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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
approaching the customer (steps of selling)
greeting customer face to face
determine needs (steps of selling)
find customers reasons for buying as early as possible
present the product (steps of selling)
Educate customer on features of item as well as features and advantages over leading competitors
overcome objections (steps of selling)
To listen, understand, respond and confirm potential objections and talk the client through them leading to a sale
close the sale (steps of selling)
refers to the part of the selling process in which the salesperson asks for an order
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
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
Note 
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