01 Intro to MARS Flashcards
What is Marketing?
Marketing is 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.
What are the important factors of a Product?
- Function: perceived usefulness.
- Appearance: design, quality, convenience…
- Range: different variations for
different needs, add-ons…
How do we know the price is right?
- Does it reflect consumer perceived value?
2. Will the organisation make a profit?
What factors should be considered to get the product to consumers?
- Where to store goods?
- Where to make goods available
to customers (retailers? online?) - How to transport goods (both to
retailer & end consumer)?
What is Advertising?
Media that persuades you to change or continue a behaviour.
What are some forms of Advertising?
- Television
- Radio
- Social network
- Newspaper
- Leaflet
- Magazine
- Billboard
- Internet
What is Retailing?
The process of selling consumer goods and/or services to customers through multiple channels of distribution to earn a profit.
What does Retailing include?
Retailing includes store location, layout, merchandising (variety & assortment), as well as subordinated services, such as delivery. Retailer can be part of a direct or indirect channel.
What are the stages of Sales?
- Formulation of sales strategy.
- Implementation of sales strategy.
- Sales force management.
What happens during the formulation of sales strategy?
Development of policies, forecasts, and sales plans.
What happens during the implementation of sales strategy?
Selecting, training, motivating, and supporting the sales force.
What happens during Sales Force Management?
Development and implementation of sales performance, monitoring, and evaluation methods.
