M1 Flashcards
(43 cards)
Things a manager should do before and after deciding to produce and sell a bike:
○ Analyze Needs
○ Determine Wants
○ Identify Competition
○ Predict Designs
○ Determine Where
○ Decide Promotion
○ Estimate Price
○ Provide Service
Marketing is important to:
- Consumers
- To your job
- Innovation and standard of living
Performance of activities that accomplish objectives by anticipating customer or client needs and directing a flow of need- satisfying goods and services from producer to a customer or client.
Marketing
Marketing Key Characteristics
○ Profit and Nonprofit
○ More Than Persuasion
○ Begins with Needs
○ Doesn’t Do It Alone
○ Involves Exchanges
○ Builds Relationships
Nonprofit in marketing operates through
Sponsorships
Macro-Marketing key characteristics
○ Emphasis Is on Whole System
○ Every Society Needs It
○ Matches Producers and Consumers
Types of Marketing Discrepancies
○ Discrepancy of Quantity
○ Discrepancy of Assortment
occurs when the quantity produced by
manufacturers doesn’t match the quantity
desired by consumers.
Discrepancy of Quantity
arises when consumers want a variety of
products or services, but producers offer
only a limited range (example: brands)
Discrepancy of Assortment
Types of Marketing Separations
● Spatial Separation
● Separation in Time
● Separation of Information
● Separation in Values
● Separation of ownership
refers to the physical distance between the
producer and the consumer.
Spatial Separation
occurs when there is a gap between the
time products are produced and the time
they are needed by consumers.
Separation in Time
refers to the lack of communication or
information flow between producers and consumers. It involves difficulties in conveying information about product availability, features, or prices.
Separation of Information
occurs when there’s a mismatch between
the value of the product to the consumer and the perceived value from the producer’s perspective.
Separation in Values
when there is a gap between who legally owns a product and who has it in their possession
Separation of ownership
Universal Functions of Marketing
- Buying
- Selling
- Transporting
- Storing
- Standardization & Grading
- Financing
- Risk taking
- Market information
Raw products
Buying
From producer to consumer
Selling
Keeping products in a good condition (example: warehouses)
Storing
Quality Control
Standardization & Grading
Profit, investment, and etc/
Financing
Letting Consumers know the benefits of the product/service
Market Information
Who Performs Marketing Functions?
- Producers
- Consumers
- Intermediaries
- Collaborators
Who are the Intermediaries?
- Wholesalers
- Retailers
- Other Specialists
