Marketing Final Exam Study Guide

Analysis
the process of summarizing, combining, or comparing information so that decisions can be made

Boycott
an organized effort to influence a company by refusing to purchase its products

Bartering
exchanging products or services with others by agreeing on their values without using money

Brand
a unique name, symbol, or design that identifies a product, service, or company

Business Consumers
those who buy goods and consumers to produce and market other goods and services or for resale

Buying Behavior
the decision processes and actions of consumers as they buy services and products

Central Market
a location where people bring products to be conveniently exchanged

Channel of Distribution
all of the business involved in completing marketing activities as products move from the producer to the consumer

Code of Ethics
a set of standards or rules that guide ethical business behavior

Command Economy
a system in which the central government makes all economic decisions

Communism
an economic system in which the central government directs all major economic decisions

Consumerism
the organized of groups or consumers seeking to increase their influence on business practices

Consumer Decision Making Process
the process by which consumers collect information and choose among alternatives

Controlled Economy
an economic system where the government attempts to own and control important resources and to make the decisions about what will be produced ad consumed

Demographics
the descriptive characteristics of a market such as age, gender, race, income, and education level

Determining Customer Needs
based on many things.

Discretionary Purchases
non-essential purchases that satisfy consumers’ wants

Distribution
the locations and methods used to make the product available to customers

Economic Utility
the amount of satisfaction a consumer receives from the consumption of a particular product or service

External Information
provides an understanding of factors outside of the organization

Focus Group
a small number of people brought together to discuss identified elements of an issue or problem

Final Consumers
those who buy a product or service for personal use

Free Economy
an economic system in which resources are owned by individuals and decisions are made independently with no attempt at government regulation or control

Green Marketing
marketing activities designed to satisfy customer needs without negatively impacting the environment

Image
a unique, memorable quality of a brand

Internal Information
information developed from activities that occur within the organization

Input
information that goes into the system that is needed for decision making

Microeconomics
the study of relationships between individual consumers and producers

Macroeconomics
the study of economic behavior and relationships for the entire society

Market
the prospective customers a business wants to serve and the location of those customers

Marketing Information Systems
an organized method of collecting, storing, analyzing, and retrieving information to improve the effectiveness and efficiency of marketing decisions

Market Economy
also known as a free economy, an economic system in which resources are owned by individuals and decisions are made independently with no attempt at government regulation or control

Marketing Concept
using the needs of customers as the primary focus during the planning, production, pricing, distribution, and promotion of a product or service

Market Research
researching the market to determine customer wants and needs

Market Segments
groups of similar consumers within a larger market

Market Segmentation
the process of dividing a large group of consumers into subgroups based on specific characteristics and common needs

Marketing Strategy
the way marketing activities are planned and coordinated to achieve an organization’s goals

Marketing
the creation and maintenance of satisfying exchange relationships

Merchandising
offering products produced or manufactured by others for sale to customers

Money System
the use of currency as a recognized medium of exchange

Marketing Mix – Four “Ps”
(Place, Price, Product, Promotion)
Product – anything offered to a market by the business to satisfy needs.
Place – (distribution) – includes the locations and methods used to make the product available to customers
Price – the amount that customers pay and the methods of increasing the value of the product to the customers
Promotion – includes the methods used and information communicated to encourage customers to purchase and to increase their satisfaction

Mixed Economy
an economic system in which some goods and services are provided by the government and some by private enterprise

Monopoly
the type of market in which there is only one supplier offering a unique product

Oligopoly
the type of market in which a few businesses offer very similar products or services

Output
the result of analysis that is given to decision makers

Price
the actual amount customers pay and the methods of increasing the value of the product to the customers

Primary Data
information collected for the first time to solve the problem being studied

Private Enterprise
an economic system based on independent decisions by businesses and consumers with only a limited government role regulating those relationships

Product Development
development of the product over a course of time to compare and contrast certain aspects

Product Life Cycle – Stages
identifies the stages a product goes through from the time it enters the market until it is no longer sold

Promotion
any form of communication used to inform, persuade, or remind consumers about a company’s products or services

Production
the business function that creates or obtains products or services for sale

Product Life Cycle
life cycle of a product from its creation to its extent

Profit Motive
the use of resources toward the greatest profit for the producer regulating those relationships

Psychographics
people’s interests and values

Random Sampling
a procedure in which everyone in the population has an equal change of being selected in a sample

Reference Group
a group of people or an organization that an individual admires, identifies with, and wants to be a part of

Self-Regulation
taking personal responsibility for actions

Scarcity
the result of unlimited wants and needs combined with limited resources

Selling
direct, personal communications with prospective customers in order to asses needs and satisfy those needs with appropriate products and services

Self-Concept
an individual’s belief about his or her identity, image, and capabilities.

Specialization of Labor
concentrating effort on one thing or a few related activities so that they can be done well

Standard of Living
a measure of the quality of life for a country’s citizens

Strategy
a plan that identifies how a company expects to achieve its goals

Storage
the resources used to maintain information, including equipment and procedures, so that it can be used when needed

Supply & Demand
supply is how much there is and demand is how much is wanted

Wants and Needs
want is an unfulfilled desire, while a need is anything you require to live.

Place Utility
location

Form Utility
physical form

Possession Utility
way of possession to make available to customers

Test Markets
specific cities or geographic areas in which marketing experiments are conducted

Time Utility
time to increase availability to customers

Value
an individual view of the worth of a product or service

Pure Competition
the type of market in which many suppliers offer very similar products

Target Market
a clearly defined segment of the market to which a business wants to appeal

SWOT Analysis
strength, weaknesses, opportunity, threats