Lesson+01

=Lesson 1 - Introduction to Marketing= Important Terms for this Lesson


 * Marketing ||  The creation and maintenance of satisfying exchange relationships  ||
 * Marketing Mix ||  Describes how a business blends the four marketing elements, which are product, price, place, and promotion  ||
 * Product ||  What a business offers customers to satisfy needs (can be either goods or services)  ||
 * Place ||  Involves the locations and methods used to make products available to customers  ||
 * Price ||  The amount that customers pay for products  ||
 * Promotion ||  Describes ways to encourage customers to purchase products and increase customer satisfaction—includes advertising, publicity, personal selling, and public relations  ||
 * Satisfying Customer Needs ||  The most important aspect of marketing  ||
 * Product-Service Management ||  Designing, developing, maintaining improving, and acquiring products or services so that they meet customer needs  ||
 * Distribution ||  Determining the best way to get a company’s products or services to customers  ||
 * Selling ||  Includes direct and personal communications with customers to assess and satisfy their needs.  ||
 * Marketing-Information Management ||  Gathering and using information about customers to improve business decision making—research  ||
 * Financing ||  Requires a company not only to budge for its own marketing activities, but also to provide customers with assistance in paying for the company’s products or services  ||
 * Pricing ||  Is the process of establishing and communicating the value or cost of goods and services to customers  ||
 * Opportunity Cost ||  The cost of passing up the next best choice when making a decision  ||
 * Sports Marketing ||  Using sports to market products  ||
 * Target Market ||  A specific group of people you want to reach  ||
 * Demographics ||  Objective characteristics of consumers such as age, income, education, sex, or occupation  ||
 * Psychographics ||  Dividing markets into segments on the basis of consumer lifestyles.  ||
 * Gross Impression ||  The number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer.  ||
 * Disposable Income ||  Income that can be spent freely  ||