chapter 1 vocabulary marketing is all around us – Flashcards
Unlock all answers in this set
Unlock answersquestion
marketing
answer
The process of planning, pricing, promoting, selling and distributing products. The goal is to satisfy customers wants and needs
question
goods
answer
tangible items that have monetary value and satisfy the needs and wants of a customer
question
services
answer
intangible items that have monetary value and satisfy them once and needs of the customer
question
seven functions of marketing
answer
look below
question
distribution (Channel management)
answer
process of deciding how to get the product into the customers hands ex: trucks delivering a product
question
financing
answer
getting the money necessary to pay for setting up and running a business ex: credit cards
question
marketing information management
answer
gathering, analyzing, storing important information for the success of the business ex: research
question
pricing
answer
decisions to dictate how much to charge for goods and services in order to make a profit ex: $5
question
promotion
answer
The effort to inform persuade or my potential customers about a businesses products or services ex: advertising
question
product/service management
answer
obtaining, developing, maintaining, I am improving a product mix in response to market opportunities ex: ??? not sure
question
selling
answer
provide customers with the goods and services they want -this is the last function of marketing of the 7 listed above
question
marketing concept
answer
The idea that a business should strive to satisfy the customers needs and wants yet still generate a profit
question
why is it important for all personnel in an organization understand the marketing concept
answer
so everyone knows what they have to do in order to accomplish a common goal
question
utility
answer
The added value product has in economic terms
question
form utility
answer
The value of consumer sees in a finished product -stores make it easier for the consumer to purchase items ex: reclining chair
question
place utility
answer
The value see the location where you find your product. The value consumers put in where they purchase objects ex: retailers
question
Time utility
answer
making a product available at the right time of year or at a convenient time of the day ex: holidays
question
possession utility
answer
ability to aid customers in owning goods ex: credit cards
question
information utility
answer
Communication with the consumer -providing information to the customer about the product, showing it features and benefits, packaging is another way of communication of a product benefits ex: advertising
question
market
answer
people who share similar needs and wants and are capable of buying products
question
consumer market
answer
consumers to purchase goods and services for personal use
question
industrial market
answer
businesses that buy products to use in their operations; also called the business to business market
question
market share
answer
accompanies percentage of total sales volume generated by all competition in a given market
question
Target market
answer
A group of people identified as the most likely become customers
question
customer profile
answer
A list of information about the target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle, geographic residence
question
marketing mix
answer
The four basic marketing strategies: product, place, price, and promotion
question
idea
answer
The beliefs or feelings that an organization would like to convey or persuade a consumer
question
4 important areas of knowledge
answer
look below
question
Business management and entrepreneurship
answer
understanding the concepts that are important for the success of business
question
Communication and interpersonal skills
answer
understanding how to effectively interact with the customers, business partners, etc.
question
economics
answer
understanding the economic principles that are basic to marketing
question
professional development
answer
I didn't get to write definition down. Hopefully mom or dad will know the answer to this question. Ask later
question
customer relationships
answer
most important in today's marketplace
