all main sales 1 stuff

7 core functions of marketing

channel management, marketing information management, market planning, pricing, product/service management, promotion, selling

Product/Service Management

A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.

Marketing Information Management

Obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities.

Pricing

A marketing function that involves the determining and adjusting of prices to maximize return and meet customers' perceptions of value.

Channel Management (Distribution)

the process of deciding how to get goods into customer's hands

Promotion

Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response

Selling

Communicating directly with potential customers to determine and satisfy their needs.

Market Planning

designing activities relating to marketing objectives and the changing marketing environment

Marketing Mix

Product, price, place, and promotion—the controllable set of activities that a firm uses to respond to the wants of its target markets.

Promotional Mix

the combination of promotional tools—including advertising, public relations, personal selling, sales promotion, and social media—used to reach the target market and fulfill the organization's overall goals

Product mix

consists of all of the product lines offered by an organization

Market segmentation

the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups

demographics

statistical data relating to the population and particular groups within it.

geographics

Segmentation of the market based on where people live

pyschographics

Studies of consumers based on social and psychological characteristics

3 types of products

goods, services, ideas

goods

Physical objects such as clothes or shoes

services

Actions or activities that one person performs for another

ideas

Intellectual concepts—thoughts, opinions, and philosophies.

target market

a set of buyers sharing common needs or characteristics that the company decides to serve

SWOT analysis

Strength and Weakness (internal), Opportunities and Threats (external)

3 C's

company, customer and competition (relates to S and W)

PESTLE

political, economic, social, technological, legal, environmental (relates to O and T)

branding

The promotion of a product or service by identifying it with distinct characteristics (usually associated with public perception, quality or effectiveness)

licensing

the legal process whereby a licensor allows another firm to use its manufacturing process, trademarks, patents, trade secrets, or other proprietary knowledge

market intelligence

the process of gaining competitive market information

primary vs. secondary data

Primary: Information collected for the specific purpose at hand

Secondary: Information that already exists somewhere, having been collected for another purpose

external data

Facts and figures available in locations outside a company

internal data

Facts and figures located inside the company

why do marketing research?

• helps marketers keep up with trends and customers

• important component of a business's marketing-info management

• helps busineess make better decisions

survey

the collection of data by having people answer a series of questions

random sampling

a sample that fairly represents a population because each member has an equal chance of inclusion

cluster sampling

A probability sampling technique in which clusters of participants within the population of interest are selected at random, followed by data collection from all individuals in each cluster.

convenience sampling

choosing individuals who are easiest to reach

judgement sampling

the researcher uses his/her own judgement in choosing the subjects

quota sampling

A nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group

snowball sampling

recruitment of participants based on word of mouth or referrals from other participants

manufacturer

a person or company that makes goods for sale

producer

A person, company, or country that makes, grows, or supplies goods or commodities for sale

integrated distribution

A distribution system in which manufacturers act as wholesaler and retailer for their own products.

wholesalers

Intermediaries who help to move goods between producers and retailers by buying goods from producers and selling them to retailers

retailers

businesses that sell directly to final consumers

agents

intermediaries that represent either buyers or sellers on a permanent basis

types of physical transportation

trucks, air, waterways, railroads, pipelines

which transportation is most used

trucking

which transportation is controvertial

pipelines (or railroads i forgot)

selective distribution

a form of distribution achieved by screening dealers to eliminate all but a few in any single area

extensive distribution

giving a limited number of dealers the exclusive right to distribute the company's products in their territories

intensive distribution

stocking the product in as many outlets as possible

distribution intensity

the number of supply chain members to use at each level of the supply chain

product life cycle

introduction, growth, maturity, decline

product mix

all products that an organization sells

brand loyalty

consistent preference for one brand over all others

product width

number of different product lines (more wide variety)

product depth

refers to the number of items offered within each product line (narrower, more in a vertical line)

product lines

groups of associated items, such as those that consumers use together or think of as part of a group of similar products

product items

a specific version of a product

personal selling

a purchase situation involving a personal, paid-for communication between two people in an attempt to influence each other

rebates

sales promotion techniques in which a consumer receives a specified amount of money for making a single product purchase

institutional promotion

used by a business to create a favorable image for itself, as opposed to promoting a product or service

specialty advertising

advertising that appears on various items such as coffee mugs, pens, and calendars, designed to help keep a company's name in front of customers

product placement

Putting products into TV shows and movies where they will be seen

touch points

areas of a business where customers have contact with the company and data might be gathered

feature benefit selling

Matching the characteristics of a product to a customer's needs and wants

follow up

the sales step in which a salesperson follows up after the sale to ensure customer satisfaction and repeat business

relationship building

creating a means of maintaining contact with the customer after the sale is completed

suggestion selling

selling additional goods or services to the customer

ethics in selling

Do the right thing, the right way, at the right time

1. approaching the customer (steps of selling)

greeting customer face to face

2. determine needs (steps of selling)

find customers reasons for buying as early as possible

3. present the product (steps of selling)

Educate customer on features of item as well as features and advantages over leading competitors

4. overcome objections (steps of selling)

To listen, understand, respond and confirm potential objections and talk the client through them leading to a sale

5. close the sale (steps of selling)

refers to the part of the selling process in which the salesperson asks for an order

6. perform suggestion selling (steps of selling)

suggesting additional merchandise or services that will save your customer money or help your customer better enjoy the original purchase

7. build relationships (steps of selling)

follow up with consumer to show care

ways to overcome objection

substitution, boomerang, question, superior point, denial, demonstration, third party

third party testimonials

A statement from a former client used as a reference to help sell the designer's services and/or merchandise to a new client.

Return on Investment (ROI)

the direct financial impact of a firm's expenditure of a resource, such as time or money

Pricing Strategies

Cost based, competitor based, value based

Bull vs. Bear Market

Bull= strong market, bear= falling market

FTC

Federal Trade Commission. Protects consumers from misleading and fraudulent advertising. Reviews advertising claims. Can order a company to change their ad

FED

the Federal Reserve System created by Congress in 1913 as the nation's central banking organization

SEC

Securities and Exchange Commission - regulates stock market

OSHA

Occupational Safety and Health Administration, a government agency in the Department of Labor to maintain a safe and healthy work environment

FDA

Food and Drug Administration. The agency that is responsible for determining if a food or drug is safe and effective enough to be sold to the public.

EPA

Environmental Protection Agency

An independent federal agency established to coordinate programs aimed at reducing pollution and protecting the environment

kaynesian economics

advocated for government intervention in the economy

hayak economic stuff

government intervention leads to more probems then it solves. he said private investment helps public spending

discretionary income

Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter

mixed economy

An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.

Traditional Economy

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

command economy

An economic system in which the government controls a country's economy.

market economy

Economic decisions are made by individuals or the open market.

Economic Resources

the means through which goods and services are produced

embargo

an official ban on trade or other commercial activity with a particular country.

tariff

A tax on imported goods