Business concepts

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