TEST: Know at least 2 definitions of marketing
Know the difference between Goods vs Services
Know: Raw Goods, Processed Goods, Finished Goods
Consumer Goods v.s. Industrial Goods
Functions of Marketing:
3)Marketing Information Management
5)Product Service Management
Businesses must satisfy customers’ needs and wants in order to make a profit.
Profit – the money earned from conducting business after all costs and expenses are paid.
Profit is the motivation for taking a risk.
•Imports: Items coming into a Country
•Exports: Items going out to a different Country
•Trade Surplus: When a Country Exports more than it Imports. This is good, you’re selling more than you are buying.
•Trade Deficit: When a Country Imports more than it Exports -This is bad, you’re buying more than you are selling.
Types of Ownership:
Sole Proprietorship, Partnership, Corporation
The 4P's and 4 C's
Product: Needs it addresses, specs, function, how it works, why it makes life easier etc
Price: Pricing Strategies
–Competition – basing your prices on those of the competition
–Penetration – making your price low while new just to get some business
–Bundle – putting the product/service with another item and bundling the prices
–Psychological – making the price say something about the quality of your product
Direct and Indirect Distribution
•A successful product or service means nothing unless the benefit of that product/service can be communicated to the Target Market
4C's that Match the 4P's