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Flashcards in marketing chapter 1 Deck (18):
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Marketing

The process of developing, promoting, AND distributing products to satisfy needs and wants

1

Why do you believe most people think marketing is just about an advertising, commercials, or packaging?

The general public only sees this part of the marketing process

2

Explain how marketing helps to lower the prices of products

When marketing increases demand for a product the fixed cost decreases per item

3

What are the 7 functions of marketing?
D
F
MIM
PSM
P
P
S

-Distribution
-Financing
-Marketing information management
-Pricing
-Product service management
-Promotion
-Selling

4

Distribution

Where and who should the products be sold to

5

Financing

The money you need to get in order to pay for the operation of a business

6

Marketing information management

Getting the necessary information to make business decisions

7

Pricing

Tell you how much to charge for goods and services

8

Product/ service management

Maintaining and improving your product

9

Promotion

Communicating with potential customers to inform, persuade, or remind them about your company

10

Selling

Providing customers with their goods and services that they want

11

Economic utilities

The value that producers and marketers add to raw materials when they make them into products and offer them for sale to public

12

What are the 5 marketing utilities?
F
I
T
P
P

Form utility
Information utility
Time utility
Possession utility
Place utility

13

Form Utility and give an example

The transition from parts to a product
A memory chip and camera pixels to an iPhone

14

Place utility give an example

Having a product where customers can buy it
Example is selling products directly to the customer in a catalog

15

Time Utility give an example

Having a product available at a time convenient for the customers
Example: retailers offer large supplies of winter coats in the late fall

16

Possession utility give an example

Paying for something
Example: paying with a credit card

17

Information utility

Providing information for your product in order to make the customer comfortable in buying your product
Example: car salesman points out features of cars

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