1.01
What is the role of marketing?
What is to connect producers to customers
What is the general purpose of the marketing functions?
The purpose of the marketing functions is to satisfy customer needs and wants.
In the progression of business planning, these are the specific, day-to-day actions used to carry out a broader strategy.
What are tactics?
While a "market" refers to a large, diverse group of people, this term describes the specific, narrowed-down group of customers that a business focuses its efforts on because they are most likely to buy.
What is a target market?
This refers to the activities, institutions, and processes involved in creating, communicating, delivering, and exchanging valuable offerings for customers, clients, partners, and society.
What is Marketing?
What are the seven marketing functions?
Market planning, Product and service management, marketing information management, pricing, channel management, promotion, and selling.
When managing the "Price" element of the marketing mix, marketers must successfully balance these two competing factors to avoid having no sales or no profit.
What are customer needs and company profit?
This marketing strategy involves using a single plan to reach the largest number of people possible. While it is cost-effective, its main disadvantage is that it fails to address specific customer needs.
What is mass marketing?
Marketing is "all around us" and occurs in these three specific types of locations
What are wherever customers are present, in all kinds of businesses, and in everyday places?
While each of the seven marketing functions has a specific role, they must do this because they are interrelated and rely on one another to be successful.
What is work together?
New competition, changes in the economy, or a shift in customer preferences are all reasons why a business might need to do this to their marketing plan.
What is change a strategy?
When marketers divide a market based on "Psychographics," they are looking at these internal customer characteristics, such as interests, values, and attitudes.
What are lifestyles?
A student group is designing campaign posters for the student council and pricing items for a charity garage sale. According to the "Nature of Marketing" text, these students are actively involved in this role.
What is being involved in marketing?
A company has a great product and a perfect price, but they are struggling to get the items from the warehouse into the hands of the consumers. To fix this, the company needs to improve this specific function.
What is Channel Management?
A company has decided on a "Goal" to become the #1 snack brand for teenagers. They develop a "Strategy" to use social media influencers to reach that audience. Hiring a specific influencer to post a video next Tuesday is an example of this.
What is a tactic?
A company selling heavy-duty snow coats decides to focus its advertisements only on residents of Alaska and Vermont. This is an example of the company using this specific type of segmentation.
What is geographic segmentation?
A new company is currently "finding out about customers" by asking "who are they?" and "what do they need?" while their finance team determines "financial feasibility." These actions represent two of the core tasks within this broad category.
What are Marketing Activities?
A retail associate spends time talking to a customer to understand their specific needs and then suggests a product that provides a solution. This interaction demonstrates how this function benefits both the business and the customer.
What is Selling?
A luxury watchmaker decides to change their "Product" to include diamonds and gold. Because the marketing mix elements affect each other, the company will likely also have to significantly increase this specific element to maintain their profit margins.
What is Price?
A luxury car brand analyzes its customer base and finds that its typical buyer is a male, aged 45–60, with an annual income over $150,000. By focusing on these specific traits, the brand is utilizing this method of segmentation.
What is demographic segmentation?