marketing new Flashcards
No trolling bozos
Name 4 of the 7 functions of marketing
Pricing, Selling, Financing, Distribution
four of the functions of marketing: Pricing
The price of your product
four of the functions of marketing: What is Selling?
a transaction where a good or service is exchanged for money or another item of value.
four of the functions of marketing: Financing
Providing funding for your business for marketing
four of the functions of marketing: Distribution
where you sell and how you deliver your products
What is marketing
Activities a company undertakes to promote the buying or selling of a product or service
what is the role of relationships in marketing?
Relationship marketing helps retain customers over the long term, which results in customer loyalty rather than customers purchasing once or infrequently.
What are the 4p’s?
Product, Price, Place, Promotion
4P’s: Product
What you sell.
4P’s: Price
How much you charge
4P’s: Place is
Where you promote/sell your product
4P’s: Promotion is
How your customers find out about you
What are the three elements of the marketing concept?
(CsTcaP)
- Customer satisfaction
- Total company approach
- Profit
Who is in the Competitive market:
All the sellers of a specific product
Market share:
% of the market that a company or brand has
Target market:
a particular group of consumers at which a product or service is aimed
Market segmentation
is a process that consists of sectioning the target market into smaller groups that share similar characteristics, such as age, income, personality traits, behavior, interests, needs, or location. Knowing your market segmentation will help you target your product, sales, and marketing methods.
Supply
willingness and ability of sellers to produce and offer to sell different quantities of a good, Quantity Supplied
Demand
Demand is the willingness and ability of buyers to purchase different quantities of a good, driving force of our economy.
Point of equilibrium
Where market supply and demand balance each other, and as a result prices become stable
Demand: Price go up, Quantity demanded go down, Price go down, Quantity demanded go up
Supply: Price go up, Quantity supplied go up , Price go down, Quantity supplied go down.
Mass marketing
is the development of only one marketing mix (4ps) for a specific product. [Assumes everyone has the same wants and needs of the product]
What is a Marketing strategy and its formula
A business plan and a marketing plan. (IMPORTANT FORMULA: target market + marketing mix = marketing strategy)
What is a marketing plan, how do they use it?
Documents or a set of documents outlining platforms and (methods a company will use to reach their target market)
what are the 4 components of a plan? (O&aSAM)
- A Market Opportunity and Analysis
- A Market Strategy
- A Action Plan
- To Monitor and Evaluate Plan
