Marketing 1 Final Exam Review – Flashcards
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marketing
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the process of planning, pricing, promotion, and distributing
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utility
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an attribute capable of satisfying a customer's wants and needs
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added value
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function of marketing, adds value to the product
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exchange
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transaction between two individuals, money, or products
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target marketing
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group identified for a specific marketing program
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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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mass marketing
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single marketing plan to reach all customers
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time utility
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having product available at certain times
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information utility
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communicate necessary information to customers
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form utility
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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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possession utility
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the exchange of product for money
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factors of production
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land, labor, capital, entrepreneurship
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land
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everything contained in the earth or found in the seas
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labor
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all the people who work
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capital
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money to start and operate a business
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resources
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all the things used in producing goods and services
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Geographics
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segmentation of the market based on where people live
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Demographics
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statistics that describe a population in terms of personal characteristics such as age, gender, income, marital status, ethnicity, education, and occupation
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psychographics
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studies of consumers based on social and psychological characteristics
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product benefits
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benefit received by customers from owning a product
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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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marketing mix
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the four basic marketing strategies, called the 4 Ps: product, place, price, and promotion
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mixed economy
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all economies in the world today are mixed; government interferes with the free market
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command economy
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a system in which the country's government makes economic decisions and decides what, how, and for whom products and made and distributed
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customization
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the process of creating products or promotions for certain countries or regions
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protectionism
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a governments establishment of economic policies that restrict imports to protect domestic industries
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WTO
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a global coalition of more than 140 governments that makes rules governing international trade
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GATT
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reduced tariffs created a common set of trading rules
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NAFTA
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an international trade agreement among the U.S., Canada, and Mexico
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Federal Reserve Board
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government organization that independently monitors the economy and interest rates
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Contract manufacturing
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the process of hiring a foreign manufacturer to make products according to certain specifications
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Foreign direct investment
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investments in factories, offices, and other facilities in another country that are used for a business's operations
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public sector
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local, state, and federal government agencies and services, such as public libraries and state universities
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balance of trade
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the difference in value between a nation'a exports and its imports
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tariffs
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a tax on imports, also known as a duty
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imports
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goods and service purchased from other countries
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exports
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goods and service sold to other countries
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embargo
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a total ban on specific goods coming into and leaving a country
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quota
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a limit on either the quantity or monetary value of a product that may be imported
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deficit
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when a country buys more than it sells
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protective tariff
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a high tax on imports to help domestic business
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ethical behavior
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basic value and moral principles that guide the behavior of individuals and groups
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trademark
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a brand name, brand mark, trade name, trade character, or a combination of these elements that is given legal protection by the federal government
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production
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the process of creating, expanding, manufacturing, or improving on goods and services
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selling
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providing customers with goods and services they want
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generation y
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sons and daughters of the late baby boomers
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standard of living
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a measurement of the amount and quality of goods and services that a nation's people have that reflects their quality of life
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trade surplus
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more exports than imports
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surplus
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supply exceeds demand
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supply
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amount of goods producers are willing to make and sell
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demand
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consumer willingness and ability to buy products
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recovery
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a period of renewed economic growth
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inflation
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a period of rising prices
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incentive
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producers earned or given away through contests, sweepstakes, and rebates
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derived demand
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the demand for industrial goods based on the demand for consumer goods and services
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risk
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the potential for loss or failure
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monopoly
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1 business that controls the product
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shortage
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more demand than supply
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productivity
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the output per worker hour that is measured over a defined period of times, such as a week, month, or year
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infrastructure
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physical development of a country
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prosperity
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when the economy is flourishing, also known as expansion
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recession
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a period of economic slowdown that lasts for at least 6 months
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depression
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a period of prolonged recession
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scarcity
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the difference between wants and needs and available
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wholesalers
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channel of distribution that obtains goods from manufacturers and resells them to industrial users, other wholesalers, and retailers
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GNP
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Gross National Product: the total dollar value of goods and services produced by a nation, including the goods and services produced abroad by U.S. citizens and companies
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Non-profit organization
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an organization that can function like a business but uses the money it makes to find the cause identified in its charter
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monopolies
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1 business that controls the product
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Capitalist economy
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an economic system based on private ownership of capital
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Market economy
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no government involvement in economic decisions
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customer profiles
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a list of of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle, and geographic residence
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disposable income
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the money left over after taxes are taken out of a consumer's income
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discretionary income
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the money left over from a consumer's income after paying for basic living necessities such as food, shelter, and clothing
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external opportunities
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opportunities found outside of the company
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implementation
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putting the marketing plan into action and managing it
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environmental scan
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an analysis of outside influences that may have an impact on an organization
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executive summary
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a brief overview of an entire marketing plan
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specialization
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creating a product for individuals
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customer
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a consumer who buys a product
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consumer
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a person who purchases goods or services for personal use
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goods
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tangible items of monetary value that satisfy needs and wants
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products
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a good sold by suppliers
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services
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intangible items of monetary value that satisfy needs and wants
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product decisions
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naming products and deciding how to match the target markets' needs
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price decisions
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finding out what customers are willing to pay and taking into account what the competition charges as well as what price to sell a product to change industrial customers as well as resellers
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place decisions
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determine how and where a product will be distributed and decide which transportation methods and what stock levels are most effective
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promotion decisions
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deal with how potential customers will be told about a company's products, including the message, special offers, and timing
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distribution
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the process of deciding how to get goods in customers' hands
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product/service management
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obtaining, developing, maintaining, and importing a product
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positioning
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the image a product projects that sets it apart from competition
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product planning
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making decisions about the features and service of a product or idea that will help sell that product
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free enterprise system
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a system that encourages individuals to start and operate their own businesses in a competitive market without government involvement
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price competition
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the sale price of a product-the assumption that consumers will buy the product with the lowest price
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non-price competition
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competition based on factors that are not related to price (product quality, service and financing, business location and reputation)
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licensing agreement
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letting another company use a trademark, patent, special formula, company name or some other intellectual property for a fee or royalty
