Economic Process
Tangible items purchased to fulfill a desire
What are goods?
includes all people who share similar needs and wants and who have the ability to purchase a product
what is a Market
process of classifying people who form a given market into an even smaller group
what is Market segmentation
(distribution) process of getting goods to customers hands
what is channel management
intangible items (cant touch)
what are services
The four stages of the business cycle
What are Prosperity, Recession, Depression, Recovery
group of consumers identified for a specific marketing program
what is target market
assessment that lists and analyzes a company's strengths and weaknesses, opportunities and threats
what is SWOT analysis
intangible tasks preformed in exchange for something in value such as money
What are Services
Highest point of the business cycle
What is prosperity
Land Labor Capitol Management
What are the Factors of Production
process of influencing purchase decisions
what is selling
formal written document that directs a company's activities for a specific period of time
what is market plan
having products available at convenient times for consumers
what is time utility
specific, realistic, marketing strategies; identifies the 4p's
what are objectives
study of individual economic units such as businesses and households
What are Microeconomies
aspect of marketing that combines customer info with customer service and marketing communications
what is customer relationship management
the 4 types of segmentations
what are Demographic, Geographic, Psychographic, Behavioral characteristics
turn economic resources into factors of production; buy goods and services from producers; buy products from distributors
What is consumer vs. distributor vs. producer
how the plan will be put into action, evaluation, and control. how the plan will be measured
what is Implementation
is the scientific study of how governments, households, and businesses deal with distribution, consumption and production of goods and services.
What is Economics
name 4 of the 7 functions of marketing
what are distributing, financing, marketing information management, pricing, promotion, selling, product service management
the internal analysis centers on the 3 c's
what are company, customers, competition
the 5 economic utilities
what are form utility, place utility, time utility, possession utility, information utility
Includes 4 basic marketing strategies known as
what are the 4'ps, Marketing mix, (product price place promotion)