Lesson 1: Welcome to Marketing Flashcards
Market Research
- Gathering information on consumer preferences
- What do consumers want or like?
What is Marketing?
- business activity that gives G&S form producer to consumer
- Creating, distributing and selling G&S to meet the needs and wants of a consumer
- Marketing connects producers with consumers
Product Development
- Creating a product that meets the needs of the consumer
Pricing
- Determining the best price for the product (not necessarily the lowest price)
Branding
- A products name, trademark, logo, slogan and package design can be used to create or maintain a unique brand identity
Sales
Determining how and where to sell the product or service
Physical Distribution
Getting the product or service to the customer quickly and affordably
Inventory Management
Selling precisely the amount of inventory that is available
TOO LITTLE PRODUCT = LOSING POTENTIAL SALES
TOO MUCH PRODUCT = PRODUCT NOT SELLING
Promotion
How to effectively create awareness of the product to the consumer
The Four P’s of Marketing
Product: What are you going to sell?
Price: How much can you charge for your product?
Place: Where will people buy your product?
Promotion: How will people find out about your product
B2B : business to business
- more focus on on personal selling, personal relationships
- higher priced
- intro their business sin confernces
- Selling computers to a school board
B2C Marketer: business to consumer
- focus on consumer goofs
- focus on gaining demand and populatirty
- superbowl ad
Both B2B and B2C markets
- Ikea
- Funiture for families and business owrners
marketing activities
Market Research
Product Development
Pricing
Branding
Sales
Physical Distribution
Inventory Management
Promotion
marketing evoloution
WHATEVER WE MAKE, YOU’LL BUY
—> WHATEVER YOU WANT, WE’LL MAKE
