COMPARING MARKETING AND MARTKET (TLE) Flashcards
(15 cards)
Is a place where products, services, or commodities are introduced, sold, or distributed to customers or users.
Market
What are the THREE IMPORTANT COMPONENTS OF MARKET WORK
- Demand
- Supply
- Purchasing power
Is a set of activities that includes promoting, advertising, establishing relationships, packaging products, and creating value for products and services.
Marketing
What are the four basic variables in marketing?
- Product
- Price
- Promotion
- Place
Are the goods and services that satisfy the needs, requirements, and wants of customers.
Product
The prescribed value or cost that is commensurate to the quality of a product or service delivered.
Price
The process of publicizing or advertising a product or service so that customers may patronize it.
Promotion
The location where selling and buying take place.
Place
What are the 5 selling strategies an entrepreneur needs?
- Understand and know your product
- Show and tell
- Know your potential customers
- Obtain/take referrals
- Price competitively
The number one selling strategy is to know what you’re selling, including its features and benefits.
Understand and know your product
Customers always rely on the saying “to see is to believe.” Customers want to hear about the products and services.
Show and tell
Your buyers have different product preferences and priorities. If you know your target clients, you can readily identify their needs and priorities.
Know your potential customers
Maintaining your old customers can sustain the day-to-day operations of your business. Getting referrals for new customers can also increase sales and profits.
Obtain/take referrals
Pricing determines the success of your business. You should know the price of the commodities of other enterprises so you can place a price at par with them—not to high nor too low.
Price competitively
This is the last step in marketing where a purchaser enhances money to a supplier for a certain product or service.
Selling
