Chapter 13: Marketing in Today’s World

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Market
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A group of customers who share common wants and needs
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Marketing
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The process of creating, promoting, and presenting,a product to meet the wants and needs of consumers
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Marketing Concept
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A plan for how to market a product for consumers
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Target Marketing
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Finding and analyzing potential customers for a product
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Relationship Marketing
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Building customer loyalty through good customer relations
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Marketing Mix
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The four main elements of marketing, also known as the four Ps: Product, place, price, and promotion
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Break-even Point
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The amount of money a company has to make on a product to pay for the cast of producing it
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Market Research
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Gathering and studying information about the buying habits of consumers to determine what goods and services to produce
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Demographics
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Facts about the population in terms of age, gender, income, and education
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Channel of Distibution
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A particular means of directing products from producers to consumers , such as a wholesaler, or retailer
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Direct Distribution
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Selling goods and services direstly from producers to consumers without using intermediaries
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Indirect Distribution
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moving goods from producers to consumers, using direct intermediaries
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Wholesaler
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A type of business that buys goods in large amounts and resells them to other businesses in smaller lots
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Retailer
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A businesss that sells goods or services directly to the public

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