DECA Personal Creation

Marketing definition:

 The activity, set of instructions, and process for creating, communicating, delivering and exchanging offers that have value for customers, clients, partners and societal at large.

Descriptions:

Marketing professionals track trends and consumer attitudes trends and consumer attitudes to understand buying decisions

Goods:

Tangible items that have monetary value and satisfy one's needs and wants. 

Services

 Intangible items that have monetary value and satisfy your needs and wants. 

Ideas:

Where everything starts.

Channel management(Distribution)

Decides how to get goods to customers.

• Marketing information management(Research) (Most Important function)

Gathers, stores and analyzes customer data trends and competition.

• Market planning (4-P’s)

Target specific marketing strategies.

• Pricing 

Based on costs and on what competitors charge for the same product service

• Product/Service management

Maintains and improves product mix in response to market opportunity.

• Promotion

Informs current and potential customers about business products or services.

• Selling

Customers receive goods they want.

1920s Production:

A good product will sell itself

1950s Sales

• Creative advertising and selling will overcome consumer resistance and persuade consumers to buy. 

1960s Marketing

• The consumer rules, find a need and fill it

1990s Relationship

Long term relationships with customers and other partners lead to success

Marketing concept

The idea that a business should strive to satisfy costumers needs and wants while generating a profit for the business 

Customer relationship management (CRM)

• Customer Information(databases)

• Customer services 

• Marketing communications. (personalized adds)

• No ANSWER FOR THIS

Economic benefits of marketing(Competition drives)

• New and Improved Products

Competition fosters ideas.

• Lower prices

Increase demand

• Economic utility = value

Form, place, time, possession, information adds value

• Form Utility 

• Changing raw materials into usable goods or putting parts together to market them more useful.Place Utility

• Place Utility

• Having a product where customers can buy it.

• Time Utility

• Having a product or services available at a certain time of year or a convenient time of day.

• Possession utility 

The exchange of a product for money.

• Information utility 

Communication with consumers.(Back of the clorox wipe box. Gives info)

Market:

All people who share similar needs and wants and have the ability to purchase a given product. (IF you can't afford your not in the market)

Consumer market:

 COnsumers who purchase good and services for personal use 

Organizational/ Industrial marketing

Business to business(B2B) this includes all businesses that buy products for use in their organizations. (Buying from a different business to supply your own business).

Market Share:

 A company's percentage of the total sales value generated by all the companies that compete in a given market.(All phones competing in the US). You want to know who your competition is so you can adjust what is needed. Whee do I grow and what opportunities do I have to grow.

Market Segmentation:

The process of classifying people who form a given market into even smaller groups(Breaking it into pieces)

Target Market:

The group of people most likely to become customers identified for a specific marketing program. 

Customer profile:

: Information that is collected about people to break them         into different groups.(Very specific Markets)

4 P’s Of Marketing:

Product: 

Price:

Place:

Promotion: Internet Ads, coupons. 

Honorable mention: 5th P=People