marketing functions Flashcards
market planning
- budgeting
- sales forecast (how much you’ll be selling) use historical data
- market/SWOT analysis (strengths, weaknesses, opportunities, threats)
- competitive analysis (compare other businesses w/yours)
marketing functions
- marketing-information management
- distribution
- pricing
- product sense management
- promotion
- selling
marketing-information management
gathering and using info about customers to improve business decision-making
(survey, interview, competitive and swot analysis, google)
distribution
determining best way to get a company’s products and services to customers
pricing
establishing and communicating to customers the value/costs of goods and services
revenue - expenses = profit (35%!)
product service management
designing, developing, maintaining, improving, and acquiring products/services to meet customer needs
promotion
using a variety of communication forms, including advertising, to distribute info about products, services, images, and ideas to achieve desired outcome
selling
any direct and personal communication with customers to assess and satisfy needs
what are the three components of developing a plan?
strategy, tactics, and goals
goals
an objective you plan to fulfill
strategy
plan of action for achieving your goals and objectives
tactics
the short-term actions, actual physical ideas
what is in the marketing mix?
product
price
place
promotion
product
what a business offers to satisfy needs (goods, services, ideas)
price
amount customers pay for products and businesses make a profit
