Unit 1 - Marketing Review | Study Guide

University:
West High School California
Course:
Physical Science
Academic year:

2023
Views:

148

Pages:

2
Author:

Charvika Dineshkumar

Concepts: What is marketing? - - - - - - - - - - - Marketing - dynamic activities that focus on the customers to create profit. The goal of marketing is to find the needs and wants of customers, and then satisfy them with a product that they can and will buy. Advertising and selling is the visible part of marketing, but marketing is NOT just advertising and selling. Dynamic = constantly changing The needs and wants of customers are constantly changing because of a few factors such as aging, new trends, new technology, etc. So the marketing always changes in order to meet the needs of the customer, so the customers can buy the product. Can marketing satisfy everyone’s needs and wants? OF COURSE NOT! This is where the target market comes into play. Target market is a specific group of people whose needs are what the business focuses on satisfying. Relationships are KEY in Marketing! Researchers have shown that it is less costly to keep an existing customer than getting a new customer. So customer loyalty and relationship matters. Few ways businesses maintain these relationships are through: ● Follow-ups - make sure the product continues to work after it has been bought. ● Birthday greetings (via emails or text) ● Sales Items ● Reward programs (frequent buyer programs) All these lead to CUSTOMER LOYALTY Marketing Mix - 4P’s 1. Product - Anything that can be bought or sold a. Goods - items of value that are produced. (tangible) b. Service - an action done for you (intangible) c. Idea - intellectual capital that can be marketed. 2. Place - Making the product available for the consumers. a. When will the product be available? b. Where will the product be available? c. How will the product be available? Location! Location! Location! - Must be convenient in availability. Distribution - is the process where the business physically distributes the product to the consumer; includes storing, shipping, inventory, and stocking. Availability is Key! Because if your products are great but the consumers don’t know where its available then they will buy the products from your competitors.