Intro to Marketing

• Marketing encompasses strategies for creating, communicating, and delivering value to customers.

Data Collection

• Primary data is original information gathered directly for a specific research purpose.
• Secondary data is existing information that has been previously collected for other purposes.

Marketing Mix

• The marketing mix consists of the 4 P's: Product, Price, Place, and Promotion, used to market a product.

Types of Goods

• Convenience goods are frequently purchased items with minimal effort.
• Shopping goods are purchased after comparing options.
• Specialty goods have unique characteristics and brand identification for which buyers make a special purchasing effort.
• Unsought goods are products that consumers do not know about or do not normally think of buying.

Eras of Marketing

• The four eras of marketing include: production, sales, marketing, and customer relationship.
• Customer relationship marketing focuses on building long-term relationships with customers.

Brand Power

• Brand loyalty is the tendency to repurchase the same brand continually.
• Brand awareness is the extent to which consumers are familiar with the qualities or image of a particular brand of goods or services.
• Brand association involves connecting a brand with certain qualities, attributes, or a lifestyle in the consumer's mind.

Total Product Offer

• A total product offer includes all benefits and features.

Product Line vs Product Mix

• A product line is a group of related products under a single brand.
• A product mix includes all the product lines offered by an organization

Breakeven Analysis

• Break-Even Quantity = Fixed Costs / (Sales Price per Unit – Variable Cost per Unit)

Product Distribution

• Market intermediaries are organizations that assist in moving goods and services from producers to end users.

Utility

• Utility is the benefit or satisfaction a consumer gets from a good or service.

Types of Utility

• Form utility is the value producers add by creating a finished product
• Time utility is making a product available when consumers need it.
• Place utility is making products available where consumers want them.
• Possession utility is the value of transferring ownership to the consumer.
• Information utility is providing information and instruction about the product.
• Service utility is providing service during and after the sale, and teaching customers how to best use products.

Intermediary Utility

• Intermediaries perform all six marketing utilities by bridging the gap between producers and consumers.

Wholesale Intermediaries

• Wholesale intermediaries facilitate transactions between manufacturers and retailers.

Nonstore Retailing

• Nonstore retailing includes shopping without visiting a store such as online, catalogs and vending machines.

Corporate Distribution Channels

• Corporate distribution channels are when a company owns the various stages of the distribution process.

Contractual Distribution Channels

• Contractual distribution channels are formal agreements between members to coordinate distribution.

Supply Chain Management

• Supply chain management oversees the flow of goods from raw materials to end consumer.

Logistics

• Logistics involves planning, implementing, and controlling the efficient flow and storage of goods, services, and related information.
• Materials handling relates to the movement of goods within a warehouse or distribution center.
• Outbound logistics relates to the movement of products from the company to the customer.

Modes of Transportation

• Major modes of transportation are railways, roadways, airways, waterways and pipelines.
• Railways carry the largest percentage of goods.
• Waterways are the least expensive transportation method
• Airways are the slowest transportation method