The Basics
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Occurs every time a product or service is developed and sold
Setting and communicating the value of products and services
A specific group of consumers who have similar wants and needs
Reasons to purchase based on feelings, beliefs, and attitudes
What are Emotional buying motives?
DAILY DOUBLE
Advertising agencies, marketing research firms, transportation companies, shipping and delivery companies, financial services companies
Communicating directly with potential customers to determine and satisfy their needs
Determining the best ways for customers to locate, obtain, and use the products and services of an organization
The blend of four marketing elements
Persons, companies, and organizations that buy products for the operation of a business, for incorporation into other products and services, or for resale to their customers
Storing products in warehouses and distribution centers and moving the products to the places where they will be sold or used.
Communicating information about products and services to potential customers
Budgeting for marketing activities, obtaining the necessary funds needed for operations
What is Financial analysis?
A company’s plan that identifies how it will use marketing to achieve its goals
What is a marketing strategy?
Persons who buy products and services mostly for their own use
Who are final consumers?
Advertisements for goods and services,brand names on the packages of foods, product descriptions on a company’s website
Obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities.
What is marketing-information management?
Designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs.
What is Product and service management?
Product, distribution, price, and promotion
What are Rational buying motives?
Product and service management, distribution, selling, marketing information management, financial analysis, pricing, and promotion.
Advertising and other promotional methods are used to encourage consumers to buy
Providing financial assistance to customers so they can purchase the business’s products and services.
What is financial analysis?
Considers the needs of customers when developing a marketing mix
What is a marketing orientation?
The specific sequence of steps consumers follow to make a purchase
What is the consumer decision-making process?