The dynamic activities that focus on the customer to generate a profitable exchange
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The Goal of Marketing
To meet customers' needs (goods and services you need) and wants (goods and services you do not need but would like to have) with products that customers can and will buy
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Dynamic
constantly changing
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Customer
an individual or group who buys products
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Target Market
The specific group of customers whose needs a company will focus on satisfying
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The Four Ps of Marketing
Product, Place, Price, and Promotion
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Product
Anything that can be bought or sold
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Good
A physical item
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Service
An action that is done for you
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Idea
A concept, cause, issue, image, or philosophy that can be marketed
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Place
The process of making products available to customers
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Distribution
the process of physically delivering goods to customers
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Price
The amount of money requested or exchanged for a product
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Marketing Plan
A guide for a company's product which includes Market Opportunities and Analysis, Strategy, and an Action Plan
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SWOT Analysis
An analysis of a company's strengths, weaknesses, opportunities, and threats
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Forecast
A prediction of future sales or revenue
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Need
Something that is necessary for survival
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Want
Something a person desires but could function without
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Economic Needs and Wants
Needs and wants that you can satisfy by buying something
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Economic Goods and Services
The products that you buy to satisfy economic needs
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Exchange
To trade something of value for something you want
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Money
A consistent item people accept in exchange for goods or work
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Value
How much something is worth
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Time Value of Money
The greater potential worth in the future than it does today
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Store of Wealth
Money's ability to keep and store wealth for long periods of time.
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Business
The general term for all the activities involved in the development and exchange of products
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Profit
The money that a business has left after all the expenses and costs of running the business are paid
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Sole Proprietorship
A business owned by one person [who] has all the responsibility and gets all the profits from the business
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Partnership
A business owned by a small number of people, usually two or three
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Legal Entity
An artificial person that exists separately from [other people]
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Corporation
A legal entity established for the purpose of doing business [who] can buy property, run a business, manufacture products, earn money, lose money, sue, and be sued
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Stockholders
People who own a corporation
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Stock
The right of partial ownership in a corporation
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Two Categories of Business Organizations
For-profit and not-for-profit
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For-Profit
A business organization whose goal is to make a profit for the owners
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Not-for-Profit
A legal entity whose goal is to benefit society
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NPO Categories
Social services, recreation and sport, arts and culture, food and health, housing, religion, and education
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Functions of Business
Production, Finance, Marketing, and Management
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Production
Any activity related to making a product
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Finance
All activities involving money
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Management
All activities required to plan, organize, lead, and control a business
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Utility
Making a product more useful or accessible
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Marketing Concept
An approach to business that says that the way to make a profit is to focus on customer satisfaction
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Customer Satisfaction
The positive feeling a customer gets when the product purchased meets or exceeds the customer's expectations
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Total Company Approach
The idea that all company employees can have an effect on the customers
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Elements of the Marketing Concept
Customer satisfaction, Total Company Approach, Profit
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Marketing Function
The function a company takes to learn about customer needs and wants through production, finance, and management
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Channel-Management
Handles activities involved in getting products from producers to customers
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Marketing-information Management
Also called marketing research; gathers, analyzes, and distributes information about markets, competition, and customers.
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Market Planning
This function is used to determine and target marketing strategies to select audiences
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Pricing
All activities involved in setting prices for products
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Product/Service Management
The function of developing new products and improving an old product
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Promotion
the nonpersonal communication with customers that is designed to influence them to purchase products
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Selling
The function which consists of personal communications with customers [...] including helping customers in a store, making sales presentations, answering questions on the phone, and demonstrating how a complex product works
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Scarcity
A condition in which there are not enough resources to meet needs
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Traditional Economy
An economy in which people perform activities the way they have always been done. In these economies, elders often answer questions facing communities according to long-held beliefs and practices.
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Command Economy
An economy in which the national government answers economic questions. The goal of this economy is to ensure all members of the nation share limited resources, get a job, and receive other social services
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Mixed economy
An economy in which both the government and individuals make economic decisions. Government and individuals take actions to ensure each other are in balance.
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Market Economy
Private property, economic freedom, and market forces are properties of this type of economy.
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Private Property
The right of individuals to own land, goods, and make products.
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Economic Freedom
The ability of individuals to make their own decisions: what to buy, how to use products, and what to sell.
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Market Forces
Supply and Demand, Profit, and Competition are the three most significant origins of work in a market economy.
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Profit Motive
The drive to earn more money
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Law of Demand
The economic principle that says when prices fall, demand rises.
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Law of Supply
The economic principles that says when prices are high, supply will rise.
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Productivity
The amount of product a worker produces per hour
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Competition
The rivalry between two or more businesses to attract scarce (limited)
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customer dollars
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Business Opportunity
The chance for success provided by the combination of a product idea and a market that is willing and able to buy the product.
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Strategy
A plan developed to reach a goal
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Target Market
The specific group of customers whose wants and needs you will try to meet with a specific marketing mix
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Qualities of a Target Market
Clearly defined wants and needs that your company meet, money to buy your product, willingness and authority to buy your product, enough customers in the market to be profitable
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Marketing Mix
The decisions made about the product, place, price, and promotion for one product
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Product Strategies
All decisions made about what product to offer
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Price Strategies
All the decisions made about pricing a product
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Place Strategies
All decisions made about where the product will be sold
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Promotion Strategies
All the decisions made about how to tell customers about the company and the product
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Mass Market
All the customers for a specific type of product
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Mass Marketing
The development of only one marketing mix for a specific product [...] assumed everyone has exactly the same wants and needs for the product
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Nature of Consumer Markets
Diverse, consisting of many groups of consumers with different needs
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Target Marketing
The development of a unique marketing mix for a specific market
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Approaches to Choosing a Target Market
(1) Choosing a target market first, (2) developing a great product idea and finding a target market, (3) develop the idea with the target market in mind, (4) create a new market for an old product
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Market Niche
A small segment of the market whose needs are not being met
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Market Segmentation
The process of dividing a large market into smaller parts
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Segmentation Variable
A customer characteristic that is used to segment a market
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Categories of Market Segmentation
Geography, Demographics, Psychology, Behavioral
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Geographic Segmentation
Segmenting a market based on where customers live
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Census
A count of the people in a country made by the government
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Demographic Information
Statistics that describe the characteristics of a population
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Generation
A group of people born during a particular period of history
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Discretionary Income
The income left after taxes and after the necessities of life have been paid for
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Psychographic Segmentation
Segmenting a market based on psychological characteristics of customers
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Behavioral Segmentation
Segmenting a market based on the way customers use a product
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Market Segment Profile
A detailed description of the typical consumer in a market segment
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Categories of Customer Influences
(1) Psychological, (2) social, (3) situational
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Psychological Influences
The influences that come from within a person
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Buying Motive
The reason that a customer seeks a product
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Social Influence
The influences that come from the society in which you live
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Categories of Social Influence
(1) Culture, (2) family, (3) friends and coworkers
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