2017 Marketing Final Exam Review – Flashcards
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Marketing
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The process of planning, pricing, promoting, selling, and distributing products to satisfy customers' needs and wants.
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Goods
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Tangible items of monetary value that satisfy needs and wants
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Services
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Intangible items of monetary value that satisfy needs and wants.
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Marketing Concept
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Businesses should satisfy customers' needs and wants while making a profit.
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Utility
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An attribute of a product or service that makes it capable of satisfying consumers' wants and needs
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Market
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People who share similar needs and wants and are capable of buying products.
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Consumer Market
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Consumers who purchase goods and services for personal use.
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Organizational Market
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Businesses that buy products to use in their operations; also called the business-to-business market
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Market Share
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A company's percentage of total sales volume generated by all competition in a given market
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Target Market
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A group of people identified as those most likely to become customers.
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Customer Profile
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list of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle, and geographic residence.
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Marketing Mix
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The four basic marketing strategies, called the four P's: product, place, price, and promotion
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Form Utility
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Type of utility that involves changing raw materials or putting parts together to make them more useful.
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Place Utility
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Type of utility that involves having a product where customers can buy it.
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Time Utility
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Type of utility that is having a product available at a certain time of year or a convenient time of day
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Information Utility
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Type of utility that involves communicating with the consumer.
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Channel Management
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distribution, the process of deciding how to get goods into customer's hands
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Market Planning
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Understanding the concepts and strategies used to develop and target specific marketing strategies to a select audience
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Marketing Information Management
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Gathering, storing, and analyzing information
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Pricing
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Deciding how much to charge for goods and services
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Product/Service Management
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Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities
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Promotion
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The effort to inform, persuade, or remind potential customers about a business's products or services.
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Possession Utility
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The exchange of a product for money
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SWOT Analysis
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An assessment of a company's strengths and weaknesses, opportunities and threats. All things that will make a company succeed or fail.
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PEST Analysis
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An analysis of a company's outside influences: political, economic, socio-cultural, and technology
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The Three C's
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An assessment of a company, its customers and its competition
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Company Analysis
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Analyzes staff, financial standing, production capabilities and marketing mix
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Competitive Analysis
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An analysis of a company's standing among its competitors
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Marketing Plan
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A formal written document that directs a company's activities for a specific period of time
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Executive Summary
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A brief overview of the entire marketing plan
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Situation Analysis
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A study of the internal and external factors that affect a marketing strategy
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Marketing Strategy
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Defines the target market and sets the marketing mix choices
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Sales Forecast
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A projection of probable future sales in dollars
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Performance Standard
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The expectations of a marketing plan's performance
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Market Segmentation
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Breaking down a market into identifiable groups
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Demographics
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Statistics that describe a population
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Disposable Income
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Money left after taking out taxes
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Discretionary Income
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Money left over after paying for basic necessities
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Geographic
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Segmentation based on where people live
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Psychographics
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Grouping people with similar attitudes, interests, lifestyles and opinions
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Mass Marketing
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Using a single marketing strategy to reach all customers
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productivity
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Output per worker hour that is measured over a defined time period.
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economy
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The organized way a nation provides for the needs and wants of people.
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gross domestic product
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The output of goods and services produced by labor and property located within a country.
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depression
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A period of prolonged recession.
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traditional economy
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An economic system in which habits, traditions, and rituals answer the basic questions of what, how, and for whom.
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gross national product
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The total dollar value of goods and services produced by a nation, including those produced abroad by U.S. companies.
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invest
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To commit (money or capital) in order to gain a financial return
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market economy
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An economic system in which there is no government involvement in economic decisions.
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inflation
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Rising prices
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approach
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Ideas or actions intended to deal with a problem or a situation.
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consumer price index
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Measures the change in price over a period of time of 400 specific retail goods and services used by the average urban household.
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recession
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A period of economic slowdown that lasts for at least six months.
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method
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A way of doing something, especially, a systematic way.
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command economy
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a system in which a country's government makes all economic decisions regarding what, how, and for whom.
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expansion
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A time when the economy is expanding.
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entrepreneurship
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The skills of people who are willing to invest their time and money to run a business; the process of starting and operating your own business.
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business cycle
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Recurring changes in economic activity.
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factors of production
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Resources that are comprised of land, labor, capital, and entrepreneurship.
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scarcity
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The difference between wants and needs and available resources.
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producer price index
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Measures wholesale price levels in the economy.
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theory
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a belief; an abstract thought or idea.
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infrastructure
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The physical development of a country, such as roads, ports, and utilities.
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recovery
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The term that signifies a period of renewed economic growth following a recession or depression.
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resources
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All the things used in producing goods and services; a source of aid or support that may be drawn upon when needed.
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private enterprise
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Business ownership by ordinary people, not the government.
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patent
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A document granting an inventor sole rights to an item or an idea.
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trademark
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A word, name, symbol, sound, brand name, brand mark, trade name, trade character, color, or a combination of these elements that identifies a good or service and cannot be used by anyone but the owner because it is registered with the federal government and has legal protection.
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copyright
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Anything that is authored by individual, such as writings (books, magazine articles, etc.), music, and artwork.
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competition
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A business relation in which parties compete to gain customers.
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price competition
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A focus on the sale price of a product. The assumption is that, all other things being equal, consumers will buy the products that are lowest in price.
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nonprice competition
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When businesses choose to compete on the basis of factors that are not related to price, including the quality of the products, service, financing, business location, and reputation.
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monopoly
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Exclusive control over a product or the means of producing it.
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business risk
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The potential for financial gain, loss, or failure.
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profit
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The money earned from conducting business after all costs and expenses have been paid.
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supply
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The amount of goods producers are willing to make and sell. The law of supply is the economic rule that price and quantity supplied move in the same direction.
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demand
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Consumer willingness and ability to buy products. The law of demand is the economic principle that price and demand move in opposite directions.
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purchase
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To acquire by means of a financial transaction.
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interact
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To act together or toward others or with others.
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domestic business
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A business that sells its products only in its own country.
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global business
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A business that sells its products in more than one country.
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for-profit business
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A business that seeks to make a profit from its operations.
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nonprofit organization
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A group that functions like a business but uses the money it makes to fund the cause identified in its charter.
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public sector
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Government-financed agencies, such as the Environmental Protection Agency.
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private sector
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Businesses not associated with government agencies.
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industry
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A group of establishments primarily engaged in producing or handling the same product or group of products or in rendering the same services.
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derived demand
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Demand in the organizational market that is based on, or derived from, the demand for consumer goods and services.
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wholesaler
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A business that obtains goods from manufacturers and resells them to organizational users, other wholesalers, and retailers, also called distributors.
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retailer
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A businesses that buys goods from wholesalers or directly from manufacturers and resells them to consumers.
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production
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The process of creating, growing, manufacturing, or improving on goods and services.
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management
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The process of achieving company goals by effective use of resources through planning, organizing, and controlling.
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finance
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The function of business that involves money management.
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accounting
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The discipline that keeps track of a company's financial situation.
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trend
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A general direction in which something tends to move; current style or inclination.
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generate
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To bring into existence; produce.
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communication
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The process of exchanging messages between a sender and a receiver.
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channels/media
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The avenues through which messages are delivered.
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feedback
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A receiver's response to a message.
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barriers
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Obstacles that interfere with the understanding of a message.
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setting
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Where communication takes place, including place, time sights, and sounds.
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distraction
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Something that competes with the message for the listener's attention.
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emotional barriers
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Biases against the sender's opinions that prevent a listener from understanding.
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jargon
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A specialized vocabulary used by members of a particular group.
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persuade
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To convince a person to change a perception in order to get him/her to do what you want.
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enumeration
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A listing items in order.
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generalization
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A statement that is accepted as true by most people.
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process
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A particular course of action intended to achieve a result.
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respond
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To reply or show a response or a reaction to something.
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enhance
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To increase; to make better or more attractive.
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sequence
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An order of steps; serial arrangements in which things follow in logical order or a recurrent pattern.
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self-esteem
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How you perceive your worth or value as a person.
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initiative
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Taking action and doing what needs to be done without being asked.
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time management
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Budgeting your time to accomplish tasks on a certain schedule.
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assertiveness
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Acting in a bold or self confident manner.
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flexibility
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The ability to adapt to changing circumstances.
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ethics
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Guidelines for good behavior; the basic values and moral principles that guide the behavior of individuals and groups.
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equity
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Equal rights and opportunities for everyone.
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negotiation
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The process of working with parties in conflict to find a resolution.
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empathy
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An understanding of a person's situation or frame of mind.
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teamwork
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Work done by a group of people to acheive a common goal.
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cross-training
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Preparing to do many different activities, such as for tasks on a team.
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consensus
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A decision about which all members of a team approve.
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agreement
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A specific commitment that each member of a team makes to the group.
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achieve
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To gain with effort.
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conflict
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A disagreement or argument about something important.
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perceive
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To become aware of through the senses.
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demonstrate
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To show by one's behavior, attitude, or external attributes.
