Marketing is the process of intentionally stimulating demand for and purchases of goods and services; potentially including selection of a target audience; PDF

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Marketing is the process of intentionally stimulating demand for and purchases of goods and services; potentially including selection of a target audience;...

Description

Marketing The creation and maintenance of satisfying exchange relationships Marketing Concept Using the needs of customers as the primary focus during planning, production, distribution, and promotion of a product or service Market The prospective customers a business wants to serve and the location of those customers Marketing Mix Blending the four marketing elements (product, distribution, price, and promotion) by the business. Product Anything offered to a market by the business to satisfy needs, including physical products, services, and ideas Production The business function that creates or obtains products or services for sale Price the actual amount customers pay and the methods of increasing the value of the product to the customers Relationship Marketing focuses on developing loyal customers who continue to purchase from the business for a long period of time Distribution (place) The locations and methods used to make the product available to customers Bartering Exchanging products or services with others by agreeing on their values without using money Which marketing function involves designing and developing products and services? Product/Service Management Which marketing function establishes the value of products and services? Pricing Which marketing function develops procedures so customers are able to locate, obtain, and use products and services? Distribution...