Studied by 3 people
Goods
products you can touch
services
products you can't touch
product
anything that can be offered to a market that satisfies a want or need.
customer
buys products
consumer
uses the products
buying behaviors
better inform consumers about products and buy in larger amounts generally. Develop long term relationships with sellers. Often negotiate prices.
marketing
the process of developing, promoting, and distributing products to satisfy the wants and needs of customers
marketing plan
a document that lays out the details for how to focus marketing efforts on meeting the customers needs and wants
personal selling
involves direct communication between the salesperson and the customer
brand
product identity. Used to distinguish its products from all other competitors
advertising
a business pays money to influence people regarding their products
promotion
information or persuasive communication to the customers
sales promotion
incentives used to get people to buy a product
Plublicity
Involves placing information about goods, services, or companies in the general media
philosophy of marketing
focus all efforts on satisfying the wants and needs of the customers.
economic utility
transforms raw materials and component parts into product that has use and value for customers
marketing mix
four ps: product, price, place and promotion
four p's product
fills a customers wants and needs
place
how to get the right product and quantity to the right people at the right time and place
pricing
how much to charge for the product
four p's: promotion
information or persuasive communication to the customers
product mix
All product lines offered for sale by a company
Demand - oriented pricing
the cost us set based on what the customer is willing to pay for a product
Competition - oriented pricing
the cost of set based on the prices of competing products
Cost-oriented pricing
the cost of making the product is used to determine the price
distribution
Is concerned with determining how to get the product to the right people in the right amounts, at the right time and place
physical distribution
Business function used to move the products through the channel to consumers
content distribution
Sharing it where your target audience will see it. It is important to develop a distribution strategy for what kind of content will be distributed where so you are sure you are reaching your target audience.
channel of distribution
The path a product follows from product to consumer
Psychographics
refers to attitudes, values, interests, and lifestyle
Demographics
refers to age, income, gender, ethnicity, and marital status
Raw Materials
natural resources that are refined into end products
Targeted audience
People that use the product or service, want it, and can afford to pay for it.
Why can generic products be sold at reduced prices?
They don't have to spend as much time and money promoting the product.
What is product life cycle and describe each
Introduction Stage- Product is first placed on the market Growth stage- sales and profit increase, competitors appear Maturity Stage- sales slow down, profits often fall due to competition Decline- sales drop, products are often discontinued or revitalized
The main factor to consider when classifying products
why the product is being purchased
Goods
products you can touch
services
products you can't touch
product
anything that can be offered to a market that satisfies a want or need.
customer
buys products
consumer
uses the products
buying behaviors
better inform consumers about products and buy in larger amounts generally. Develop long term relationships with sellers. Often negotiate prices.
marketing
the process of developing, promoting, and distributing products to satisfy the wants and needs of customers
marketing plan
a document that lays out the details for how to focus marketing efforts on meeting the customers needs and wants
personal selling
involves direct communication between the salesperson and the customer
brand
product identity. Used to distinguish its products from all other competitors
advertising
a business pays money to influence people regarding their products
promotion
information or persuasive communication to the customers
sales promotion
incentives used to get people to buy a product
Plublicity
Involves placing information about goods, services, or companies in the general media
philosophy of marketing
focus all efforts on satisfying the wants and needs of the customers.
economic utility
transforms raw materials and component parts into product that has use and value for customers
marketing mix
four ps: product, price, place and promotion
four p's product
fills a customers wants and needs
place
how to get the right product and quantity to the right people at the right time and place
pricing
how much to charge for the product
four p's: promotion
information or persuasive communication to the customers
product mix
All product lines offered for sale by a company
Demand - oriented pricing
the cost us set based on what the customer is willing to pay for a product
Competition - oriented pricing
the cost of set based on the prices of competing products
Cost-oriented pricing
the cost of making the product is used to determine the price
distribution
Is concerned with determining how to get the product to the right people in the right amounts, at the right time and place
physical distribution
Business function used to move the products through the channel to consumers
content distribution
Sharing it where your target audience will see it. It is important to develop a distribution strategy for what kind of content will be distributed where so you are sure you are reaching your target audience.
channel of distribution
The path a product follows from product to consumer
Psychographics
refers to attitudes, values, interests, and lifestyle
Demographics
refers to age, income, gender, ethnicity, and marital status
Raw Materials
natural resources that are refined into end products
Targeted audience
People that use the product or service, want it, and can afford to pay for it.
Why can generic products be sold at reduced prices?
They don't have to spend as much time and money promoting the product.
What is product life cycle and describe each
Introduction Stage- Product is first placed on the market Growth stage- sales and profit increase, competitors appear Maturity Stage- sales slow down, profits often fall due to competition Decline- sales drop, products are often discontinued or revitalized
The main factor to consider when classifying products
why the product is being purchased
Note 
Flashcard (20)