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Chapter 1
marketing is all around us
| Term | Definition |
|---|---|
| marketing | the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings, that have value for customers, clients, partners, and society at large |
| marketing involves the process of _______, _______, _______, _______, and _______ ideas, goods, or services to create exchanges that satisfy customers | planning, pricing, promoting, selling, distributing |
| goods | tangible items that have monetary value and satisfy you needs (car, furniture) |
| services | intangible items that have monetary value and satisfy your needs (hair or nail appointment) |
| channel management (distribution) | the process of deciding how to get goods into customers hands, with the goal of finding the best way based on his or her purchasing methods |
| marketing information management | gathering, storing, and analyzing good information about customers, trends, and competing products to create a marketing plan for their products |
| market planning | involves understanding the concepts and strategies like determining informational needs, designing data-collection processes, collecting, analyzing, and presenting data to create a marketing plan for a select audience |
| pricing | pricing decisions dictate how much to change for goods and services based on costs and what competitors charge for the product, in order to make profit |
| product/service management | obtaining, developing, maintaining, and improving a product mix in response to market opportunities; guides product/service management towards consumer needs and wants |
| promotion/advertising (core function) | the effort to inform, persuade, or remind current and potential customers about a businesses products or services, used to improve a companies public image |
| selling | provides customers with the goods and services they want. selling technique's and activities include determining clients wants and needs and responding through planned, personalizaed communication |
| the marketing concept | the idea that a business should strive to satisfy customers' needs and wants while generating a profit for the customer |
| customer relationship management (crm) | an aspect of marketing that combines customer information with customer service and marketing communications -companies are able to understand their customers' purchasing patterns and demographics |
| new and improved products | products made to keep customers satisfied and interested as competition generates |
| lower prices | when demand is high, manufacturers can produce products in large quantities, which reduces the unit cost of each product |
| economic utility | the value the function of marketing adds, the attributes of goods or services that make them capable of satisfying consumers' wants and needs |
| form | changing raw materials into usable goods or putting parts together to make them more useful - from one thing to another |
| place (economic utility) | having a product where customers can buy it, determining convenient and efficient locations - direct shippngs |
| time | having a product or service available at a certain time of the year, or convenient time of the day - drive-thru |
| possession | the exchange of a product for money, accepting alternatives such as cash, personal checks, or debit cards - layaway plans |
| information | communication with the consumer - owner's manual |
| market | all 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, to improve profit |
| market segmentation | breaking down the market into similar groups with similar characteristics to sell their products to different consumers |
| consumer | the ones who ask for and consume the product |
| customer | the ones who approve of and buy the product |
| customer profiles | lists information about the target market, such as age, gender, income level, marital status, ethnic background, geographic residence, attitudes, lifestyle, and behavior |
| marketing mix | includes four basic marketing strategies called the four p's--product, place, price, and promotion--and using them to communicate with and reach their intended target market |
| product | decisions begin with a copious amount of research like what to do with products they currently sell, new products to make and sell, along with their features, brand name, packaging, service, and warranty, which are all part of the development process |
| price | what's exchanged for the product, reflects what customers are willing/able to pay. pricing decisions consider competitor prices for comparable products. includes arriving at the list or retail price, discounts, allowances, credit terms, and payment period |
| place (marketing mix) | the means of getting the product into the customer's hands and knowing where one's customer shops helps make the place decision. place strategies determine how and where a product will be distributed |
| promotion (marketing mix) | refers to activities related to advertising, personal selling, sales promotion, and publicity. promotional strategies deal with how marketers tell potential customers about a company's products - social media |
| target market | the group of people that is identified as likely customers for a specific marketing program |
Created by:
jaynahiwen
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