Seven functions
The set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing
Stages a product
moves through
from market entry
to market exit
product life cycle
The complete set of all products and services that a company offers to its customers.
product mix
An essential function for businesses to communicate information to customers or prospective customers. It encompasses many methods and activities to encourage customers to purchase products or services from the business.
promotion
Getting products and services from one end of the distribution channel (production) to the
other end (consumption)most efficient manner.
distribution or channel management
Interrelated activities that must work together to get goods and services from producers to customers
Marketing functions
prices will usually be high since there are no economies of scale
A group of related products by a manufacturer
product line
method of promotion to build a positive image for a business, advocate for change, or take a stand on issues.
institutional
uses incentives and activities to increase sales and customer demand for a product. - short term like a contest
The process of researching, analyzing, and developing strategies to effectively promote and sell a product or service to a target market.
Market Planning
Longest-lasting stage- brand names such as Coca-Cola are in this stage
maturity
The number of different product lines a company carries.
width
to persuade customers to purchase a product or service from them instead of a competitor.
product promotion
promotion that can be positive or negative
publicity
process of developing, maintaining, improving, and removing a product or service in response to market needs and customer preferences
product development
Decrease in sales
Profit erosion
decline
How many products or variations are in each line?
depth
displays that are usually found near the cash register to stimulate impulse purchases.
POP - Point of purchase
paid communication by a company
advertising
the process of selecting, monitoring, and evaluating the best ways to distribute a product or service to customers.
channel managment
high price strategy during introduction. Opposite of penetration
skimming
All of the brand elements, including the name, packaging, logo, etc.
tradmark
Personalized promotion directed to individual customers.
E-mail marketing, mail, telemarketing, flyers, etc.
direct marketing
The only form of promotion that is direct and personal
personal selling