Econ test

Marketing

Activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society

Products

Things sold in companies

Good

Tangible (physically can touch) items that have monetary value and satisfy your needs and wants

Service

Intangible (cannot physically touch) items that have monetary value and satisfy your needs and wants

Exchange

Every time someone sells and buys something

Functions of marketing

Distribution, marketing information management, marketing planning, pricing, product service management, promotion, selling

Distribution

Process of deciding how to get good into customers hands

Marketing information management

Rely on good information about customers, trends and competing products

Market planning

Using specific strategies to select audience

Pricing

Dictate how much to charge for goods and services to make profits

Product service management

Obtaining developing maintaining and improving a product from opportunities

Promotion

Effort to inform persuade or remind customers about products and services

Selling

Provide customers with goods and services they want

Customer relationship marketing

An aspect of marketing that combines customer information with customer service and marketing communications and allows companies to serve their customers as efficiently as possible and optimizes revenue

Types of utilities

Form, place, time, possession, information

Form utility

Changing raw materials into usable goods

Place utility

Involves having a product where customers could buy it

Time utility

Having a product or service available at a certain time of year or day

Possession utility

The exchange of products for money

Information utility

Communication with the customer

Market

People who share similar needs and wants and have the ability to purchase a given product

Consumer market

Consumers who purchase goods and services for personal use

Organizational market

All businesses that buy products for use in their operations

Market share

Percentage of the total sales volume generated by all companies that compete in a given market

Target market

Groups that's identified for a specific marketing program

Difference between consumer and customer

Consumer is people who will be asking for something and customer is people who need to approve of it

4P's of the marketing mix

Product, price, place, promotion

1. Product

Choosing what products to make and sell

2. Price

What's exchanged for the product

3. Place

Getting the product into the customers hands

4. Promotion

Advertising or promoting of products

Benefits of marketing

Creation of new and improved products, lower prices, added value

Difference between organizational market and consumer market

Consumer market benefits someone's personal needs and organizational market benefits a businesses needs

Which areas of scale and knowledge are part of the study of marketing

Calculus and statistics

What does good marketing planning require

Collecting and analyzing data

What is the main purpose of the selling process

Influence of purchasing decision

What is likely to lower the unit cost of producing a product

Increased demand for product

What is most often is the main goal of a retail business to which you are selling your product

Increasing Profit

What is a target market

Group of people identified by using market research