This document defines key marketing terms and the marketing mix. It lists nine basic marketing terms: marketing, consumer, needs, wants, market, target market, customer, goods, and services. It then explains each term. The marketing mix is defined as the combination of product, price, place, and promotion decisions that a business makes to reach its target market. Product, price, place, and promotion are collectively known as the "Four Ps" of marketing.
This document defines key marketing terms and the marketing mix. It lists nine basic marketing terms: marketing, consumer, needs, customer, wants, goods, market, services, and target market. It defines each term. The marketing mix is explained as the four Ps: product, price, place, and promotion. Each P is defined in the context of marketing decisions. The goal is to help the reader understand and remember these essential marketing concepts.
The document outlines the modules covered in a marketing course over 45 lectures. It includes 4 main modules that cover topics such as introduction to marketing, marketing decisions, key marketing dimensions, and marketing strategies. Some of the specific topics discussed are marketing mix, product life cycle, branding, pricing, promotion, sales management, rural marketing, and digital marketing.
This chapter introduces marketing and outlines the marketing process. It defines marketing as managing profitable customer relationships by creating value for and building relationships with customers. The marketing process involves understanding customer needs, designing a customer-driven strategy to satisfy those needs, implementing an integrated marketing program, building customer relationships, and capturing value from customers. It discusses different marketing management orientations such as production, product, and marketing concepts, and how a customer-driven strategy is developed by selecting target customer segments and creating a value proposition.
This document defines marketing and discusses its core concepts. Marketing is defined as managing profitable customer relationships by attracting new customers and growing current customers. The core concepts of marketing include understanding customer needs, wants and demands; developing offers that provide value and satisfaction to customers; facilitating exchanges and relationships; and understanding relevant markets. The document also discusses different marketing management orientations such as production, product, selling, marketing, and societal concepts. It emphasizes that the marketing concept focuses on customer needs to achieve organizational goals.
The document provides an overview of key concepts in marketing. It defines marketing as managing profitable customer relationships and outlines the marketing process as understanding customer needs, designing a customer-driven strategy, implementing a marketing program, building customer relationships, and capturing value from customers. The document also discusses important concepts like customer relationship management, value proposition, segmentation, and major trends changing marketing like technology and globalization.
This document defines key marketing terms and the marketing mix. It lists nine basic marketing terms: marketing, consumer, needs, wants, market, target market, customer, goods, and services. It then explains each term. The marketing mix is defined as the combination of product, price, place, and promotion decisions that a business makes to reach its target market. Product, price, place, and promotion are collectively known as the "Four Ps" of marketing.
This document defines key marketing terms and the marketing mix. It lists nine basic marketing terms: marketing, consumer, needs, customer, wants, goods, market, services, and target market. It defines each term. The marketing mix is explained as the four Ps: product, price, place, and promotion. Each P is defined in the context of marketing decisions. The goal is to help the reader understand and remember these essential marketing concepts.
The document outlines the modules covered in a marketing course over 45 lectures. It includes 4 main modules that cover topics such as introduction to marketing, marketing decisions, key marketing dimensions, and marketing strategies. Some of the specific topics discussed are marketing mix, product life cycle, branding, pricing, promotion, sales management, rural marketing, and digital marketing.
This chapter introduces marketing and outlines the marketing process. It defines marketing as managing profitable customer relationships by creating value for and building relationships with customers. The marketing process involves understanding customer needs, designing a customer-driven strategy to satisfy those needs, implementing an integrated marketing program, building customer relationships, and capturing value from customers. It discusses different marketing management orientations such as production, product, and marketing concepts, and how a customer-driven strategy is developed by selecting target customer segments and creating a value proposition.
This document defines marketing and discusses its core concepts. Marketing is defined as managing profitable customer relationships by attracting new customers and growing current customers. The core concepts of marketing include understanding customer needs, wants and demands; developing offers that provide value and satisfaction to customers; facilitating exchanges and relationships; and understanding relevant markets. The document also discusses different marketing management orientations such as production, product, selling, marketing, and societal concepts. It emphasizes that the marketing concept focuses on customer needs to achieve organizational goals.
The document provides an overview of key concepts in marketing. It defines marketing as managing profitable customer relationships and outlines the marketing process as understanding customer needs, designing a customer-driven strategy, implementing a marketing program, building customer relationships, and capturing value from customers. The document also discusses important concepts like customer relationship management, value proposition, segmentation, and major trends changing marketing like technology and globalization.
The document summarizes key aspects of managing a sales force as discussed in Chapter 1. It outlines six common sales positions, from deliverer to solution vendor. It also discusses designing the sales force structure, including territorial versus product/market structures. Finally, it covers recruiting, training, supervising, motivating and evaluating sales representatives.
This document discusses marketing management and the objectives of marketing. It outlines five major objectives: 1) creation of demand, 2) customer satisfaction, 3) market share, 4) generation of profits, and 5) creation of goodwill and public image. It also discusses topics like the scope of marketing and market orientation, including benefits like customer satisfaction and risks like consumer desires that are not cost effective.
The document provides an overview of fundamental marketing concepts and tasks for successful marketing management. It defines marketing as creating and delivering value for customers to benefit the organization. Marketing management is the process of choosing target markets and growing customer relationships. Key concepts include the marketing mix of product, price, place, and promotion. Successful marketing management requires developing strategies, insights, strong brands, and value while communicating with customers to create long-term growth.
The document discusses marketing mix and its key elements - product, price, place, and promotion. It provides details on product element, including meaning and definition of product, product levels from core to potential product, product concept and dimensions. The marketing mix combines these elements to meet customer needs through an optimum combination tailored to target markets.
The document defines marketing as managing markets to bring about exchanges to satisfy human needs and wants. It discusses key marketing concepts like understanding customer needs and wants in order to develop appropriate value propositions and integrated marketing programs. The marketing process involves understanding the market, designing customer-driven strategies, and building profitable customer relationships through activities like customer relationship management.
The document provides an overview of marketing, marketing management, and the marketing environment. It defines marketing as understanding customer needs and delivering value and satisfaction. Marketing management involves planning, organizing, and controlling marketing activities to create demand and generate profit. The marketing environment comprises internal factors within a company's control and external factors outside of its control that influence marketing operations. The external environment includes political, economic, social, technological, legal, and environmental factors. Understanding the marketing environment is important for identifying opportunities and adapting to changes.
The document discusses the system of sales and marketing in business. It describes the various departments needed for a business to operate successfully, including administration, accounting, production, and sales/marketing. Within sales and marketing, it outlines the roles of the director of sales and marketing, manager of marketing, assistant manager of marketing, manager of sales, and salesman. It emphasizes that sales requires a team effort involving various roles to achieve targets, maintain relationships with customers, understand market needs, and compete with other businesses.
This document discusses McDonald's marketing process and strategies. It explains that McDonald's evaluates market circumstances, develops marketing strategies and mixes, and executes and controls their plans. McDonald's orientation is focused on customers and satisfying their needs better than competitors. This benefits McDonald's but also increases some costs. The document also discusses how McDonald's considers micro and macro environmental factors that influence their marketing decisions, such as customers, competitors, suppliers, and economic, technological, demographic and political conditions in different regions.
1. Marketing is a process that includes planning, pricing, promoting, and distributing products and services to create exchanges that satisfy customer needs and organizational goals.
2. A target market consists of people with the desire and ability to buy a specific product that an organization aims to satisfy.
3. Environmental forces that affect marketing include social, economic, technological, competitive, and legal factors outside an organization's control.
Marketing involves identifying, anticipating, and satisfying consumer needs profitably through processes like creating customer interest in products and services, developing strategies for sales and business communication, and building strong customer relationships. It differs from selling which is just one part of marketing, and from advertising which is one tactic used in marketing. Key aspects of marketing include identifying consumer needs, focusing on profit, being ongoing, and responding to consumer reactions and changes. Marketing plays an important role in business success by helping promote products, reach changing customers, and compete effectively.
This document provides an overview of marketing principles and concepts. It defines marketing as creating value for customers and capturing value in return. The marketing process involves understanding customer needs in the marketplace. A customer value-driven strategy requires selecting target customers and developing a value proposition. Building customer relationships and loyalty over the long-term is key. The marketing environment comprises internal factors close to the company as well as larger societal forces that affect marketing opportunities.
This document discusses key marketing concepts including the market, marketing, needs, wants, demand, and the objectives and nature of marketing. It defines marketing as a social and managerial process of creating and exchanging products of value. The basic objective of marketing is to satisfy customer needs and wants in a way that profits the organization. Marketing aims to increase consumption, build goodwill, satisfy customers for profit, and improve quality of life.
The document discusses marketing definitions from various organizations and the importance and concepts of marketing. It provides 3 definitions of marketing: 1) activities involved in creating time, place and possession utilities (American Marketing Association); 2) planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges (American Marketing Association); 3) identifying, anticipating and satisfying customer requirements profitably (Chartered Institute of Marketing). It also discusses the marketing concept and different marketing management tasks including conversional, stimulational, developmental, remarketing, synchro, maintenance, demarketing, and counter marketing.
This document discusses key concepts related to marketing. It begins by outlining the features of marketing, including being customer-focused, aiming to satisfy customers, having objectives, and being both an art and a science. It then discusses the objectives of marketing such as creating demand, customer satisfaction, increasing market share and profits. The document also covers the importance of marketing for connecting consumers and producers, increasing living standards and national income, and creating employment. Finally, it distinguishes between marketing and selling, noting that selling focuses on exchanging products for cash while marketing involves broader demand generation activities.
The document discusses several marketing concepts including the marketing concept, production concept, product concept, selling concept, and societal marketing concept. It explains that the marketing concept focuses on satisfying customer needs to increase sales and profits. It also discusses the 4Ps of the marketing mix: product, price, place, and promotion. The marketing mix framework involves determining the right product, price, distribution channels, and promotional strategies to satisfy customers.
The document discusses five marketing approaches: production, product, marketing, societal marketing, and agribusiness marketing. It then covers the marketing mix, which includes the four Ps - product, price, place, and promotion. The marketing mix involves identifying customer needs and wants to develop products and services, set prices, distribute to appropriate locations, and promote offerings through advertising and other methods. The goal is to profitably satisfy consumer needs through an understanding of the market environment.
The document discusses five marketing approaches: production, product, marketing, societal marketing, and agribusiness marketing. It then covers the marketing mix, which includes the four Ps - product, price, place, and promotion. The marketing mix involves identifying customer needs and wants to develop products and services, set prices, distribute to appropriate locations, and promote offerings through advertising and other methods. The goal is to profitably satisfy consumer needs through an understanding of the market environment.
The document discusses five marketing approaches: production, product, marketing, societal marketing, and agribusiness marketing. It then covers the marketing mix, which includes the four Ps - product, price, place, and promotion. The marketing mix involves identifying customer needs and wants to develop products and services, set prices, distribute to appropriate locations, and promote offerings through advertising and other methods. The goal is to profitably satisfy consumer needs through an understanding of the market environment.
The document summarizes key aspects of managing a sales force as discussed in Chapter 1. It outlines six common sales positions, from deliverer to solution vendor. It also discusses designing the sales force structure, including territorial versus product/market structures. Finally, it covers recruiting, training, supervising, motivating and evaluating sales representatives.
This document discusses marketing management and the objectives of marketing. It outlines five major objectives: 1) creation of demand, 2) customer satisfaction, 3) market share, 4) generation of profits, and 5) creation of goodwill and public image. It also discusses topics like the scope of marketing and market orientation, including benefits like customer satisfaction and risks like consumer desires that are not cost effective.
The document provides an overview of fundamental marketing concepts and tasks for successful marketing management. It defines marketing as creating and delivering value for customers to benefit the organization. Marketing management is the process of choosing target markets and growing customer relationships. Key concepts include the marketing mix of product, price, place, and promotion. Successful marketing management requires developing strategies, insights, strong brands, and value while communicating with customers to create long-term growth.
The document discusses marketing mix and its key elements - product, price, place, and promotion. It provides details on product element, including meaning and definition of product, product levels from core to potential product, product concept and dimensions. The marketing mix combines these elements to meet customer needs through an optimum combination tailored to target markets.
The document defines marketing as managing markets to bring about exchanges to satisfy human needs and wants. It discusses key marketing concepts like understanding customer needs and wants in order to develop appropriate value propositions and integrated marketing programs. The marketing process involves understanding the market, designing customer-driven strategies, and building profitable customer relationships through activities like customer relationship management.
The document provides an overview of marketing, marketing management, and the marketing environment. It defines marketing as understanding customer needs and delivering value and satisfaction. Marketing management involves planning, organizing, and controlling marketing activities to create demand and generate profit. The marketing environment comprises internal factors within a company's control and external factors outside of its control that influence marketing operations. The external environment includes political, economic, social, technological, legal, and environmental factors. Understanding the marketing environment is important for identifying opportunities and adapting to changes.
The document discusses the system of sales and marketing in business. It describes the various departments needed for a business to operate successfully, including administration, accounting, production, and sales/marketing. Within sales and marketing, it outlines the roles of the director of sales and marketing, manager of marketing, assistant manager of marketing, manager of sales, and salesman. It emphasizes that sales requires a team effort involving various roles to achieve targets, maintain relationships with customers, understand market needs, and compete with other businesses.
This document discusses McDonald's marketing process and strategies. It explains that McDonald's evaluates market circumstances, develops marketing strategies and mixes, and executes and controls their plans. McDonald's orientation is focused on customers and satisfying their needs better than competitors. This benefits McDonald's but also increases some costs. The document also discusses how McDonald's considers micro and macro environmental factors that influence their marketing decisions, such as customers, competitors, suppliers, and economic, technological, demographic and political conditions in different regions.
1. Marketing is a process that includes planning, pricing, promoting, and distributing products and services to create exchanges that satisfy customer needs and organizational goals.
2. A target market consists of people with the desire and ability to buy a specific product that an organization aims to satisfy.
3. Environmental forces that affect marketing include social, economic, technological, competitive, and legal factors outside an organization's control.
Marketing involves identifying, anticipating, and satisfying consumer needs profitably through processes like creating customer interest in products and services, developing strategies for sales and business communication, and building strong customer relationships. It differs from selling which is just one part of marketing, and from advertising which is one tactic used in marketing. Key aspects of marketing include identifying consumer needs, focusing on profit, being ongoing, and responding to consumer reactions and changes. Marketing plays an important role in business success by helping promote products, reach changing customers, and compete effectively.
This document provides an overview of marketing principles and concepts. It defines marketing as creating value for customers and capturing value in return. The marketing process involves understanding customer needs in the marketplace. A customer value-driven strategy requires selecting target customers and developing a value proposition. Building customer relationships and loyalty over the long-term is key. The marketing environment comprises internal factors close to the company as well as larger societal forces that affect marketing opportunities.
This document discusses key marketing concepts including the market, marketing, needs, wants, demand, and the objectives and nature of marketing. It defines marketing as a social and managerial process of creating and exchanging products of value. The basic objective of marketing is to satisfy customer needs and wants in a way that profits the organization. Marketing aims to increase consumption, build goodwill, satisfy customers for profit, and improve quality of life.
The document discusses marketing definitions from various organizations and the importance and concepts of marketing. It provides 3 definitions of marketing: 1) activities involved in creating time, place and possession utilities (American Marketing Association); 2) planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges (American Marketing Association); 3) identifying, anticipating and satisfying customer requirements profitably (Chartered Institute of Marketing). It also discusses the marketing concept and different marketing management tasks including conversional, stimulational, developmental, remarketing, synchro, maintenance, demarketing, and counter marketing.
This document discusses key concepts related to marketing. It begins by outlining the features of marketing, including being customer-focused, aiming to satisfy customers, having objectives, and being both an art and a science. It then discusses the objectives of marketing such as creating demand, customer satisfaction, increasing market share and profits. The document also covers the importance of marketing for connecting consumers and producers, increasing living standards and national income, and creating employment. Finally, it distinguishes between marketing and selling, noting that selling focuses on exchanging products for cash while marketing involves broader demand generation activities.
The document discusses several marketing concepts including the marketing concept, production concept, product concept, selling concept, and societal marketing concept. It explains that the marketing concept focuses on satisfying customer needs to increase sales and profits. It also discusses the 4Ps of the marketing mix: product, price, place, and promotion. The marketing mix framework involves determining the right product, price, distribution channels, and promotional strategies to satisfy customers.
The document discusses five marketing approaches: production, product, marketing, societal marketing, and agribusiness marketing. It then covers the marketing mix, which includes the four Ps - product, price, place, and promotion. The marketing mix involves identifying customer needs and wants to develop products and services, set prices, distribute to appropriate locations, and promote offerings through advertising and other methods. The goal is to profitably satisfy consumer needs through an understanding of the market environment.
The document discusses five marketing approaches: production, product, marketing, societal marketing, and agribusiness marketing. It then covers the marketing mix, which includes the four Ps - product, price, place, and promotion. The marketing mix involves identifying customer needs and wants to develop products and services, set prices, distribute to appropriate locations, and promote offerings through advertising and other methods. The goal is to profitably satisfy consumer needs through an understanding of the market environment.
The document discusses five marketing approaches: production, product, marketing, societal marketing, and agribusiness marketing. It then covers the marketing mix, which includes the four Ps - product, price, place, and promotion. The marketing mix involves identifying customer needs and wants to develop products and services, set prices, distribute to appropriate locations, and promote offerings through advertising and other methods. The goal is to profitably satisfy consumer needs through an understanding of the market environment.
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1. Competency 1.00 - Objective
1.01: Remember the key
marketing terms and the
marketing mix.
1
Obj 1.01 Essential Questions
What are the key terms of marketing?
What is meant by the marketing mix?
2. Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing
mix.
2
Basic Marketing Terms
Nine basic marketing terms to further
understanding of marketing concepts:
-Marketing -Consumer
-Needs -Customer
-Wants -Goods
-Market -Services
-Target market
3. Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing
mix.
3
Basic Marketing Terms, cont..
Marketing:
– The process of developing, promoting, pricing,
selling, and distributing products to satisfy
customer’s wants and needs.
–Marketing involves all the activities necessary to get a
product from the manufacturer to the consumer.
–The goal of marketing is to attract new customers and
create a lasting relationship through customer
satisfaction.
4. Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing
mix.
4
Basic Marketing Terms, cont..
Needs: A necessity for living.
Wants: Products that are not necessities,
but are simply desired by the consumer.
Market: The group of potential buyers.
Target Market: The group of consumers a
business desires to have as customers.
Consumer: The person who uses the
product.
5. Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing
mix.
5
Basic Marketing Terms, cont..
Customer: The person who purchases the
product. In many cases, the customer is
also the consumer.
Goods: Products which are tangible items
that satisfy customer’s needs and wants.
Services: Products which are intangible
items that satisfy customer’s needs and
wants.
6. Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing
mix.
6
The Marketing Mix
A combination of decisions a business makes in
order to best reach its target market.
The marketing mix is also referred to as the
“Four Ps”:
Product
Price
Place
Promotion
7. Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing
mix.
7
The Marketing Mix
– Product - Include both goods and services.
– Price – The amount $$ a business charges
for a product.
8. Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing
mix.
8
The Marketing Mix
– Place – Having the product available at the
right time at a convenient location. Also
known as distribution or logistics.
– Promotion – Informing and reminding
customers of products available to them
and persuading them to purchase.
Consists of advertising, public relations,
sales promotion, and personal selling.
9. Competency 1.00 - Objective 1.01: Remember the key marketing terms and the marketing
mix.
9
What did you learn?
What are nine key marketing terms?
What is the marketing mix?
Identify a business and a product from a magazine ad
and use what you see and read in the ad to answer the
questions below. Use evidence in the ad to support
your answer. Tear out the ad and attach it to your
answer sheet.