marketing
process of planning, pricing, promoting, selling, and distributing ideas, goods, and services to create exchanges that satify customers
everytime something is sold an exchange takes place.
everytime something is sold an exchange takes place.
7 marketing core functions
channal management/distribution, market planning, market information management/research, pricing, product/service management, promotion, selling
channal management/ distribution
getting goods to consumers, ex. trains, trucks
market planning
understanding concepts and strategies to develop a target marketing strategy to a specific market
market information management/research
researching customers, trends, and competitors
pricing
charging for goods and services to make a profit
product/service management
obtaining, developing, maintaining, and improving a prodcut or service
promotion
imforming, persuading, and reminding customers about a product or service
selling
providing customers with goods/services
marketing concept
idea that a business should strive to satify customers' needs and wants while striving to make a profit
utility
added value to product
5 utilities
form, place, time, possession, information
**form
**putting parts together to make a product
place
offering a product where consumers can buy it, ex. gas station
time
offering a product at a convenent time of day or year, ex. open 24 hours
possession
allowing customers to take legal ownership without paying yet, ex. credit cards
information
communicating information about a product, ex. labels and advertising
market
people who share similar needs and wants and are capable of buying products
consumer markets
wants products/services for personal use, ex. makes life easier
industrial markets
business-to-business
market share
company's percentage of total sales
target market
group of people indentified as those most likely to become customers
customer profile
information about target market, ex. age, income level, and ethnic backround
marketing mix 4P's (four basic marketing decisons)
Product, Price, Place, Promotion