Marketing
Process of planning pricing promoting selling distributing idea's goods or services
Goods
tangible items that have monetary value and satisfy your needs and wants
Service
Intangible items that have monetary value and satisfy your needs and wants
4 Foundations of Marketing
Business Management and Entrepreneurship, Communication and interpersonal skills, Economics, Professional development
Business Management and Entrepreneurship
Concepts that affect business decision making
Communication and interpersonal skills
Understanding concepts strategies and systems needed to interact effectively with others
Economics
Understanding the economic principle and concept that are basic to marketing
Professional Development
Understanding concepts and strategies needed for career exploration development and growth
7 Functions of Marketing
Distribution, Financing, Pricing, Marketing Info Management, Product/Service Management, Promotion, Selling
Distribution
How to get goods to customers
Financing
getting money necessary to pay for setting up and running a business
Marketing Info. Management
getting good information about customers trends and competing products (gathering analyzing etc.)
Pricing
Decisions dictate how much to charge for goods and services in order to make a profit (Price is apart of the Marketing Mix)
Product Service Management
Obtaining developing maintaining and improving a product in responding to market opportunities
Promotion
Effort to inform persuade or remind potential customers about a business's products and services (Apart of the Marketing Mix)
Selling
Provides customers with the goods and services they want
Marketing Concept
The idea that a business should strive to satisfy customers needs and wants while generating a profit for the firm
Customer Relationship Management (CRM)
Aspect of marketing that combines customer info with customer service and marketing communications using a database
Marketings Role in Society
Creates competitions which creates better quality and lower prices
Utility
Added value to a product in economic terms (helps satisfy customers need and wants (Form,Place,Time,Info, and Possession)
Form
Changing raw materials or putting parts together to make them more useful
Place
Having a product where a customer can buy it (apart of the Marketing Mix)
Time
Having a product available at a certain time of year or day
Possession
The exchange of product for money
Information
Communications with the consumer
Market
All people who share similar needs and wants and who have the ability to purchase a given product
Consumer Market
Consists of consumers who purchase goods and services for personal use
Industrial Market
Business to Business market includes all businesses to buy that product for use in their operations
Market Share
% of total sales volume generated by all companies that compete in a given market (helps them analyze competition)
Target Market
A group identified for a specific marketing program
Customer Profile
Lists info about the target market like age income level ethnic background etc.
Marketing Mix
4 Basic marketing strategies the 4 P's: Product, Place, Price, Promotion
Product
Choosing what products to make and sell
Marketing
Process of planning pricing promoting selling distributing idea's goods or services
Goods
tangible items that have monetary value and satisfy your needs and wants
Service
Intangible items that have monetary value and satisfy your needs and wants
4 Foundations of Marketing
Business Management and Entrepreneurship, Communication and interpersonal skills, Economics, Professional development
Business Management and Entrepreneurship
Concepts that affect business decision making
Communication and interpersonal skills
Understanding concepts strategies and systems needed to interact effectively with others
Economics
Understanding the economic principle and concept that are basic to marketing
Professional Development
Understanding concepts and strategies needed for career exploration development and growth
7 Functions of Marketing
Distribution, Financing, Pricing, Marketing Info Management, Product/Service Management, Promotion, Selling
Distribution
How to get goods to customers
Financing
getting money necessary to pay for setting up and running a business
Marketing Info. Management
getting good information about customers trends and competing products (gathering analyzing etc.)
Pricing
Decisions dictate how much to charge for goods and services in order to make a profit (Price is apart of the Marketing Mix)
Product Service Management
Obtaining developing maintaining and improving a product in responding to market opportunities
Promotion
Effort to inform persuade or remind potential customers about a business's products and services (Apart of the Marketing Mix)
Selling
Provides customers with the goods and services they want
Marketing Concept
The idea that a business should strive to satisfy customers needs and wants while generating a profit for the firm
Customer Relationship Management (CRM)
Aspect of marketing that combines customer info with customer service and marketing communications using a database
Marketings Role in Society
Creates competitions which creates better quality and lower prices
Utility
Added value to a product in economic terms (helps satisfy customers need and wants (Form,Place,Time,Info, and Possession)
Form
Changing raw materials or putting parts together to make them more useful
Place
Having a product where a customer can buy it (apart of the Marketing Mix)
Time
Having a product available at a certain time of year or day
Possession
The exchange of product for money
Information
Communications with the consumer
Market
All people who share similar needs and wants and who have the ability to purchase a given product
Consumer Market
Consists of consumers who purchase goods and services for personal use
Industrial Market
Business to Business market includes all businesses to buy that product for use in their operations
Market Share
% of total sales volume generated by all companies that compete in a given market (helps them analyze competition)
Target Market
A group identified for a specific marketing program
Customer Profile
Lists info about the target market like age income level ethnic background etc.
Marketing Mix
4 Basic marketing strategies the 4 P's: Product, Place, Price, Promotion
Product
Choosing what products to make and sell