Marketing Chapter 1 - Functions of Marketing
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Created by:
lpiotrowski on October 3, 2011
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24 terms
Terms | Definitions |
|---|---|
 marketing | process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers |
| goods | tangible items with monetary value |
| services | intangible items with monetary value |
| exchange | every time someone sells or buys something |
| marketing information management | Obtaining, storing, and analyzing information needed to make good business decisions |
| product/service management | Obtaining, developing, maintaining, and improving a product in response to the market |
| financing | Obtaining the money necessary to pay for setting up and operating the business |
| pricing | Determining how much to charge for goods and services in order to make a profit |
| promotion | Communication used to inform, persuade or remind potential customers about a business's products or services |
| selling | Providing customers with the products they want |
| channel management | Deciding how to get the products in the customers' hands |
| marketing planning | determining a target market and develop a plan to reach it |
| Distribution | determining the best methods and procedures to be used so prospective customers are able to locate, obtain and use the products and services of an organization. |
| self-sufficient | where people made everything they needed by themselves. |
| Bartering | exchanging products or services with others by agreeing on their values |
| Specialization of Labor | people discovered each had a certain kind of talent. This made it possible for people to produce larger quantities of a single product, therefore more of that product would be available to exchange with other people. |
| Money Systems | established the use of currency as a recognized medium of exchange. |
| Central markets | a location where people bring products to be conveniently exchanged |
| Operations | the ongoing activities designed to support the primary function of a business and to keep a business operating efficiently |
| Marketing Concept | ability to identify products and services that customer's want and then providing them at an affordable prices |
| 1900 - 1920's | Production Emphasis - people had limited money and spent on basic necessities. |
| 1930's - 1940's | Sales Era - emphasis on using advertising and sales people to convince customers to buy a product. |
| 1950's - 1960's | Marketing Dept Era - emphasis on developing many new marketing activities to sell products. |
| 1970's - today | Marketing Concept Era - emphasis on satisfying customers needs with a carefully developed marketing mix. |
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