JESSICA TIPTON

ISM-PERIOD 1
"Marketing 101: The Fundmentals." Marketing 101: The Fundmentals. N.p., n.d. Web. 11 Mar.
2016. <http://www.smallbizu.org/m101/>.

Marketing is the activity of satisfying needs and wants through exchanges

The goal of marketing is to understand the customer so the product/service can sell
itself
A good is a tangible item that can be sold
A service is what a customer benefits from that is intangible
An idea is a concept or images
Basis of marketing-needs, wants, and demands
Needs of humans are plentiful, they include food, clothing, warmth, safety, and
belonging
Wants are needs shaped by culture, and the individuals
Demands are wants of a customer backed by the ability to pay for those items
Marketing forces are what effect the marketing environment and include competition,
laws and regulations, economic/social conditions, and cultural factors
The marketing forces can drastically change businesses either positively or
negatively
Marketing Mix- activities that a marketing firm can control to create a response it
wants from its target market
The marketing mix variables, or 5 Ps, include
o Product-What you are offering to a target market, either a tangible item or
service
o Price-How much you are selling the product
o Place-The systems the product will go through to get sold
o Promotion-How to get your target markets attention to sell the product
o Positioning-How you present the product in stores to grasp the customers
attention
Secondary data-information that has been gathered from an outside source
o Less costly to gather
Primary data-information collected personally and intendent for research of the
product
o More costly to gather
o Can be conducted by observations, surveys, and experiments
Observation Method- watching people in a natural or artificial form
Survey Method- best for getting specific information
o Mailing questioners
o Telephone interviewing
o Individual interviewing
o Group interviewing
Experimental Method- splitting people in two groups, giving different products, then
measuring the differences
Microenvironment-immediate environment that directly effects the companys ability
to serve their clients
Macroenvironment-social conditions that affects everyone in the microenvironment
Distribution channel- the middle men that are factors that have an effect on the
company.
Price is considered a competitive tool to give an edge to a product
SEPTE stands for Social environment, Economic environment, Political and legal
environment, Technological environment, and Environmental issues

JESSICA TIPTON
ISM-PERIOD 1

This website was very helpful in describing the fundamental and basics of marketing
including marketing research, definitions of different parts of marketing, and methods of
gathering marketing research and was long enough to extract quality information.