Unit 6 Test

determining the best ways for customers to locate and obtain P Involves careful shipping and storing of products.

communicating with potential customers to determine & satisfy needs. Examples: face to face, phone, video conferences.

obtaining and using info to improve business decision making. Examples: marketing research & developing databases of info about customers

budgeting for marketing activities. Managing payment methods for customers and ensuring the business receives payment so operations may con

setting and communicating information about the value of P Price needs to be easily identifiable. What is a fair price?

communicating info about P to customers & encourage them to buy.

Product, place, promotion, price

Surveys, focus groups, observations, and experiments

Basic product - simplest form Product features - additions and improvements Options - choiceof features Packaging - protection and security

Intangible - no physical form Inseparable- consumed at time of production Perishable-availability must match demand Heterogenous-difference

money a customer pays

Products move from producer right to consumer

Involves wholesalers & intermediaries Retailers are the final member

(The route a product follows) Need for distribution channels: Quantity, assortment,location,and timing

the exchange of information so there is common understanding by all participants

Direct individualized communication with prospective customers

Any paid form of communication through mass media directed at a target market

the locations and methods used to make a product or service available to the target market

1. Idea development 2. Idea screening & evaluation 3. Marketing strategy development

4. Production and financial planning 5. Limited production and test marketing 6. Full-scale production

Emotional (based on feelings) and Rational (guided by thought)

Specific group of consumers who have similar wants and needs

The amount added to the cost of a product to set the selling price

A reduction from the original selling price Reasons: Low demand End of season Flaws

are persons who buy products and services mostly for their own use

organizations that buy products for the operation of a business or for resale to theircustomers

nvolves gathering new information specifically directed at your current problem

involves analyzing existing information gathered for another purpose to solve your current problem

Supply and Demand, Uniqueness, Age, Season, Complexity, COnvenience