Marketing Midterm Exam Study Guide – Flashcards
Unlock all answers in this set
Unlock answersquestion
Customer
answer
Individual or group who buys products
question
customer Service
answer
Actions done for customers to help them buy or use the product and provide comfort and enjoyment during the buying experience
question
Distribution
answer
Process of physically delivering goods to customers
question
forecast
answer
A prediction of future sales and revenue
question
Four P's
answer
Product, place, price and promotion
question
Good (example)
answer
A physical item; something you can touch (Waffle House's Pancakes)
question
Idea
answer
A concept, cause, issue, image, or philosophy that can be marketed
question
Marketing
answer
Dynamics activities that focus on the customer to generate a profitable exchange
question
Marketing mix
answer
A plan of action for marketing a product; it consitst of the decisions made about each of the Four P's
question
Marketing plan
answer
A guide that helps a company avoid such pitfalls as lost sales, lost opportunities, and poor product planning
question
place
answer
Marketing activities involved in making products available to customers, includes distribution
question
price
answer
Amount of money requested or exchanged for a product
question
promotion
answer
Process of telling people about the product and the company that offers it.
question
service
answer
An action that is done for you (pedicure)
question
SWOT analysis
answer
A process by which a comapny can determine its strengths, weaknesses, opportunities, and threats
question
target market
answer
A specific group of customer whose needs a company will focus on satisfying
question
Business
answer
General term for activities involved in the development and exchange of products. Also a specific person or group of people involved in the development and exchange of products
question
corporation
answer
Legal entity established for the purpose of doing business
question
economic goods and services
answer
Products that you buy to satisfy economic needs
question
economic needs and wants
answer
Needs and wants that you can satisfy by buying something
question
exchange
answer
To trade something of value for something your want
question
finance
answer
The function of business that includes all activities involving money
question
management
answer
The function of business that includes all the activities required to plan, coordinate, and monitor a business
question
medium
answer
substance or technology that is used to carry a message
question
money
answer
A consistent item that people accept in exchange for goods or work
question
need
answer
Something that is necessary for survival Clothes
question
nonprofit corporation
answer
Legal entity, like a for-profit corporation; however, instead of profit, its main goal is to achieve something to benefit society
question
partnership
answer
Business owned by a small number of people, usually two or three
question
production
answer
Any activity related to making a product (good, service, or idea)
question
profit
answer
Money that a business has left over after all the expenses and costs of running a business are paid
question
sole proprietorship
answer
Business owned by one person
question
time value of money
answer
The notion that a sum of money hasgreater potential worth in the future than it does today
question
value
answer
How much something is worth
question
want
answer
something you desire but could function without (porche)
question
Adding value
answer
Adding a feature or service that makes a product meet more customer wants and needs
question
customer satisfaction
answer
Positive feeling a customer gets when the product purchased meets or exceeds the customer's expectations
question
market planning
answer
The function is used to determine and target marketing strategies to selected audiences
question
form utility
answer
Type of utility added to a product when a sbusiness changes the form of something to make it more useful (Turning metal into a car)
question
information utility
answer
Type of utility added to a product when a business tells a customer about a product (Kitchen demonstrations in home depot)
question
marketing concept
answer
Approach to business that says the way to make a profit is to focus on customer satisfaction
question
place utility
answer
Type of utility added to a product when a business makes products available at convenient locations (Selling granola bars at gas station)
question
possession utility
answer
Type of utility added when a business makes it easier for a customer to acquire a product (Best Buy credit cards)
question
time utility
answer
Type of utility added to a product when a business makes products available at the times that customers need and want them (Wal-mart is open 24/7)
question
utility
answer
Ability of a product to satisfy human wants and needs
question
B2B
answer
Business selling to business (Sams to restaurant)
question
B2C
answer
Business selling to consumers (Target to my mom)
question
Business market
answer
Market that connsists of customers who buy products for use in a company
question
consumer
answer
Individual who buys products for his or her own use
question
consumer market
answer
Market that consists of individuals who buy products for their own use
question
government
answer
Type of business that consists of organizations that run a geographic area, such as a country
question
institution
answer
Type of business that includes nonprofit corporations, such as schools hospitals, and charitable organizations
question
market
answer
Group of people who want a product and are able to buy it
question
market segment
answer
Subgroup of a larger market; this subgroup has similar wants and needs for a particular product
question
marketing strategy
answer
The selection of a taget market and the development of a marketing mix to meet the needs and wants of the target market
question
mass market
answer
Market that consists of all the suctomers for a type of product, considered together.
question
producer
answer
Type of business that makes good and services (coca-cola makes soda)
question
Reseller
answer
Type of business that buys finished products to resell at a profit (gas station sells soda)
