What are the 7 functions of marketing?
- product and service management
- marketing information management
- financial analysis
a specific group of consumers who have similiar wants and needs
the blending of four marketing elements - product, distribution, price and promotion
aka 4 P's of marketing
persons who buy products and services mostly for their own use
persons, companies and organizations that buy products for the operation of a business, for incorporation into other products and services, or for resale to their customers
the reasons consumers decide what products and services to purchase
What are the 2 types of buying motives?
- emotional buying motives - purchases based on feelings, beliefs and attitudes (buying home security system to keep family safe, buying birthday gift for friend)
- rational buying motives - purchases based on facts and logic (buying cost effective car)
finding solutions to problems through carefuly designed studies involving consumers
What is the purpose of marketing research?
to find solutions to problems
What are some examples of marketing research?
- focus groups
What is the pricing formula used by businesses to find the selling price?
product costs + operating expenses + profit = selling price
the amount added to the cost of a product to set the selling price
a reduction from the original selling price
What does distribution entail?
involves determining the best methods and procedures to use so customers can find, obtain and use a product or service
the route a product follows and the businesses involved in moving a product fromt he producer to the final consumer
channel of distribution
any form of communication used to inform, persuade, or remind
Describe the communication process.
- begins with a person or organization (sender) that has info to communicate to another person or organization (receiver)
- sender chooses the way (communication channel) the info will be transmitted to the receiver
- sender decides the form in which the info will be sent - text, spoken words, pictures
- the receiver gets the info from the channel and interprets it for understanding (decoding)
- then the sender needs to have a response from the receiver (feedback) to be sure the communication achieved the desired result
- if the receiver understood the info and responds in a way the sender wanted, then communication was effective
any paid form of cumminication through mass media directed at identified consumers to provide info and influence their actions
What are the most common advertising media?
- mass mailings
- outdoor displays
non paid promotional cmmunication presented by the media rather than by the business or organization that is being promoted
an ongoing program of non paid and paid communications, is planned to favorably influence public opinion about an organization, marketing effort, idea or issue
includes activities and materials desinged to reinforce a company's brand and image