CAHPTER 11 - MANAGING THE MARKETING FUNCTION Flashcards
are engaged in the production of tangible or intangible goods
ENGINEER MANAGERS
is a group of activities designed to facilitate and expedite the selling of goods and serves
MARKETING
states that the engineer must try to satisfy the needs of his clients by means of set of coordinated activities
MARKETING CONCEPT
FOUR P’s OF MARKETING
- product (service)
- price
- place
- promotion
a term that includes the tangible(or intangible) item and its capacity to satisfy a specific need
PRODUCT
when improvement is not possible _____ or _____ are given to clients
EXTRAS or BONUSES
refers to “ the money or other considerations exchanged for the purchase or use of the product, idea or service.
PRICE
some companies use ______ as a competitive tool or as a means to convince the customer to buy
PRICE
a strong factor when products are similar in quality and other characteristics
PRICE
if every factor is equal, customers would prefer to buy from firms easily accessible for them. if time is of the essence, the nearest firm will be patronize
PLACE
when company cannot be near to the customers, it uses other mean to eliminate or minimize the effects of the problem. some of this means are
- hiring sales agent to cover specific areas
- selling to dealers in particular areas;
- establishing branches where customers are located
- establishing franchises in selected areas
when engineer managers have products or services to sell, they have to convince buyers to buy from them. before the buyers makes the purchasing decision, however, he must be informed, persuade, and influence. the activity referred to
PROMOTION
communicating information between seller and potential buyer to influence attitudes and behavior
PROMOTION
PROMOTIONAL TOOLS
- advertising
- publicity
- personal selling
- sales promotion
a paid message that appears in the mass media for the purpose of informing or persuading people about particular products, services, beliefs, or action
ADVERTISING
MASS MEDIA
television
radio
magazines and
newspapers
the promotional tool that publishes news or information about the product, services, or idea on behalf of sponsor but is not paid for by the sponsor
PUBLICITY
a more aggressive means of promoting the sales of a product or service
PERSONAL SELLING
it refers to the “ oral presentation in a conversation with one or more prospective purchasers for the purpose of making a sale
PERSONAL SELLING
may be useful to the marketing efforts of the engineer manager
PERSONAL SELLING
any paid attempt to communicate with the customers other than advertising, publicity, and personal selling, may be considered as_____________
SALES PROMOTION
this includes displays, contests, sweepstakes, coupons, trading stamps, prizes, samples, demonstration, referral gifts, etc.
SALES PROMOTION
STRATEGIC MARKETING FOR ENGINEERS
- selecting a target market
- developing a marketing mix
consist of individuals or organizations, or both , with the desire and ability to buy a specific product or service.
MARKET
Necessary steps in selecting a target market
- Divide the total market into groups of people who have relatively similar product or service needs
- Determine the profit potential of each segment
- Make a decision on which segment or segments will be serve by the company
a target market must have the ability to satisfy the profit objectives of the company
FACTORS USED IN SELECTING TARGET MARKET
Factors must be taken in selecting target market
- the size of the market
- the number of competitors serving the market
must be determined first if the company wants serve that particular market
total demand
must be created and maintained after the target market has been identified
MARKETING MIX
The marketing mix consist of 4 variables
product, price, promotion, place (or sistribution)
to survive, the company must continuously generate ________
INCOME
helps the engineer manager convince customers to patronize the firm
PROPER MANAGEMENT OF THE MARKETING FUNCTION
designed to make sure that marketing objectives of the firm are achieved
STRATEGIC MARKETING
calls for selecting target market and and developing an appropriate marketing mix
STRATEGIC MARKETING
