Market
All people or organizations who share similar needs and wants and are capable of buying your products. The larger group before it is segmented.
Marketing
Consists of the actions a business takes to identify, create, and maintain satisfying relationships with customers resulting in value for the customer and profit for the business.
Marketing Concept
Focuses on satisfying the needs and wants of customers, at the same time making a profit for the company.
Marketing Mix
Comprises four basic marketing strategies collectively known as the four P's of marketing: product, price, place, and promotion
Product
Decisions of what to sell or offer that will satisfy the needs and wants of customers. Also includes features, brand name, packaging, service, and warranty.
Promotion
Any form of communication used to inform, persuade, or remind customers about your product or service.
Pricing Function
Includes finding out what the demand is for your product, as a product is only worth as much as someone will pay for it. Take in to consideration these things: overhead costs, the worth or value, the competition, and your profit.
Product/Service Management
Businesses manage their products by changing them to fit current trends, increasing quality, evaluating market conditions, and developing new products or services.
Distribution/Channel Management
Involves how to get the product into the consumers hands. Transportation and shipping is a decision here.
Financing Function
Refers to how your business will obtain the money it needs to start operations and stay operable and how a customer will pay for the goods or services that you are selling.
Marketing-Information Management
Conducting surveys or gathering information that would help you make decisions about where to locate a retail outlet, when to release a new game, or other trends in the marketplace.
Selling Function
Consists of providing a way to give your customer what he/she wants. Involves determining client needs and wants and responding with planned communication.
Consumer Markets
Consumers who purchase goods and services for personal use - all of us!
Industrial Markets
Business to business market. Businesses that buy products to use in their operations.
Demographics
Statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education, and occupation.
Geographics
Segmentation of the market based on where people live.
Mass Marketing
Involves using a single marketing strategy to reach all customers.
Niche Marketing
Marketing targeted to extremely specific markets.
Marketing Ideas
Marketing campaigns for this include Going Green, Reduce Reuse Recycle, Don't Text and Drive.
Services
Intangible items that have monetary value and satisfy your needs and wants. Examples are tasks such cooking, cutting hair, dry cleaners.
Competition
Businesses that provide a good or service that is SIMILAR to another business.
Psychographics
This determines HOW you will spend your money and time. Things you are passionate about. Activities such as hobbies, eating healthy, trend setters, open lifestyles, etc.
Otaku
Obsessive interests.
Behavioral/Benefits Desired
Involves looking at the benefits customers want from the product, shopping patterns, how often a product is used, brand loyalty, etc.
Goods
Tangible items that have monetary value and satisfy your needs and wants. Example: cars, toys, cellphone.
Form Utility
Changing raw materials or putting parts together to make them more useful, deals with making or producing products.
Place Utility
Adding value to products by having them where people want them such as convenient and efficient locations. Catalogs and the Internet are examples.
Time Utility
Adding value to products by making them available when they're needed.
Possession Utility
Providing ways for customers to conveniently purchase a product or offering alternative ways to pay such as lay away, credit cards, installment plans, etc.
Information Utility
Adding value by communicating with the consumer. Salespeople do this by explaining the features and benefits of a product. Packaging and labeling and advertising can all provide this utility.