Marketing: Promotion & Advertising CHAPTER 1

question

Product/ Service management
answer

obtaining, developing, and improving a product
question

Pricing
answer

deciding how much to charge for goods and services
question

Utilities
answer

the added value of a product in economic terms
question

Selling
answer

providing customers with goods and services they want
question

Marketing
answer

planning, promoting, distribution products
question

Goods
answer

tangible items
question

Market share
answer

Percentage of total sales generated by competing companies
question

Distribution
answer

Deciding on how goods get into customer’s hands
question

Industrial Market
answer

businesses that buy products for use in their operation (business to business)
question

Consumer Market
answer

people who purchase goods and services for personal use
question

Marketing mix
answer

product, price, place, promotion
question

Form Utility
answer

putting parts together to make a product that consumers want
question

Place Utility
answer

Offering a product where consumers can buy it
question

Time Utility
answer

offering a product at a convenient time of day or year for consumers
question

Information Utility
answer

the value given to a product by virtue of the fact that it can provide the user with information that is useful
question

Market Segmentation
answer

the process of classifying customers needs and wants
question

Customer Profile
answer

lists information about the target market, such as age, income level, occupation, and lifestyle
question

Explain how marketing helps to lower the prices of products:
answer

-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.

Get instant access to
all materials

Become a Member