Marketing Essentials – Ch 1 – Flashcards
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marketing
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The process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers
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goods
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tangible items that have monetary value and satisfy your needs and wants
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tangible
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that which can be touched
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services
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intangible items that have monetary value and satisfy your needs and wants
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intangible
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not able to be touched
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channel management
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distribution; the process of deciding how to get goods into a customer's hands.
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market planning
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involves understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience
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market information management
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gathering and analyzing information about customers, trends, and competing products
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pricing
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determining how much to charge for goods and services in order to make a profit
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product/service management
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obtaining, developing, maintaining, & improving a product or product mix
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promotion
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the effort to inform, persuade, or remind potential customers about a business's products or services
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selling
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provides customers with the goods and services they want; includes both the retail and wholesale markets
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marketing concept
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the idea that a business should strive to satisfy customers' needs and wants while generating a profit for a firm
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customer relationship management
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an aspect of marketing that combines customer information (through database and computer technology) with customer service and marketing communications
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competition
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marketing plays an important role in the economy because it provides a means for ________ to take place
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3 benefits of marketing
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1. New and Improved Products 2. Lower Prices 3. Added Value and Utility
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utility
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added value; the attributes of a product or service that make it capable of satisfying consumers' wants and needs
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form utility
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changing raw materials or putting parts together to make them more useful
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place utility
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having a product where customers can buy it
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time utility
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having a product available at a certain time of year or a convenient time of day
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possession utility
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the exchange of a product for money; providing customers with payment options such as accepting cash, checks, or credit cards
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information utility
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the value added by communicating with the consumer (displays, labels, owner's manuals, etc.)
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market
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all people who share similar needs and wants and who have the ability to purchase a given product
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consumer market
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consumers who purchase goods and services for personal use
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industrial market
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businesses that buy products to use in their operations; also called the business-to-business market (this can be abbreviated as b-to-b or b2b).
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market share
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a company's percentage of the total sales volume generated by all companies that compete in a given market
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target market
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a group of consumers identified for a specific marketing program
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customer profile
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a clear picture of a target market that includes information such as age, income level, ethnic background, attitudes, lifestyle, and geographic residence
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marketing mix
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the 4 Ps; product, place, promotion, price
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5 utilities
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form, place, time, possession, and information
