Marketing Midterm Exam Study Guide

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

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