Chapter 1 (Marketing All Around Us)

marketing

The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives

goods

tangible products that we use to satisfy our wants and needs

services

intangible activities that are performed by other people for money; productive acts that satisfy economic wants.

marketing concept

states that businesses must satisfy customers' needs and wants in order to make a profit

utility

attributes of a product or service that make it capable of satisfying consumer's wants and needs

market

A group of buyers and sellers of a particular good or service

consumer market

all the individuals 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

a specific group of consumers that have similar wants and needs

customer profile

Information about the target market, such as age, gender, income level, marital status, ethnic background, geographic residence, attitudes, lifestyle, and behavior

marketing mix

Product, Price, Place, Promotion

channel management

Processes by which marketers ensure that products are distributed to customers efficiently and effectively. A marketing function that involves identifying, selecting, monitoring, and evaluating sales channels

market planning

involves designing activities relating to marketing objectives and changing market environment.

marketing information management

A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions.

pricing

A marketing function that involves the determining and adjusting of prices to maximize return and meet customers' perceptions of value.

product/service management

A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.

promotion

A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve a desired outcome. Marketing element referring to the various types of communications that marketers use to inform, persuade, or remind customers

selling

.A marketing function that provides customers with the goods and services they want

place utility

adding value to products by having them where people want them.

form utility

the value producers add to materials in the creation of finished goods and services

time utility

having a product available at a certain time of year or a convenient time of day

possession utility

utility created by transferring title (or ownership) of a product to a buyer

information utility

the value added by communicating with the consumer. ex. displays, labels, owner's manuals etc

consumer

A person who uses goods and services, such as children who eat a particular cereal product

customer

someone who pays for goods or services, such as parents who buy a particular cereal for their child

market segmentation

The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups