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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