Chapter 1 – What is S/E Marketing? – Flashcards
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implies that marketing must meet the needs of both businesses and customers when exchanging products or services
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Satisfaction
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occurs when the parties involved (business and customer) both give receive something of value
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Exchange relationship
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Customer needs
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____ should be the primary focus of marketing
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1) identify your customer and their needs 2) develop products that customers consider better than other choices 3) operate your business profitably (revenues must exceed the costs of doing business)
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3 things to satisfy customer needs
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describes how a business blends the four marketing elements of product, distribution, price, and promotion
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Marketing mix
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what a business offers customers to satisfy needs
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Product
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the locations and methods used to make products available to customers (the best way to get a company's products to customers)
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Distribution
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the amount that customers pay for products
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Price
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describes ways to make customers aware of products and encourage them to buy
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Promotion
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the amount of money individuals have available to spend after paying for the necessities of life and other fixed expenses
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Discretionary income
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the basis of all marketing activities. They are product/service management, distribution, selling, marketing-information management, pricing, and promotion
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Core standards of marketing (6)
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gathering and using information about customers to improve business decision making
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Marketing-Information Management
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designing, developing, maintaining, improving, and acquiring products or services for the purpose of meeting customer needs and wants
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Product/service management
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using advertising and other forms of communication to distribute information about products, services, images, and ideas to achieve a desired outcome
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Selling
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requires a company to budget for its own marketing activities and to provide customers with assistance in paying for the company's products or services
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Financing (NOT PART OF THE SIX CORE STANDARDS OF MARKETING)
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age range, marital status, gender, ethnic background, income level, and education level
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Demographics
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using sports to market products
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Sports Marketing
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the number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer
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Gross impression
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influencing how people choose to spend their time and money on entertainment is the purpose. It is a product to be marketed and attracts attention to other products
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Entertainment marketing
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whatever people are willing to spend their money on to enjoy themselves
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Entertainment
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the number of viewers the programming attracted
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Ratings
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