organizations, experiences/events, places, ideas, information, and people?
Services
Effective channel management is often a key to a business's success. This function helps businesses answer questions such as: (Need 4)
1. Who will offer the products?
2. Where will the products be offered?
3. Which channel members are responsible for promoting the products?
4. How well are channel members performing?
Because business situations change, marketers also remain on the lookout for obstacles they can turn into new opportunities for problem-sloving. Situations that might invite a change of plan include? (5 answers)
1. Hearing about a new product with better features.
2.Figuring out that the price is slightly high for customers.
3. Suspending a social media campaign when it doesn't play out as planned.
4. Learning of new government regulations that impact the businesses
5. Watching the economy improve or worsen
What is a disadvantage of segment marketing?
takes more resources to pull it off successfully
(Products are more complex, difficult to produce)
What is the heart of the marketing plan?
Marketing strategies and programs