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Chapter 13 Marketing in Today’s World
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BASICS OF MARKETING: (abbreviated as MKTG) MARKET- a group of customers who share common wants and needs. (NOTE: they must also have the ability to purchase the product.) MARKETING- the process of creating, promoting & presenting a product to meet the needs & wants of consumers.
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MARKETING CONCEPT- a plan for how to market a product or service to consumers. TARGET MARKETING- finding & analyzing potential consumers for a product.
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FUNCTIONS OF MKTG: (1) distribution (2) financing (3) mktg information management (4) pricing (5) product/service management (6) promotion (7) selling
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Distribution: This involves moving goods & services from one place to the end user. Trucks, trains, airplanes and ships are possible transportation methods.
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Financing: Money is necessary to keep any business afloat. Businesses decide if customers can pay with credit or other payment options.
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Mktg Info. Mgmt: Making an informed decision requires good research and development. Companies conduct market research to learn more about their market. (Market research is discussed in more detail later in this chapter.)
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Pricing: Marketers have to figure out what price to charge for a product so the company makes a profit. Marketing needs to consider the impact of distribution, because each time a product goes through another channel of distribution the price goes up. (You’ll learn more about channels of distribution later in the chapter.)
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Product/Service Mgmt: Obtaining information, developing, and maintaining products helps marketers decide how to respond to market opportunities.
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Promotion: Communication through any type of media gets a business’s product out into the ands of the public.
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Selling: Retailers or the business-to-business market provides customers or industrial users with goods and services. A popular trend in today’s marketing world is RELATIONSHIP MARKETING- building customer loyalty through good customer relations.
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MARKETING MIX: The four main elements of marketing, also called the four P’s: product, place, price & promotion. BREAK-EVEN POINT: The amount of money a company has to make on a product to pay for the cost of producing it.
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The “Purple Cow” Principle:
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Product Development: MARKET RESEARCH- gathering and studying information about the buying habits of consumers to determine what goods and services to produce. DEMOGRAPHICS- facts about the population in terms of age, gender, income and education.
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Product Development: Generating Ideas Screening Ideas Developing a Business Proposal Developing the Product Test Marketing the Product Introducing the Product Evaluating Customer Acceptance
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Channels of Distribution CHANNEL OF DISTRIBUTUION- A particular means of directing products from producers to consumers, such as a wholesaler or retailer.
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Channels of Distribution DIRECT DISTRIBUTION- Selling goods and services directly from producers to consumers without using intermediaries. INDIRECT DISTRIBUTION- Moving goods from producers to consumers using one or more intermediaries.
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Channel Members (1) Distributors- This kind of intermediary represents a single manufacturer in a geographic area. (2) WHOLESALERS- A type of business that buys goods in large amounts and resells them to other businesses in smaller lots. (3) RETAILERS- A business that sells goods or services directly to the public.
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