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Overview 108 bam 105 introduction to business sales

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Overview108BAM 105 Introduction to BusinessSales and advertising are just a small part of the overall marketing process. Think of aproduct that you buy often. You might not realize that everything about that product—from thetime it is created, produced, packaged, and shipped to you—involves various facets of marketing.This chapter explains the concept of marketing and discusses the five forces thatconstitute the external marketing environment. It also explains the purpose of a marketing plan,identifies the four components of the marketing mix, and discusses the necessity of identifyingmarket segments. As the chapter unfolds, many variables surrounding both the consumer andorganizational markets are discussed. A focus is provided on distinguishing features betweenproducts and services and the importance of branding and packaging. The chapter also discussesthe consumer buying process, organizational markets, and key considerations in the new productdevelopment process. Finally, it looks at the challenges that arise in adopting an internationalmarketing mix and the ways in which small businesses can benefit from an understanding of themarketing mix.
Key Terms109BAM 105 Introduction to BusinessThe key terms listed below are terms with which you should be familiar.Write your definition below each item. Check your answers at the end of this chapter.Advertising:Data mining:Integrated marketing strategy:Pricing:Product:Place (distribution):Promotion:Target Market:Value:Customer relationship management (CRM):Marketing:
Summary110BAM 105 Introduction to BusinessMarketing is responsible for creating, communicating, and delivering value andsatisfaction to customers. Marketers must understand customers’ wants and needs because theydetermine product features, timing, place, and terms of sale that provide utility and add value forcustomers. While firms have control of internal factors there are five external factors that influencetheir marketing program as well; political and legal, sociocultural environment, technologicalenvironment, economic environment, and the competitive environment.A marketing plan is a statement of all the future marketing activities and resources thatwill be used to meet the desires and needs of customers so that the firm’s overall business missionwill be accomplished. The marketing strategy includes the Four Ps: product, pricing, place andpromotion. The specific activities of the each of the Four Ps are designed differently to best meetthe needs of each target market. A target market is a particular group of people or organizations onwhich a firm’s marketing efforts are focused. Market segments are smaller parts of a target market,once these segments have been identified companies will adopt a variety of strategies for attractingcustomers in the chosen target segments.

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Term
Winter
Professor
NoProfessor
Tags
Business, Management, Test,

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