Marketing Final Exam Review – Flashcards
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The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
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Marketing
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added value
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Utility
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the functions of marketing add value to a product. They make it more useful. UTILITY
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Added Value
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When a product is exchanged for money or product
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Exchange
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a specific group of consumers that have similar wants and needs
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Target market
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states that businesses must satisfy customers' needs and wants in order to make a profit
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Marketing concept
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using a single marketing plan to reach all customers
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Mass Marketing
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adding value to products by making them available WHEN they're needed
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Time utility
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the value added by INFORMING with the consumer. ex. displays, labels, manuals etc
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Information utility
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changing raw materials or putting parts TOGETHER to make them more useful.
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Form utility
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adding value to products by having them WHERE people want them
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Place utility
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Credit cards and installment plans make products more ATTAINABLE for some customers.
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Possession utility
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land, labor, capital, entrepreneurship
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Factors of Production
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everything on earth in its natural state
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Land
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all people working in an economy
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Labor
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money to start a business and goods and raw materials to run a business.
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Capital
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anything that is used to produce goods or services
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Resources
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Segmentation of a market based on WHERE people live.
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Geographic's
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statistics that describe a population in terms of personal characteristics like age, gender, income, education, and occupation.
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Demographics
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study of consumers based on lifestyle, attitudes, and PERSONALITY and values that shape it.
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Psychographics
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the positive experiences or associations people derive from using a product or service
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Product benefits
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A company's product sales as a percentage of total sales for that industry
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Market share
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includes four basic marketing strategies called the four Ps. Used in order to influence potential customers.
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Marketing mix
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lists information about the target market
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Customer profile
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the money left after taking out taxes. The money spent on necessities.
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Disposable income
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the money left after paying for all basic living expenses.
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Discretionary income
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Make the plan, Work the plan. Putting the marketing plan into action and managing it.
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Implementation
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an analysis of outside influences that may have an impact on an organization.
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Environmental scan
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a brief overview of the entire market plan.
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Executive summary
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Workers concentrate on producing those goods and services for which they have a competitive advantage.
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Specialization
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someone who pays for goods or services
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Customer
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a person who uses goods or services
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Consumer
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tangible products that we use to satisfy our wants and needs
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Goods
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things made to be sold
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Products
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intangible items that have monetary value and satisfy needs and wants
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Services
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what the customer needs or wants
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Product decision
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decision on pricing strategies
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Price decision
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decision on HOW the product reaches the customers
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Place decision
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decision how the company positions itself in the marketplace. The company's image.
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Promotion decision
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obtaining, developing, maintaining, & improving a product or product mix
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product/service management
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An economic system in which individuals depend on supply and demand and the profit margin to determine what to produce, how to produce, how much to produce, and for whom to produce.
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free enterprise system
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intense competition in which competitors cut the amount customers have to pay to gain business.
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Price competition
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competition based on factors that are not related to price.
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Non-rice competition
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statistic based on the amount of goods and services people can buy with the money they have.
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Standard of living
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occurs when a nation exports more than it imports
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Trade surplus
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Supply exceeds demand
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Surplus
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The amount of goods producers are willing to make and sell.
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Supply
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Consumer willingness and ability to buy products.
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Demand
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a period of renewed growth followed by a recession or a depression.
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Recovery
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rising prices
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Inflation
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The demand for industrial goods based on the demand for consumer goods and services.
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derived demand
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the chance that a business will fail
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Risk
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Exclusive control of a commodity or service in a particular market
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monopoly
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Demand exceeds supply
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Shortages
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output per worker hour. Per week, month year. Out/Workers x hours x weeks
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Productivity
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The physical development of a country.
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Infrastructure
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period of economic growth. EXPANSION
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Prosperity
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an economic downturn
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Recession
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prolonged recession
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Depression
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renewed growth
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recovery
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exists when wants and needs exceed resources
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Scarcity
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Channel of distribution that obtains goods from manufacturers and resells them to industrial users and retailers.
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Wholesalers
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total dollar value of all goods and services produced in a nation
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GNP
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nations that practice democracy and believe that political power is in hands of the people. Same as free market.
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Capitalism
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no government involvement. The market decides what, how and who.
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Market economy
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some government involvement in economic decisions. Regulation to protect business and consumers.
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Mixed economy
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a system in which the central government makes all economic decisions
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Command economy
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involves creating specially designed products or promotions for certain countries or regions.
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Customization
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a government's policies that restrict imports in order to protect domestic industries
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Protectionism
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a coalition of nations that makes rules governing international trade
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WTO
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a multilateral agreement that sought to promote freer trade among countries; predecessor to the WTO
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GATT
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North American Free Trade Agreement; allows open trade with US, Mexico, and Canada
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NAFTA
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Executive agency that is largely responsible for the formulation and implementation of monetary policy.
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Federal Reserve Board
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the process of hiring a foreign manufacturer to make products according to certain specifications.
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contract manufacturing
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the establishment of a business in a foreign country
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Foreign Direct Investment
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Local, state, and federal government agencies and services, such as public libraries and state universities
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Public sector
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the difference in value between exports and imports of a nation
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Balance of trade
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a tax on imports
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Tariff
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goods and services purchased from other countries.
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imports
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goods and services sold to other countries
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Exports
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a total ban on specific goods coming into and leaving a country.
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Trade embargo
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limits either the quantity or the monetary value of a product that may be imported
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Quota
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happens when they import more than they export
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deficit
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used to increase the price of imported goods so that domestic products can compete with them
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Protective tariff
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guidelines for good behavior
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ethics
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a word, name, symbol, sound or color that identifies a good or service and that cannot be used by anyone but the owner
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trademark
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The process of creating, expanding, manufacturing, or improving on goods and services.
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Production
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providing customers with the goods & services they want
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selling
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people born between 1980 and 2001; also referred to as "Echo Boomers" (many are the offspring of Baby Boomers)., spoild, lazy, and aware of the world
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generation Y
