Marketing Chapter 1 Flashcards

Key Marketing Concepts

• Marketing: Planning, pricing, promotion, selling, and distribution of ideas, goods, or services to create exchanges that satisfy customers.
• Goods: Tangible items with monetary value that fulfill needs and wants.
• Services: Intangible offerings that possess monetary value, meeting consumer needs and wants.

Marketing Strategies and Functions

• Marketing Concept: Focuses on satisfying customer needs and wants while ensuring profitability.
• Channel Management: Involves the logistics of distributing goods to customers, including storage and transport.
• Marketing Information Management: Process of gathering and analyzing data about customers, market trends, and competitors.
• Market Planning: Development of targeted marketing strategies for specific audiences.

Pricing and Product Management

• Pricing: Determining the selling price for goods and services to ensure profit.
• Product/Service Management: Activities related to obtaining, developing, and maintaining product offerings.

Promotional Activities

• Promotion: Efforts to inform, persuade, or remind customers about a business's products or services.
• Selling: The act of providing customers with the desired goods and services.

Understanding Utility

• Utility: Attributes of a product or service that satisfy consumer wants and needs, adding value.
  • Form Utility: Transforming raw materials or assembling parts for enhanced usefulness.
  • Place Utility: Availability of a product in a location accessible to consumers.
  • Time Utility: Ensuring products are available when needed, whether seasonally or at a convenient time.
  • Possession Utility: The act of exchanging products for money.
  • Information Utility: Providing communication and information to customers.

Market Analysis

• Market: All individuals who share common needs and wants and have the purchasing capacity for products.
• Target Market: A specific group identified as most likely to purchase a product.
• Customer Profile: Detailed information about a target market, including demographics, income, lifestyle, and geographic factors.

Marketing Framework

• Marketing Mix: The four essential strategies known as the four Ps: product, place, price, and promotion.
• Wants: Desires influenced by personality, experiences, and product information.
• Needs: Fundamental requirements for survival such as food, clothing, and shelter.