the ability of a good or service to satisfy a human need
utility created by converting production inputs into finished products (tailor in a suit shop)
utility created by making a product available at a location where customers wish to purchase it (vending machines)
utility created by making a product available when customers wish to purchase it
utility created by transferring titles (or ownership) of a product to the buyer
is a group pf individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase such products
the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods an services to create exchanges that satisfy individual organizational objectives
a business philosophy that involves the entire organization in the process of satisfying customer needs while achieving the organizations goals
developing mutually beneficial long-term partnerships with customers to enhance customer satisfaction and to simulate long-term customer loyalty
check notes on phone
implementing marketing concept
to implement the market concept a firm must first obtain info about its present and potential customers. what customer needs are but also how well those needs are being satisfied by current products. how products can be improved and opinions customers have of the firm and its marketing efforts. then pin point the specific needs and potential customers to which it will direct it s marketing efforts
company designs a single marketing mix and directs it at the entire market for a particular product. assumes that individual customers in the target market for a specific kind of product have similar needs. one product one price on promotional method no variation.
demographic, psychographic, geographic, behavioristic
market segmentation approach
market segment- a group of individuals or organizations within a market that share one or more common characteristics
market segmentation- the process of dividing a market into segments and directing a marketing mix at a particular segment or segments rather than at the total market
a plan that will enable an organization to make the best use of its resources and advantages to meet its objectives
legal and regulatory forces
a combination of product, price, distribution and promotion developed to satisfy a particular target market
a written document that specifies an organizations resources, objectives, strategy and implementation and control efforts to be used in marketing a specific product or product group
market measurement and sales forecasting
measuring the sales potential can evaluate the feasibility of entering new segments. these estimates are short range covering periods of less than one year. medium- up to 5 years and long range.
sals forecast an estimate of the amount of product that an organization expects to sell during a certain period of time, based on a specified level of marketing effort.
marketing information systems
is a frame work for managing marketing information that is gathered continually from internal and external sources. are computer based bc of the amount of data. sales figures, product and marketing costs , inventory levels are internal. organizations suppliers, intermediaries, customers, competitor marketing strategies are external
process of systematically gathering recording and analyzing data concerning a particular marketing problem.
sex steps of marketing research. define the problem, make preliminary investigation, plan the research, gather factual information, interpret information, reach a conlunclusion
consumer buying behavior
the purchasing of products for personal and household use not for business purposes. buyer uses limited decision making for purchases made occasionally. when buying unfamiliar expensive items the consumer engages in extensive decision making
why do consumers buy
1) they have use for the product
2)they like the convenience the product offers
3) they believe the purchase will enhance their wealth
4) they take pride in ownership
5)they buy for safety
where do consumers buy
perception of the store. establishments product prices and sales personnel can mean repeat sales or lost business. also bases of location, product assortment, credit terms return privileges and free delivery.