Overview 108 bam 105 introduction to business sales

Overview
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BAM 105 Introduction to Business
Sales and advertising are just a small part of the overall marketing process. Think of a
product that you buy often. You might not realize that everything about that product—from the
time 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 that
constitute 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 identifying
market segments. As the chapter unfolds, many variables surrounding both the consumer and
organizational markets are discussed. A focus is provided on distinguishing features between
products and services and the importance of branding and packaging. The chapter also discusses
the consumer buying process, organizational markets, and key considerations in the new product
development process. Finally, it looks at the challenges that arise in adopting an international
marketing mix and the ways in which small businesses can benefit from an understanding of the
marketing mix.

Key Terms
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BAM 105 Introduction to Business
The 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:

Summary
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BAM 105 Introduction to Business
Marketing is responsible for creating, communicating, and delivering value and
satisfaction to customers. Marketers must understand customers’ wants and needs because they
determine product features, timing, place, and terms of sale that provide utility and add value for
customers. While firms have control of internal factors there are five external factors that influence
their marketing program as well; political and legal, sociocultural environment, technological
environment, economic environment, and the competitive environment.
A marketing plan is a statement of all the future marketing activities and resources that
will be used to meet the desires and needs of customers so that the firm’s overall business mission
will be accomplished. The marketing strategy includes the Four Ps: product, pricing, place and
promotion. The specific activities of the each of the Four Ps are designed differently to best meet
the needs of each target market. A target market is a particular group of people or organizations on
which 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 attracting
customers in the chosen target segments.