Marketing
Definition of marketing
Performance of business activities that direct the flow of goods and services from producer to consumer or user
What is the Marketing Mix
The 4 P's
What is interest?
The monetary charge for borrowing money: The reward for saving and the cost of borrowing
Paid as a percentage
Associated with credit cards, mortgages, car loans, private loans, saving accounts, or penalty assessments
Opportunity Cost
The value that was lost when choosing one option over another
Brand Promise
A company’s commitment that it makes to its customers.
The 4 P's
What is Product, Price, Promotion, Place
Demographics are
Age, education, income, family size, gender, marital status
Business Cycle
(Economic Cycle Graph)
Depression
Recovery
Recession
Prosperity
What does CRM stand for?
Customer Relationship Management
Mission Statement
who we are and what we value (to employees and customers)
What is product cannibalization?
When a company introduces a new product that ends up performing better than the previous product, taking away the sales of the first product. The company ends up competing with itself.
Geographics are
Rural/urban, climate, weather, community
The 4 economic systems
Command
Market
Traditional
Mixed
Situational Analysis
What is SWOT & PEST
SWOT (Strengths, weaknesses, opportunities, threats)
PEST - political, economic, social, technological
You might see PESTEL
E=environmental
L=legal (which we talk about with P/Political)
Vision Statement
Futuristic look of the company. Targeted towards employees and investors
What is target market?
People who buy your product
People who have enough money to purchase
They actually want to use the product
Psychographics are
Activities, interests, opinions, personality
When discussing Supply and Demand, the equilibrium is...
Supply and demand are in balance
What is a CRM and what does it do?
Database collected on a computer that collects information about your customers
Any information about you i.e. signing up for discount, rewards program
Tracks what you buy and other interactions to show you relevant ads, coupons, etc.
What is brand image?
What a customer thinks of your brand with interactions, products, and services. More than just a logo.
7 Functions of Marketing
Pricing
Product and Service Management
Distribution
Marketing Information Management
Financial
Promotion
Selling
Social Media target market for the following generations
Gen X
Millennials
Gen Z
Gen Alpha
Gen X to Gen Z
Gen X - Facebook
Millennials - Instagram
Gen Z - TikTok
Gen Alpha - TikTok
Gen X to Gen Z - Pinterest
What is the break even point?
Determined when the market price of something equals the original cost of it
Fixed Costs/(Sales price per unit - Variable costs per unit)
Can help finding missing expenses, limiting emotion-based decisions. establishing goals, securing funding, and setting appropriate prices for assets
Define Legal vs Ethical
following the law vs. doing what is right or wrong (generally referred to as morals)
What is a lean canvas business plan?
A 1-page version of a business plan. Not as in-depth as a traditional business plan, but covers all the major ideas/info.