Product
what is something that can't be touched
intangible
Amount of money requested/exchanged for a product
Price
process of communicating with potential customers in an effort to influence their buying behavior
promotion
advertising
any nonpersonal communication paid for by an identified sponsor
marketing concept
approach to business that focuses on satisfying customers as the means of achieving profit goals
What do businesses sell to satisfy customer needs?
Products
Established price listed in a catalog
list price
What does promotion include?
making people aware of a product’s price and location
direct marketing
type of advertising sent directly to individual customers without the use of a third party.
customer satisfaction
degree to which customers are pleased with a company’s goods or services
What are physical items called?
Goods
The actual price a customers pays after the deduction of coupons/discounts
selling price
Institutional promotion
Promoting the company itself, rather than specific products
visual merchandising
process of creating floor plans, displays, and fixtures to attract customer attention and encourage purchases
customer experience
relationship the customer has with a good, service, or company
What are activities performed by others?
Services
What are goals defined in business?
Pricing objectives
product promotion
Makes people aware of different, specific, products
public relations
applying communication skills that promote goodwill between a business and the public
Total Company Approach
all functions of a company working together to achieve goals
What are the 4 P's of marketing
Product, Price, Place, promotion
What is often associated with buying cars?
Msrp
message
what you are trying to convey to the consumer in a promotion
personal selling
any direct contact between a salesperson and a customer
profit
difference between income earned and expenses incurred by a business during a specific period of time