Marketing 1 Final Exam Review

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

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