Marketing

What is marketing?

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

What would be the ramifications if marketers did not conduct business with the marketing concept in mind?

they may not make the best or the smartest economic moves for that company

A percentage of sales generated by competing companies is called?

Market Share

Pricing

Based on cost and what competitors are charging for the same item.

How have you benefited from marketing?

Creates loyalty and trust, with both your current customers and prospects

Selling

Customers receive the goods and services they want

What are some ways marketing benefits customers?

Develops lasting relationships with your audience. Improves brand awareness and recognition. Creates loyalty and trust

Which economic utility involves making products?

Form

Marketing Information Management

Gathers, stores, and analyzes customer trends and competition.

What is the difference between goods and services? Give two examples of each.

Goods are items that have monetary value and satisfies one's needs and wants. Services are intangible items that have monetary value and satisfies your needs and want. Good=Cookies Services= Go cart racing

Channel management

How to get goods and services to customers

What does the price of a product tell customers?

How well the product was made and how good the quality is/was.

How does price relate to successful marketing?

If the price is too high then people are going to buy it and if the price is to low people will think that it is low quality.

Promotion

Informs current and potential customers on a business's products or services.

Product/Service Management

Maintains and improves a product in response to market opportunities, new trends

Marketing researchers use consumer surveys, public opinion polls, and Census Bureau data as some of their tools for segmenting a market. At times, consumers are unaware that marketers are collecting rather detailed information about potential customers. Is market research an invasion of privacy or an essential tool for satisfying customers' needs and wants?

Market research is an essential tool for satisfying customers' needs and wants

Product, Place, Price, and Promotion )the 4 P's) are all known as the

Marketing Mix

How would the world be different if marketing did not exist?

Places and people would be disconnected from each other. Our nation would have difficulty linking producers with customers. As a result, businesses would suffer and possibly close. Customers would be forced to fend for themselves.

Before checking out of her hotel, Carrie filled out a survey about how the service was. This is an example of which marketing function?

Products/ service management

Jared asked his mom to buy him Coco Puffs after watching a TV commercial. To which group does he belong?

Target Market

Market Planning

Targets specific marketing strategies

What is the philosophy behind the Marketing Concept?

The organization should strive to satisfy its customers' wants and needs while meeting the organization's goals

How is customer satisfaction central to the marketing concept?

The purposes of marketing centers very much upon creation of value and a long-term customer relationship.

How does marketing help to lower prices? (Hint: think about the benefits of marketing for the economy that we talked about in class).

There is competition between the stores which means lower prices for the consumer and better products.