BMF- Marketing Flashcards
(16 cards)
Marketing
the process of developing, promoting and distributing products to satisfy customers’ needs and wants
The Marketing Mix
the consumer is at the core of all marketing activities
The 4 P’s
Product, Price, Place, Promotion
The Marketing Concept
satisfy the customer/consumer’s needs and wants while making a profit
Distribution
moving and handling a product on its way from Product to Consumer
Distribution Channel
the path a product takes from producer to consumer
Direct Distribution
product travels straight from producer to consumer*no middle man
Indirect Distribution
middlemen are used to get the product from producer to consumer
Member of the Distribution Channel
Producer- makes the product
Wholesaler- buys and resells product
Agent- never owns the product, brings the buyer and sell together
Retailer- sells to the ultimate user of the product
Distributor- never owns the product, but physically moves the product
Consumer- final user of the product
7 Steps of Selling
Prospecting- locating potential customers
Pre-approach- preparing to meet customer
Approach- Initial physical contact with customer
Sales Presentation- features & benefits
Handling Objections- answering questions
The Close- asking for the sale
The Follow-up- contacting customer after sale
Maslow’s hierarchy of needs
an individual must satisfy lower levels basic need before progressing on to meet higher level growth needs
Physiological
food, water, shelter and warmth
Safety
security, stability, and freedom of fear
Belonging
Love - family, friends, and spouse
Self- Esteem
achievement, mastery, recognition and respect
Self- Actualization
pursue inner talents, creativity and self- fulfillment
