| A | B |
|---|
| Marketing | is the process of developing, promoting, pricing and distributing products in order to satisfy customers’ needs and wants. |
| Marketing concept | That businesses become successful by directing all of their efforts to satisfying the needs and wants of the customers. |
| 7 Functions of Marketing | Marketing Information Management, Product/Service Management, Selling, Financing, Pricing. Promotion, & Distribution. |
| Markeitng Information Management | is obtaining information needed to make sound business decisions. |
| Product/Service Management | management involves concepts and procedures necessary to obtain, develop, maintain, and improve a product or service mix in response to market opportunities. |
| Financing | obtaining the money needed to finance the operation of a business. This includes bank loans and offering credit to customers |
| Pricing | determining a value to charge for goods and services. |
| Promotion | communication used to inform, persuade, or remind people about a business’s products |
| Selling (Personal Selling) | determining customer needs and wants and responding to those needs and wants through communication intended to influence purchase decisions and ensure satisfaction |
| Distribution | involves the transporting, storing and handling of goods on their way from the manufacturer to the consumer. |
| Marketing Mix (4P's) | Product, Price, Promotion, Place |
| Products | Goods, Services, & Ideas |
| Goods | Tangible Objects that can be touched , felt worn, or taken with you. |
| Place | Also known as Distribution |
| Services | Intagible items. Things that people or businesses do for you. |
| Ideas | Your thoughts about how to improve |
