Bus/Econ
What is the main reason a business operates?
To earn a profit
Which of the 4P's is also know as distribution?
Place
the amount a business increases the price compared to the cost of the product is the
Markup
any form of communication a business or organization uses to inform, persuade, or remind consumers?
Promotion
Advertising to everyone rather than to a segmented market
Mass Marketing
The reasons that cause people to purchase products are called
Buying Motives
Date from your sales records is called _____ Data
Internal
What is the Differnce between a Customer and a Consumer?
Customers buy goods, consumers use them.
What is the Marketing Concept?
Satisfy Customers while making a profit?
The price of a product can also represent the ______ of the product.
Quality
What is a channel member?
A business that is involved in the distribution of products.
What is market segmentation
Dividing up your potentional customers into groups.
When customers buy on the basis of their feelings or impulses, they are using __________ buying motives.
Emotional
What is the relationship between data and information?
Data are used to create information
Name 3 types of utility.
Form, place, time, information, possession.
What is the process of developing loyal, long-term customers?
Relationship marketing
What is a Product Mix?
a list of all the products the business sells
This usually includes the business's name, website address, physical address, hours of operation, and telephone number.
Signature
whether you have a college degree is under which market segmentation
Demographic
The concern for a product’s durability can best be described as a(n) __________ buying motive.
Rational
What are the two disadvantages of primary data compared to secondary data?
expensive and time consuming
What are the four economic systems?
Command, market, mixed, and traditional
List the seven funtions of marketing
market planning, Market information management, selling, 4P's
Which stage in the product life cycle lasts the longest?
Maturity
The most expensive method of transportation to get started, but the cheapest to maintain.
Pipeline
What are the four categories of segmentation
Demographics, Psychographics, Geographics, Beahvioral
Buying lunch from your favorite restaurant is an example of _______ buying motive.
Patronage
An interview with a customer is and example of what type of data?
Qualitative