marketing chapter 1 Flashcards
Why do you believe most people think marketing is just about an advertising, commercials, or packaging?
The general public only sees this part of the marketing process
Marketing
The process of developing, promoting, AND distributing products to satisfy needs and wants
Explain how marketing helps to lower the prices of products
When marketing increases demand for a product the fixed cost decreases per item
What are the 7 functions of marketing? D F MIM PSM P P S
- Distribution
- Financing
- Marketing information management
- Pricing
- Product service management
- Promotion
- Selling
Distribution
Where and who should the products be sold to
Financing
The money you need to get in order to pay for the operation of a business
Marketing information management
Getting the necessary information to make business decisions
Pricing
Tell you how much to charge for goods and services
Product/ service management
Maintaining and improving your product
Promotion
Communicating with potential customers to inform, persuade, or remind them about your company
Selling
Providing customers with their goods and services that they want
Economic utilities
The value that producers and marketers add to raw materials when they make them into products and offer them for sale to public
What are the 5 marketing utilities? F I T P P
Form utility Information utility Time utility Possession utility Place utility
Form Utility and give an example
The transition from parts to a product
A memory chip and camera pixels to an iPhone
Place utility give an example
Having a product where customers can buy it
Example is selling products directly to the customer in a catalog
Time Utility give an example
Having a product available at a time convenient for the customers
Example: retailers offer large supplies of winter coats in the late fall
Possession utility give an example
Paying for something
Example: paying with a credit card
Information utility
Providing information for your product in order to make the customer comfortable in buying your product
Example: car salesman points out features of cars
