Download Marketing Chapter 1 Notes What is Marketing? Products

Marketing Chapter 1 Notes
What is Marketing?
Products- include goods and services
Goods- things that you can buy and hold in your hand
Services- things that you purchase that you can’t physically touch
Exchange – takes place every time something is sold
Functions of Marketing
Distribution – where and to whom products need to be sold in order to reach final users
Financing – getting money needed to play for operation of a business
Information Management – information obtained from Marketing research
Product/ Service Management – developing a product mix
Selling – determining and responding to customer needs, assisting them with their purchases
Utilities of Marketing
Form Utility – changing raw materials into something that makes it more useful to customers/
consumers.
Place Utility – having a product where customers can/ want/ conveniently purchase the product.
Whether physical location or online
Time Utility – having products available when customers want to purchase them; time or day, year, etc.
Possession Utility – How does a customer take possession of a product or service. Cash, check, finance
Paypal etc.
Information Utility – companies communication with the customer about the product or service
Marketing Chapter 2 Notes
Marketing Concept – business must satisfy customers needs and wants in order to make a profit
Consumers – the ultimate user of a product ex. Mom on Mother’s Day
Customers – the purchaser of the product ex. Mothers day flowers purchaser
Market – customers who share common needs, wants and have the ability to purchase the product
Target Marketing – focusing marketing decisions on a specific market i.e. Moutain Dew w Xtreme sports
Customer Profile – information about the target market
Marketing Mix – the 4 P’s of Marketing and how you use them Product, Place, Promotion, Price
Demographics – statistics that describe a particular market based on personal characteristics i.e. age,
ethnicity, income, gender
Psychographics – studies of consumers based on social and psychological characteristics i.e. workout,
dieters, ‘going green’, atkins diet
Trends – segmenting people by their leisure interests – politics, health, time, fun, etc.
Geographics – segmentation based on where people live. i.e. Northface probably sells more jackets in
NY than LA, they market accordingly
Marketing
Chapter 17 Notes
Promotion – paid form of communication to persuade, inform, or remind people about its products or
services
Promotional Mix – combination of the different types of promotion
Product Promotion – convince potential customers to buy products vs. competing products
Institutional promotion – creating a favorable impression of your business as opposed to promoting
products i.e. Companies that advertised their efforts after Hurricane Katrina.
Advertising – paid form of non personal presentation and promotion of goods and services
Sales promotion – marketing activities other than personal selling, advertising, and public relations
Public Relations – activity designed to create a favorable image toward a business
Publicity – placing positive and newsworthy information about a business
Push policy – convince a retailer to stock shelves with certain products
Pull policy – geared to ‘pull’ customers to want a product or service
Slotting allowances – cash paid to have products in a certain area of the store i.e. gum at the checkout
Buying allowances – giving a business a ‘hook up’ for purchasing more of your product i.e. buy 2 cases,
get 1 free
Sales Incentives – awards given to managers and employees who successfully meet or exceed a sales
quota.
Premiums – low cost items given to consumers at a discount or for free i.e. happy meal toys
Incentives – higher priced items given through contests, sweepstakes, and rebates i.e. Monopoly at
McDonalds
Promotional Tie Ins- promotional arrangements between 1 or more retailers or manufacturers
Loyalty Marketing Programs – Programs that get people to keep coming back to the same establishment
i.e. Shop Rite cards, VIP card at foot locker
News release – prewritten story about company written to media
Press Kit – folder containing articles, news releases, feature stories and more.
Press conference – meeting in which a business invites media members to hear an announcement about
newsworthy events.
Marketing Notes - Chapter 19
Print Media – written advertising that may be included in everything from newspapers, magazines, to
direct mail, signs, and billboards.
Newspaper advertising
Magazine advertising
Direct mail
Directory advertising
Outdoor advertising
Transit advertising
Broadcast media – include radio and TV
Online Advertising – involves placing advertising messages on the internet