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Chapter 1: Marketing is All Around Us

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Marketing
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The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value to costumers, clients, partners, and society at large
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Goods
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Tangible items that have monetary value and satisfy your needs and wants, such as cars, furniture, televisions, and clothing
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Services
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Intangible items that have monetary value and satisfy your needs and wants
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Channel Management
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Also known as “Distribution” is the process of deciding how to get goods into the costumers hands
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Marketing Information Management
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Good business and decisions rely on good information about costumers, trends, and competing products
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Market Planning
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Involves understanding the concepts and strategies used to develop and target specific marketing strategies to select an audience
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Pricing
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How much to charge for goods and services in order to make a profit
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Product/Service Management
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Obtaining, developing, maintaining, and improving a product, or product mix in response to market opportunities
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Promotion
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The effort to inform, persuade, or remind current and potential customers about a business’ products or services
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Selling
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Provides costumers with the goods and services they want
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Marketing Concept
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The idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the business
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Utility
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Added value to economic terms
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Form Utility
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Involves changing raw materials into usable goods or putting parts together to make them more useful
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Place Utility
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Having a product where customers can buy it
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Time Utility
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Having a product or service available at a certain time of year or convenient time of day
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Possession utility
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The exchange of a product for money
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Information Utility
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Involves communication with the costumer
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Market
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All people who share similar needs and wants and who has the ability to purchase a given product
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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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Business to business (B2B) market includes all business that buy products for use of their operation
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Market Share
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The percent of total sales volume generated by all companies that compete in a general market
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Target Market
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The group that is noticed for a specific marketing program
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Customer Profile
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Lists information about the target market, such as age, gender, income level, etc.
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Marketing Mix
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The four P’s (Product, place, promotion, price)