is a two step process used to plan and market products
direct individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services
the locations and methods used to make a product or service available to the target market
What are the 7 marketing functions?
- product and service management
- marketing-information management
- financial analysis
the final business organization in an indirect channel of distribution for consumer products
_____ 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
the exchange of information so there is common understanding by all participants
____ promotion connumicates with many people at the same time with a common message
the route a product follows and the businesses involved in moving a product from the producer to the final consumer
channel of distribution
finding solutions to problems through carfully designed studies involving consumers
the specific sequence of steps consumers follow to make a purchase
consumer decision-making process
What are the two steps in a marketing strategy?
- first step is to identify a target market
- second step is to develop a marketing mix
_____ promotion communicates directly with each customer using info tailored to that person
the activity, set of institutions, and processes for creatng, communicating, delivering and exchanging offerings that have value for cutomers, clients, partners and society at large
What are the steps in the consumer decision making process?
- recognize a need
- gather info
- select and evaluate alternatives
- make a purchase decision
- determine the effectiveness of the decision
What is the formula that businesses use for setting the price of a product?
Selling price = Product costs + Operating expenses + Profit
a company's plan that identifies how it will use marketing to achieve its goals
any paid form of communication through mass media directed at identified consumers to provide information and influence their actions
the reasons consumers decide what products and services to purchase
a set of promotional activities designed to obtain sales in the retail setting
When the focus of a business is a ____ market, communication can be very specific to the needs of that group using media that are familiar to and trusted by those consumers
When the focus of a business is a target market, communication can be very specific to the needs of that group using media that are familiar to and trusted by those consumers
What are the steps in a marketing research study?
- define the marketing problem
- study the situation
- develop a data collection procedure
- gather and analyze info
- propose a solution
_____ are intangible activities that are consumed at the same time they are produced
the blending of the marketing elements
intangible activities that are consumed at the same time they are produced
the money a customer must pay for a product or service
a specific group of consumers that have similar wants and needs
What are the two major types of promotion?
- personalized promotion
- mass promotion
What are the components of a product?
- basic product
- product features
- brand name
- guarantee or warranty
an ____ ____ of distribution includes one or more other businesses between the producer and consumer. These other businesses provide one or more of the marketing functions.
a ___ _____ of distribution moves products from the producer directly to the consumer with no other organizations participating
_____ are tangible items that you can see and examine
any form of communication used to inform, persuade or remind