Ch. 1 Marketing and the Marketing Concept Flashcards
The process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants.
Marketing
Marketing promotes…
Ideas, goods, and services
The commercial environment in which buying and selling take place.
Marketplace
Getting goods to customers.
Channel Management
Understanding concepts and strategies to develop and target marketing strategies to a specific market.
Market Planning
Researching customers, trends, and competitors.
Marketing Information Management
Charging for goods and services to make a profit.
Pricing
Obtaining, developing, maintaining, and improving a product or service.
Product/Service Management
Informing, persuading, and reminding customers about a product or service.
Promotion
Providing customers with goods and services.
Selling
Businesses should satisfy customers’ needs and wants while making a profit.
Marketing Concept
Combines customer information, marketing communications. The goal is to establish long-term relationships.
Customer Relationship Management (CRM)
Focuses on satisfying the needs and wants of customers.
Marketing Concept
Putting parts together to make a product consumers want
Form
Offering a product where consumers can buy it
Place
Offering a product at a convenient time of day or year for consumers
Time
Allowing consumers to take legal ownership of a product
Possession
Communicating information about a product.
Information
The Five Utilities…
Form, place, time, possession, information
People who share similar needs and wants are capable of buying products.
Market
All consumers who purchase goods and services for personal use.
Consumer Market
Businesses that buy products to use in their operations; also called the business-to business market (this can be abbreviated as B-to-B or B2B)
Industrial Market
A company’s percentage of total sales volume generated by all competition in a given market.
Market Share
A group of people identified as those most likely to become customers.
Target Market
A list of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle, and geographic location.
Customer Profile
Includes four basic marketing tools/strategies…
Marketing Mix
What are the four marketing mix strategies?
Product, Place, Price, and Promotion
