Bus 101 Final Study Cards

Comparing your business to a competitors

Price - cost
Place - where its sold
Promotion - how to get word out about it
Product - what is being sold

Push - assuming customer is unable to make decision on their own, pushing information onto them, like car sales
Pull - make information available for customer to make their own decision

*To help buyers buy
*Set standards of quality relative to price
*Creating and communicating a product that has a set value for customers and society at large

1. 1860 -mass produce for profit
2. 1920s - over production, focus on persuasion
3. Post WW2 - baby boom, competition for the consumer's dollar
4. Consumer research to satisfy them

A physical good or idea to satisfy a need or want

Testing products among potential customers

Word, letter or phrase that differentiates one seller's goods from another

Small group of people under direction of a discussion leader to communicate opinions on products and issues

The mix of different marking methods used to promote products. ie radio, tv, web ads, newspaper, magazine

1. family, culture, social class
2. perception, motivation
3. previous experiences, social and physical surroundings

1. By city, region, state, physical location
2. By age, income, education
3. By values, attitudes, interests

Developing products and promotions to please a large market or group

1. Few customers
2. usually larger organizations as customers
3. geographically concentrated
4. Rational as opposed to emotional
5. Usually direct sales
6. Concentrated on Selling rather than Advertising

Based on costs to produce, then set price