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The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
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marketing
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
goods
tangible products that we use to satisfy our wants and needs
tangible
that which can be touched
services
intangible items that have monetary value and satisfy needs and wants
intangible
not able to be touched
marketplace
s any place buyers and sellers exchange goods, services, and some form of money.
channel management
distribution; how to get goods into consumer hands
market planning
understanding concepts & strategies to develop & target specific marketing strategies to specific people
market information management
obtaining, managing, and using market information
pricing
Setting and communicating the value of products and services. Setting the price at the right level.
product/service management
obtaining, developing, maintaining, & improving a product or product mix
promotion
is any form of communication used to inform, persuade, or remind
selling
providing customers with the goods & services they want
marketing concept
states that businesses must satisfy customers' needs and wants in order to make a profit
customer relationship management
Managing detailed information about individual customers. Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
impact
affecting in a dramatic way
benefits
things that are for the good of someone or something
benefits of marketing
1. New & Improved Products 2. Lower Prices 3. Added Value & Utility
utility
added value
form utility
changing raw materials or putting parts together to make them more useful
place utility
adding value to products by having them where people want them.
time utility
adding value to products by making them available when they're needed.
possession utility
doing whatever is necessary to transfer ownership from one party to another, including providing credit, delivery, installation, gurantees, and follow up service.
information utility
the value added by communicating with the consumer. ex. displays, labels, owner's manuals etc
market
A group of people or companies who have a demand for a product or service and are willing and able to buy it.
consumer market
all potential customers who will buy a product for personal use.
industrial market
businesses that buy products to use in their operations; also called the business-to-business market (this can be abbreviated as b-to-b or b2b).
market share
A company's product sales as a percentage of total sales for that industry
target market
a specific group of consumers that have similar wants and needs
customer profile
a complete picture of a venture's prospective customers. It includes geographic, demographic, and psychographic data
marketing mix
product, place, promotion, price
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