Marketing: Promotion & Advertising CHAPTER 1 – Flashcards
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Product/ Service management
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obtaining, developing, and improving a product
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Pricing
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deciding how much to charge for goods and services
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Utilities
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the added value of a product in economic terms
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Selling
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providing customers with goods and services they want
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Marketing
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planning, promoting, distribution products
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Goods
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tangible items
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Market share
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Percentage of total sales generated by competing companies
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Distribution
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Deciding on how goods get into customer's hands
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Industrial Market
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businesses that buy products for use in their operation (business to business)
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Consumer Market
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people who purchase goods and services for personal use
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Marketing mix
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product, price, place, promotion
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Form Utility
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putting parts together to make a product that consumers want
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Place Utility
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Offering a product where consumers can buy it
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Time Utility
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offering a product at a convenient time of day or year for consumers
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Information Utility
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the value given to a product by virtue of the fact that it can provide the user with information that is useful
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Market Segmentation
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the process of classifying customers needs and wants
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Customer Profile
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lists information about the target market, such as age, income level, occupation, and lifestyle
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Explain how marketing helps to lower the prices of products:
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-When there's more competition you're forced to lower your prices in order to stay in business -When there's an increase in demand, the company makes more product to supply the demand, eventually after producing so much product it becomes cheaper to produce -Sales and promotion help sell more product.
