Marketing basics
This is the business function that identifies customer needs and satisfies them profitably.
Marketing
This occurs when people have unlimited wants but limited resources.
Scarcity
A store places chips next to soft drinks to encourage additional purchases.
Related Merchandise Display
You buy a pair of shoes directly from Foot Locker.
Retailer
A customer visits Starbucks every morning and rarely buys coffee anywhere else.
Loyalty Customer
The combination of products and services a business offers customers.
Product/ Service Mix
Giving up one thing in order to gain another is known as this.
Opportunity Costs
The arrangement of products and displays to attract customers and increase sales.
Visual Merchandising
Costco buys huge amounts of products from manufacturers and resells them to customers and businesses
Wholesaler
A shopper spends most of their time talking with sales associates and enjoys the interaction.
Social Customer
A group of related products sold by a company.
Product Line
In this economy, the government makes most economic decisions.
Command Economy
A display showing several varieties of the same type of product.
Line-of-Goods Display
A real estate representative earns money by helping sell homes owned by others.
Agent
A car salesperson is expected to sell 15 vehicles this month.
Sales Quota
The process of gathering information about customers and markets before making decisions.
Market Research
In this economy, consumers and businesses largely determine what is produced.
Market Economy
This display is located near checkout areas to encourage last-minute purchases.
Point-of-Purchase Display
A water bottle is sold in a vending machine at a football stadium when fans need it most.
Time Utility
A customer is angry because their order arrived late and is demanding a refund.
Aggressive Customer
A company's effort to influence customers to buy a product or service.
Product Promotion
This economic system combines features of both market and command economies.
Mixed Economy
A store designer uses balance, contrast, and emphasis to create attractive displays.
Nine Principles of Design
Amazon delivers a package directly to your house so you don't have to travel to the store.
Place Utility
A manager watches employees closely because they believe workers will avoid work whenever possible.
Theory X Managers