University:
University of Florida
Course:
MAR 3023 | Principles Of Marketing
Academic year:

2022
Views:

379

Pages:

3
Author:

esfredint7qo

Marketing: ● The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing Concept 1. Desires 2. Needs a. Determine b. Anticipate c. Satisfy The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business. 44 The global economy ● Marketers are found at every level of business. ● Nearly all business decisions have a marketing element. ● Marketing changes the: ○ Number, (increased variety) ○ Quality, (better quality because of competition) ○ And price (lower prices because of competition) ■ Of products that you can buy Marketing Core functions ● Channel management ○ Decides how to get goods to customers ● Marketing information management ○ Gathers, stores, and analyzes customers trends, and competition ● Market planning ○ Targets specific marketing strategies ● Pricing ○ Based on costs and on what competitors charge for the same product or service ● product/service management ○ Maintains, and improves product mix in response to market opportunities ● Promotion ○ Informs currents and potential customers about a business products or services ● Selling ○ Customers receive goods they want Fundamental of Marketing Market: all people who share similar needs and wants and who have the ability to purchase a given product. Consumer market: consumers who purchase goods and services for personal use. Organizational market: also known as businesses-to-business (B2B) this includes all businesses that buy products for use in their operations. Market share: a company's percentage of total sales volume generated by all companies that compete in a given market. ● If a company is doing bad ○ Merge ○ Innovate Market segmentation: the process of classifying people who form given market into even smaller groups Target market: the group of people most likely to be customers Developing Procuts New Product Development Process ● Generating product ideas ● Evaluating product ideas ● Researching product ideas Market research process ● Identify problem ● Collect data ● Analyze data ● Report results