Marketing Concept

Information Utility

Adding value by communicating with the consumer. Salespeople do this by explaining the features and benefits of a product. Packaging and labeling and advertising can all provide this utility.

Place Utility

Adding value to products by having them where people want them such as convenient and efficient locations. Catalogs and the Internet are examples.

Time Utility

Adding value to products by making them available when they're needed.

Market

All people or organizations who share similar needs and wants and are capable of buying your products. The larger group before it is segmented.

Promotion

Any form of communication used to inform, persuade, or remind customers about your product or service.

Pricing Function

Includes finding out what the demand is for your product, as a product is only worth as much as someone will pay for it. Take in to consideration these things: overhead costs, the worth or value, the competition, and your profit.

Services

Intangible items that have monetary value and satisfy your needs and wants. Examples are tasks such cooking, cutting hair, dry cleaners.

Distribution/Channel Management

Involves how to get the product into the consumers hands. Transportation and shipping is a decision here.

Behavioral/Benefits Desired

Involves looking at the benefits customers want from the product, shopping patterns, how often a product is used, brand loyalty, etc.

Mass Marketing

Involves using a single marketing strategy to reach all customers.

Industrial Markets

Business to business market. Businesses that buy products to use in their operations.

Product/Service Management

Businesses manage their products by changing them to fit current trends, increasing quality, evaluating market conditions, and developing new products or services.

Competition

Businesses that provide a good or service that is SIMILAR to another business.

Form Utility

Changing raw materials or putting parts together to make them more useful, deals with making or producing products.

Marketing Mix

Comprises four basic marketing strategies collectively known as the four P's of marketing: product, price, place, and promotion

Marketing-Information Management

Conducting surveys or gathering information that would help you make decisions about where to locate a retail outlet, when to release a new game, or other trends in the marketplace.

Selling Function

Consists of providing a way to give your customer what he/she wants. Involves determining client needs and wants and responding with planned communication.

Marketing

Consists of the actions a business takes to identify, create, and maintain satisfying relationships with customers resulting in value for the customer and profit for the business.

Consumer Markets

Consumers who purchase goods and services for personal use - all of us!

Product

Decisions of what to sell or offer that will satisfy the needs and wants of customers. Also includes features, brand name, packaging, service, and warranty.

Marketing Concept

Focuses on satisfying the needs and wants of customers, at the same time making a profit for the company.

Marketing Ideas

Marketing campaigns for this include Going Green, Reduce Reuse Recycle, Don't Text and Drive.

Niche Marketing

Marketing targeted to extremely specific markets.

Otaku

Obsessive interests.

Possession Utility

Providing ways for customers to conveniently purchase a product or offering alternative ways to pay such as lay away, credit cards, installment plans, etc.

Financing Function

Refers to how your business will obtain the money it needs to start operations and stay operable and how a customer will pay for the goods or services that you are selling.

Geographics

Segmentation of the market based on where people live.

Demographics

Statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education, and occupation.

Goods

Tangible items that have monetary value and satisfy your needs and wants. Example: cars, toys, cellphone.

Psychographics

This determines HOW you will spend your money and time. Things you are passionate about. Activities such as hobbies, eating healthy, trend setters, open lifestyles, etc.