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Marketing
All activities ensuring effective exchange of goods/services between businesses and consumers.
Marketing Functions
Groups of activities necessary for an exchange to occur.
Product/Service Planning
Involves gathering information, testing ideas, and designing products/services.
Purchasing
Identifying and obtaining necessary products/materials or services.
Financing
Ensuring availability of financing and credit.
Distribution
Getting products to customers.
Pricing
Setting prices and payment methods.
Risk Management
Providing security for products and people, reducing business risks.
Marketing Information Management
Obtaining and organizing information for marketing decisions.
Promotion
Communicating with consumers and encouraging purchases.
Marketing Impact
Increases standard of living, creates jobs, and informs consumers about products/prices.
Marketing Concept
Focuses on considering consumers in product and service production and marketing.
Marketing Strategy
Two-step process involving target market identification and marketing mix development.
Target Market
Clearly identified group of consumers interested in the product.
Marketing Mix
Combination of elements to meet target market needs (Product, Place, Price, Promotion).
Product Development
Involves planning, prototyping, testing, and identifying customer preferences.
Buying Motive
Reasons for making a purchase, either rational or emotional.
Channel of Distribution
Path from producer to consumer, direct or indirect.
Wholesaler vs
Wholesaler assists with distribution between businesses, retailer sells directly to consumers.
Effective Distribution
Adjusts for differences in production and consumption, considering quantity, assortment, location, and time.
Goals of Pricing
Maximize profits, increase sales, and maintain an image.
Promotion
Marketing tool to communicate with consumers, persuade purchases, and reinforce decisions.
Media Advertising
Reaches prospective customers through TV, radio, magazines, etc.
Sales Promotions
Attracts customer interest or provides incentives to buy.
Publicity
Unpaid information about a business, product, or service.
Personal Selling
Direct communication between salesperson and customer to answer questions and encourage purchases.
Note
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