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MarketingVocats2.02

QuestionAnswer
Product/Service Management, Pricing, Marketing Information Management, Selling, Promotion, and Distribution Functions of Marketing
Designing, producing, maintaining, improving, and obtaining products to meet customer’s wants and needs Product and Service Management
Determining a value to charge for products Pricing
Gathering information (such as customer buying habits, prices customers are willing to pay for products, or test marketing potential new products), analyzing information, and utilizing information for use in making marketing decisions. Marketing Information Management
Determining and responding to customer’s needs and wants through personalized communication. It is intended to influence purchase decisions and increase customer satisfaction. Selling
Communication used to inform, persuade, or remind customers about a business’s products. The most common form is advertising. Promotion
Transporting, storing, and handling goods from the manufacturer to the consumer. Distribution
Marketing Mix A combination of decisions a business makes in order to best reach its target market. Known as the four Ps (product, price, place, promotion).
Product, Price, Place, Promotion The 4Ps
Businesses must decide what will be offered to customers. Product
amount a business charges customers for a product Price
Having the product available at the right time and location. Also known as distribution Place
Informing and reminding customers of the products available to them and persuading them to purchase Promotion
Created by: melinda.fornes on 2011-01-09



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