Marketing Basics
This is the process of identifying customer needs and creating products to satisfy them
What is marketing?
Money a business earns from selling goods or services.
What is revenue?
A customer says they can’t find an item in the store and asks for help.
What is assisting a customer?
Rules made by the government that businesses must follow.
What are laws?
A person who buys goods or services from a business.
What is a customer?
The four elements of the marketing mix.
What are Product, Price, Place, and Promotion?
Money left after total expenses are subtracted from total revenue.
What is profit?
A customer is upset about a defective product and wants a refund.
What is handling a customer complaint?
Treating customers fairly and honestly.
What is ethical behavior?
A business owned and run by one person.
What is a sole proprietorship?
The process of dividing a market into smaller groups based on characteristics like age, income, or lifestyle.
What is market segmentation?
Costs that stay the same no matter how much a business sells.
What are fixed costs?
Your manager asks you to suggest ways to increase sales for a slow-moving product.
What is proposing a sales promotion?
Selling a product using false or misleading information.
What is false advertising?
Money a business receives from selling products or services.
What is income (or revenue)?
The perception customers have about a product or company in comparison to competitors.
What is brand positioning?
Costs that change depending on how much a business produces or sells.
What are variable costs?
A customer is deciding between two products and asks for your recommendation
What is product recommendation (or suggesting alternatives)?
When a company protects customer information from being shared without permission.
What is privacy (or protecting customer privacy)?
A name, symbol, or design that identifies a company or product.
What is a brand (or logo)?
This strategy sets a low initial price to quickly attract customers and gain market share.
What is penetration pricing?
The point where total revenue equals total costs, meaning the business makes no profit and no loss.
What is the break-even point?
A loyal customer wants a discount that company policy does not allow. You must keep them happy while following rules.
What is balancing customer service with company policy?
A written agreement between two or more parties that is legally enforceable.
What is a contract?
The process of encouraging customers to buy a product or service.
What is promotion?