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Marketing Chapter 1
Marketing Chapter 1 Review
| Term | Definition |
|---|---|
| Market | all people who share similar needs and wants and who have the ability to purchase a given product |
| Marketing concept | the idea that a business should strive to satisfy customers' needs and wants while generating a profit for the business |
| Marketing | process of planning, pricing, promoting, selling, and distributing ideas, goods or service |
| Goods | tangible items |
| Services | intangible items. Example: salons & barbershops |
| Customer relationship management | combines customer information with customer service and marketing communications (databases) |
| Economic benefits of marketing | new and improved products, lower prices |
| Utility | added value of a product |
| Form utility | changing raw materials into useable goods |
| Place utility | having a product where customers can buy it |
| Time utility | having a product or service available at a certain time of year or a convenient time of day |
| Possession utility | the exchange of a product for money |
| Information utility | communication with the customer |
| Consumer market | people who purchase goods and services for personal use |
| Organizational market | buy products for use in their operations |
| Market share | percentage of total sales volume generated by all companies that compete in a given market |
| Market segmentation | breaking down a market into small groups with similar characteristics |
| Target markets | group of people most like to become customers |
| Marketing mix | The 4 p's: product, price, place, promotion |
| Product | choosing what products to make and sell |
| Price | what is exchanged for the product |
| Place | the means of getting the product into the customers hands |
| Promotion | activities related to advertising, personal selling, sales promotion, and publicity |
| form utility | involves making products |
| possession utility | this economic utility increases when a place of business begins accepting Apple pay |
| Marketing information management (7 functions) | Gathers, stores, and analyzes customer trends, and competition. Example: Lee's Chicken asking me to fill out a survey on their food and service |
| Promotion ((7 functions of Marketing) | Informing, persuading, or reminding potential customers about a good or service is called |
| possession utility | layaway or installment plans |
| information utility | salespeople/employee advice about a product |
| Time utility | Target has a school section as the end of summer |
| Pricing (7 functions of marketing) | Deciding how much to charge for goods and services |
| Selling (7 functions of marketing) | Providing customers with goods and services they want |
| Channel Management (7 functions of marketing) | Deciding how goods get into customers hands |
| Product/service management (7 functions of marketing) | Obtaining, developing, or improving a product |
| Market share | percentage of total sales generated by competing companies |
Created by:
jeichholz
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