Marketing EssentialsChapter 1:
Marketing Is All Around UsChapter SummariesSection 1.1 - Marketing is defined as the process of planning, pricing, promoting, selling, and distributing ideas, goods, and services to create exchanges that satisfy customers. There are seven Marketing Core functions: channel management, market planning, marketing information management, pricing, product/ service management, promotion, and selling.
- The marketing concept is a focus on customers' needs and wants while generating a profit.
Section 1.2 - Three benefits of marketing are new and improved products, lower prices, and added value (utility).
- Utility is the value that the functions of marketing add to a product or service. Five economic utilities are form, place, time, possession, and information.
Section 1.3 - A market is defined as all people who share similar needs and wants and who have the ability to purchase given products.
- The consumer market consists of consumers who buy goods and services for personal use. The industrial, or business-to-business, market includes businesses that buy products and services for use in their operations.
- Market share is a firm's percentage of the total sales in a given market.
- A target market is the group of people identified for a specific marketing program.
- The four Ps of the marketing mix are product, place, price, and promotion. Marketing decisions and strategies for the four Ps are based on the target market.
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