Untitled Flashcards

Front

To market a product

successfully, a company

has to understand what

people want to buy and

why they want to buy it.

Back

A basic of marketing

Front

Market-

Back

a group of

customers who share

common wants and

needs.

Front

Marketing

Back

the process

of creating, promoting,

and presenting a product

or service to meet the

wants and needs of

consumers.

Front

Functions of Marketing

Back

Marketing:

- identifies customers, their needs, and how much effort it takes to meet those needs.

-creates products or services to ensure it meets

customers needs and wants and that it is priced correctly.

- is about communication with costumers and

their products or services and to keep them interested.

-is also responsible for listening to customers

and communicating back to the business about

improvements they can make to keep customers satisfied.

- is about delivering the product or service to the

consumer and keeping their experience enjoyable even

after the transaction.

Front

There are four activities, or

components, of marketing:

Back

Creating. The process of collaborating with

suppliers and customers to create offerings that

have value.

Communicating. Broadly, describing those

offerings, as well as learning from customers.

Delivering. Getting those offerings to the

consumer in a way that optimizes value.

Exchanging. Trading value for those offerings.

Front

4 FUNCTIONS

OF

BUSINESS that Assist in Marketing

Back

-Production-creates or obtains product

-Management-Develops, implements and obtains plans

-Accounting-Manages expenses and maintains financial statements

Front

7 functions to Marketing.

Back

1.Promotion—any effort to inform,

persuade, or remind potential

customers about a business’ products

or services.

2.Selling—providing customers with

the goods and services they choose to

buy.

3.Companies use relationship marketing to

build and maintain relationships with

4,Distribution-process of getting goods and services to customers (purchasing, stock

handling, inventory control, and physical distribution)

Redbox redefined the movie rental business by making movies available in

kiosks in local neighborhoods.

5.Financing—getting the money that is necessary for setting up and running a

business

Car dealerships offer in-house financing so they can make purchasing a car

simpler by eliminating the need to go to a bank.

6.Promotion—any effort to inform,

persuade, or remind potential

customers about a business’ products

or services.

7.Selling—providing customers with

the goods and services they choose to

buy.

Companies use relationship marketing to

build and maintain relationships with

customers.

Front

The 4 P's of Marketing

Back

The traditional way of viewing

the components of marketing is

via the four Ps:

1.Product. Goods and services

(creating offerings).

2.Promotion. Communication.

3.Place. Getting the product to a

point at which the customer

can purchase it (delivering).

4.Price. The monetary amount

charged for the product

(exchanging).

Front

SWOT analysis

Back

Strengths

What does you business do well, or that has you stand out against competitors.

Weaknesses

What are areas your business could focus on to improve?

Opportunities

What are potential opportunities ahead of you for success?

Threats

What can negatively affect you business from the outside?

Front

TYPES OF MEDIA:

Back

Newspapers

Magazines

TV

Direct-Mail (letters, flyers,

postcards, etc.)

Radio

Billboards

Transit

Jingles

Online (Banners, pop-ups, etc.)