Marketing
is the process of planning, pricing, promoting, selling and distrubuting ideas, goods or services.
Goods
are tangible items that have monetary value and satisfy your needs and wants
Services
Intangible items that have monetary value and satisfy your needs and wants
Seven Marketing Core Functions
Channel Marketing, Market planning, Marketing Information management, Pricing/ Product Service Management, Promotion, Selling
Channel Management
distribution; the process of deciding how to get goods into a customer's hands.
Market Planning
understanding concepts & strategies to develop & target specific marketing strategies to specific people
Marketing Information Management
making informed decisions requires good research and development. company's conduct market research to learn more about their market
Pricing
process of determining what a company will receive in exchange for its products
Product Management
developing maintaining and improving a product in response to market oppurtunities
Selling
providing customers with the goods & services they want
Promotion
any form of communication used to inform, persuade, or remind potential customers about business products or services
Marketing Concept
A business approach that directs all marketing efforts towards satisfying customer's wants and needs.
Customer Relationship Management
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Utility
are the attributes of a product or service that make it capable of satisfying costumers wants and needs
Form Utility
changing raw materials or putting parts together to make them more useful it deals with making or producing things
Place Utility
having the product in the place the customer wants it to be.
Time Utility
Having the product available at a certain time of the year or a convenient time of day.
Possesion Utility
the exchange of a product for some monetary value
Information Utility
the value added by communicating with the consumer. ex. displays, labels, owner's manuals etc
Market
all potential customers who share common needs and wants and who have the ability and willingness to buy the product
Consumer Market
All the individual or households that want goods and services for personal consumption or use
Industrial Market
businesses that buy products to use in their operations; also called the business-to-business market (this can be abbreviated as b-to-b or b2b).
Market Share
A company's product sales as a percentage of total sales for that industry
Target Market
group of people that have similar wants and needs and can be expected to show interest in the same products
Customer Profile
businesses create a customer profile to develop a clear picture of their target market