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Marketing

answer

process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create extanges that satisfy customers

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utility

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The added value in economic terms

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market share

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percentage of the total sales volume generated by all companies that compete in a given market.

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industrial market

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business-to-business (B-to-B) market includes all businesses that buy products for use in their operations.

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target market

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The group that is identified for a specific marketing program

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Goods

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tangible items that have monitory value and satisfy your needs and wants

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Services

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intangible items that have monitory value

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market place

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commercial environment in which trade happens

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business law (marketing core function)

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Understand business's responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions

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communications (marketing core functions)

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Understand the concepts, strategies, and systems used to obtain and convey ideas and information

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customer relations (marketing core functions)

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Understand the various techniques and strategies used to foster positive, ongoing relationships with

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economics (marketing core functions)

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Understand the economic principles and concepts fundamental to business operations

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emotional intelligence (marketing core functions)

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Understand techniques, strategies, and systems used to foster self-understanding and enhance

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entrepeneurship (marketing core functions)

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Understand theconcepts, processes, and skills associated with identifying new ideas, opportunities, and methods and with creating or starting a new project or venture

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financial analysis (marketing core functions)

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Understand tools,strategies, and systems used to maintain, monitor, control, and plan the use of financial resources

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human resouce managment (marketing core functions)

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Understand the tools techniques, and systems that businesses use to plan, staff, lead, and organize its human resources

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Information Management (marketing core functions)

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Understand tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business`

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marketing (marketing core functions)

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Understand the tools, techniques, and systems that businesses use to create exchanges and satisfy organizational objectives

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operations

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Understand the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continued business functioning

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professional development

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Understand concepts, tools, and strategies used to explore, obtain, and develop in a busi- ness career

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strategic management

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Understand tools, techniques, and systems that affect a business's ability to plan, control, and organize an organization/department

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channel management

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is the process of deciding how to get goods into customer's hands. Physically moving and stor- ing goods is part of distribution planning.

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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 a select audience.

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marketing information management

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rely on good information about customers, trends, and competing products. Gathering this information, storing it, and analyzing it are all part of marketing information man- agement.

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pricing

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dictate 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 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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selling

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provides customers with the goods and services they want. This includes selling in the retail market to you, the customer, and selling in the business-to-business market to wholesalers, retailers, or manufacturers.

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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 firm. The focus is on the customer. For an organization to be successful, all seven market- ing core functions need to support this idea.

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customer relationship management

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an aspect of marketing that combines customer infor- mation (through database and computer technology) with customer service and mar- keting communications.

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form utility

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involves changing raw materials 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 available at a certain time of year or a 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 consumer.

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market

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All people who share similar needs and wants and who have the ability to purchase a given product are called a

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consumer market

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consists of con- sumers who purchase goods and services for personal use. Consumers' needs and wants generally fall into a few categories that address their lifestyles.

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customer profile

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To develop a clear picture of their target market, businesses create a

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place

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The means of getting the product into the consumer's hands is the place factor of the marketing mix.

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people

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yolosweg human beings who are targeted in a certain market

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Account Conflict

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exists when an advertising agency handles two different client's brands of similar or competing products

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Account Manager

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Oversee the design, implementation, maintenance, and follow-up of all activities and programs involved with a customer business

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Across-the-Board

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A radio or television ad that is aired at the same time everday

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Action Advertising

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Advertising meant to invoke a quick response and action from a target audience

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Audience Delivery Data

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Estimates the number of individuals reached by an advertising media

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Backlit

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In outdoor advertising, a structure such as a billboard is lighted for the purpose of higher visibility

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Broadcast Media

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Electronic media such as television and radio

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Bulk Plan

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Committing to purchasing multiple radio ad slots over an extended period of time

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Bursting

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Scheduling the same commercial to run multiple times in a short period of time on the same station

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Canned Presentation

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A standard, all-purpose, and memorized sales pitch

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5 product utilities

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Form, place, time, posession, iformation

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Push vs. pull poliy

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Push~ busiess hinks product will sell Pull~ cusomers are attracted o product on the market already

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GDP

answer

Gross Domestic Product: Ouput of goods and services produced by labor and property

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Methods of distibution:

answer

Truck, Plane, ship (exclusive, selective, and inensive)

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3 economic questions

answer

Which goods? For whom? How sould they be produced?

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4 Factors of production

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Land, labor, capital, entrepenuer ship

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What are the economic philosophies?

answer

Capialism, communism, socialism

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4 P's of marketing?

answer

Poduc, Place, price and pomotion

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7 functions of marketing:

answer

Channel Marketing, Marketing Planing, marketing info. management, pricing, poduct service manaement, promotion and selling

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What is a comsumermarket?

answer

People who purchase goods and services for their personal use

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What is a targetmaket?

answer

people that are most likel to buy prduct

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What is an inustrial market?

answer

Businesses that buy products to use in their operations

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What is the Channel of Distributin?

answer

Path a product takes from manufacturer to final user

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Consumer Pomotions:

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Sales strategy

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Sales promotion:

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incentive that encourage buying (rade and Consumer)

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Segmentation:

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Classifying people who form a given market into smaller groups

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Marketing Concept:

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Customers choose what is sold on the market

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Trade Promo

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Design to get support for a poduc fom manufacturers, wholesalers, and retail

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Visual Merchandising:

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Physical elements that mechandises use to poject an image tocustomers

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advergaming:

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advertisments in web-based videogamesto promote product etc.

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adverising:

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impersonal one way mass communicaion abou a product: paid for by a marketer

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advertising appeal:

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a reason fo a peson to buy a product

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advetising campaign:

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related adveisiments focusing on a common theme, slogan, and set of advertising appeals

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advertising objective:

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specific communication task that a campaign should accomplish for audience

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adverising response funcion:

answer

promotion ad advertising increase sales o market sare up to a certain limit an ten produces diminishing returns

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Advocacy Advertising:

answer

advertising in which an organization expresses its viesws on a controversial issue

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audience selecivity:

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the abiliy of an advertising medium to reach a precisely defined market

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Cause-related marketing:

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promotes a product for a non-profit o a for-profit organization through a sponsorship or raises money for a cause (nonprofit)

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Comparitive advertising:

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compares two o more specifically named o shown competing brands on one or more specific atributtes

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competitive advertising:

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influences demand for a specific demand

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Continuous media schedule:

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scheduling strategy in which advetising is run steadily for a peiod of time

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cooperative advetising:

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an arrangement in which manufacturer and retailer spli he costs of adverising

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cost per contact:

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cost of reachin one member of thetarget market

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flighted media schedule:

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ads are un heavily one month o every two weeks to acieve greater impact

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frequency:

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# o ftimes an idividual is nexposed to a message

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insiutional advertising:

answer

fom o advertising o increase a companies image raher than promote a poduct

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media mix:

answer

combination of meda to be used fo a promotional campaign

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medium:

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channel used to cove a message to targe tmarket

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Sponsorship:

answer

a company spends money to support an issue cause or event that is consistent with corporate objectives (improving brand awareess o enhancing corporate image)

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