Business Activities
What is a business activity
What is The decisions a business makes to generate a profit
In this marketing function, these are the messages marketers send to customers to influence purchases. Messages are encoded in many ways, from the design of a store to a sales advertisement. Marketers rely on this to recognize and influence customers’ reasons for purchasing.
What is The role of promotion as a marketing function
The percentage of the market for a product or service that a company supplies
What is market share
What are the four elements of the marketing mix
What is product, promotion, price, and place
What category would taking a train to New York go into
Idea
What is the formula for networth
What is Total Assets-Total Liabilities
This defines a customers' wants and needs and delivers goods and services to fulfill those needs.
What is marketing
In what 3 ways do businesses contribute to society?
What is Businesses contribute to society by providing products, creating markets, and increasing economic benefits.
How does each component of the 4 p's contribute to successful marketing?
What is The marketing mix is important to any marketer because each factor is involved in customer satisfaction.
A visit to the doctor would go in which category
Describe the types of activities that businesses take part in
What is - Operational, investing, and financial activities.
This is considering how marketing will be funded. Financing tasks include sourcing the necessary capital to produce, market, and sell goods, services, or ideas.
What is Marketing Planning
Method of selling that involves analyzing customer wants and needs and aiming to fulfill them better than competitors.
What is the marketing concept
What is factor is in the middle of the 4 p's and contributes to the main focus of selling a product
What is target market
Concept that can be bought or sold after
Production, Marketing, Management, and Finance are the four factors of which business activity
What is Operational - They make up the majority of daily activities conducted by a business & contribute to the net worth of a company
This factor of the marketing mix determines specifications and features of products that are desirable to consumers. It also incorporates development of new products by examining problems consumers have and designing solutions to solve them. Analyzing customer problems and preferences is an important marketing function fulfilled by this factor.
What is Product and Service Management.
What are economic needs and wants
What is Economic needs are items essential to survival, whereas an economic want is something we desire but could ultimately live without. Economic needs include food, shelter, and clothing. A smartphone and the internet are economic wants
This is target of the marketing mix but not a part of the marketing mix
What is the customer
- the customer is not part of the marketing mix, the customer is the target of the marketing mix, the marketing decisions are made to satisfy the customer.
What is the difference between a good and a product?
What is - A product is anything that can be sold to meet a customers want
What is - A good is a tangible item produced and sold to consumers
(Products and goods are used as synonyms in common conversation, however, they are different BOTH GOODS AND SERVICES ARE PRODUCTS)
This Activity Includes the following:
-Input and output of money into the company
-Cash flows between a company and its owners and creditors
-Advertising Costs
-Due to the numerous inputs and outputs, this activity is closely monitored by business owners and marketers
-Pay Suppliers
What is Financial
Name the seven marketing functions in order
What is channel management, market research/mim, market planning, pricing, product/service management, promotion, selling
What impact do marketing activities have on the individual, business, and society.
What is marketing activities impact and influence individuals, other businesses, and society at large
What is the key to a successful marketing mix?
What is choosing the right product, at the right price, making it available at the right place, and promoting it in a way that will reach the target customers
Which category would creating a logo for a company you work for go into
What is an idea
- why, because you are coming up with the idea, but you are not providing a service for another company. If you were a designer and you were selling your logo design to another company, then it would be a service. Technically you are getting paid for your time (that your at work) but not the logo design itself