process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives

minor marketing activities
hearing, seeing, talking

important marketing activities
storing products, distribution centers, accepting credit, and arranging means of online payment

7 fnts of marketing
marketing, financing, pricing, promotion, product/service management, distribution, and selling

product/service management
designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs

determining the best ways for customers to locate, obtain, and use the products and services of an organization

communicating directly with potential customers to determine and satisfy their needs

marketing-information management
obtaining, managing, and using market information to improve business decision making and the performance of marketing activities

budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business’ products and services

setting and communicating the value of products and services

communicating information about products and services to potential customers

marketing strategy
a company’s plan that identifies how it will use marketing to achieve its goals

target market
specific group of consumers that have similar wants and needs

marketing mix
blending of four marketing elements->product, distribution, price, and promotion

marketing orientation
considers the needs of customers when developing a marketing mix

final consumers
people who buy products and services mostly for their own good

business consumers
persons, companies, and organizations that buy products for the operation of business, for incorporation into other products and services, or for resale to their customers

consumer decision making process
1. recognize a need
2. gather info
3. select and evaluate alternatives
4. make a purchase or decision
5. determine the effectiveness of the decision

buying motives
emotional and rational

marketing research
finding solutions to problems through carefully designed studies involving consumers

plan marketing research
1. define the marketing problem
2. study the situation
3. develop a data collection procedure
4. gather and analyze info
5. propose a solution

2 types of research studies
-surveys to gather info
-focus groups to find areas of agreement and disagreement in products

production planning
the right product for your target market is crucial for your business

everything a business offers to satisfy a customers needs

basic product
simplest form of a product

product features
additions and improvements to the basic product

brand name
unique identification

provides protection and security

warranty on a product

idea development
generating new product ideals

idea screening
evaluating the ned product ideas to see which will be the most successful

strategy development
idea appears to be workable then develop a full marketing strategy

production and financial planning
develop a production procedure. cost of production and marketing are determined and a financial plan

limited production and test marketing
make sure the product can be produced and marketed as planned

full scale production
after all of the preceding steps have been a success, the new product will move into full-scale production and marketing

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