Business
What are the eight functions of marketing?
The eight functions of marketing are market planning, market-information management, selling, customer service, product/service management, pricing, channel management, and promotion.
What is the definition of marketing?
Marketing is the enterprise and pursuit of ideas, creation, communication, and delivery for profitable products and services to targeted customers for their benefit and for the benefit of society as a whole.
What is a durable good?
A durable good is items that don't wear out quickly, and last a long time, like trains, planes, cars tv, smartphones, and soccer balls.
What is a private enterprise system?
in it one in which businesses are privately owned and run by people rather than the government.
A non-durable good is items that wear out quickly with a life span of 3 years and require frequent replacement.
What is a bottleneck?
It is a point of congestion
What is channel management?
Identifying, evaluating, negotiating, and selecting the most favorable channels of distribution, in order to get products from the producer to the end user.
What is target market?
A specific group of customers that is most likely to buy a certain product or service, and where marketing efforts are aimed or “targeted” in order to reach and connect with this group.
Which marketing function involves persuasion based on the merits a product or service can provide?
selling
The marketing function that works with customers to ensure satisfaction, and encourage repeat business, is
Customer service
Government regulations, economic downturns, competition, and changes in consumer preferences are examples of reasons to ___________ your marketing strategy.
Change
What’s a good example of the place component of the marketing mix.
selecting value-added resellers
Marketing mix includes the 4Ps, which are:
Product, price, place, and promotion
What does tactic mean?
A specific procedure or action used to support strategy, in order to achieve goals and objectives.
What does commodity mean?
A good or material bought and sold freely, and that is reasonably interchangeable among multiple suppliers, and whose price is usually highly correlated to perceived supply; more simply, it is an everyday type of product that is readily available, like green beans or milk at a grocery store.
What does elasticity mean?
A measure of the sensitivity or responsiveness of demand or supply of a good or service based on changes in its price.
Why is market segmentation useful?
It helps in developing a marketing strategy
What is a disadvantage of market segmentation?
It is more costly to do research
What is behavioral segmentation?
The process of dividing customers into groups based on variables like attitudes and knowledge of your brand, and the way they use it.
What is market segmentation?
The process of sorting people into groups who share one or more common characteristics, lumped together for target marketing purposes.
What is psychographic segmentation?
The process of dividing customers into groups based on variables like lifestyle, interests, personalities, and values, for the purposes of target marketing.
The “Sales and Marketing” expense category includes advertising, marketing materials, Search Engine Marketing (or SEM), digital ads, social media marketing, and what else? Select THREE options.
Trade association dues, digital ads, and trade show fees
What is a balance sheet?
A financial statement that marks a company's financial situation at a moment in time, showing all assets, liabilities and owners’ equity.
What are operating expenses?
The expenses directly associated with operating a business.
What is a proforma?
An estimate/projection of future revenues, expenses, net income, and capital needed to fund the company’s operations.