Vocabulary
Goals
My dad owns land in China that is worth a lot of money. This is an example of what?
Asset
Someone who buys the product and uses it.
Consumer
The steps that companies use to scrutinize marketing opportunities, identify audience and strategies.
The Marketing Process
A companies unique way of approaching customers through different philosophies.
Marketing Management Orientation
When making a market offering, a consumers non-essential desires are what?
Wants
If you own a car worth $25,000, but you owe $10,000 on that vehicle, the car represents $15,000 ________?
Equity
A person that supplies goods directly to the customers and supplies.
Producer
A product that can be touched, felt, used hands on.
Tangible
When a company promotes customer involvement by initiating conversations, experiences, and community.
Customer Engagement Marketing
When you make an offering in marketing, the essentials for the consumer's life are what?
Needs
The amount earned from a product or service.
Profit
Jonathan spend $150,000.00 on Apple products throughout the duration of his life as a loyal customer.
Customer Lifetime Value
The process in which companies interact with customers by building strong relationships and capturing value from customers?
Marketing
When a customer decided on their own to advertise a company to their audience.
What is the buying power of a consumer?
Demands
When a company is short-sighted in their marketing plan.
Marketing Myopia
The process of creating and maintaining profitable customer relationships.
Customer Relationship Management (CRM)
Something that can be offered to the market to satisfy customer needs, wants and demands.
A brand reaches out to you to share their products and/or service to your followers.
Invited Customer-Generated Content
What is the action of putting money into something for profit or better results?
Investment
When a company creates activities to increase the likelihood of a customer coming back to purchase over and over?
Retention
The difference between a prospective customer's evaluation of the benefits and costs of one product when compared with others.
Value
Consumers promoting a product to their followers on social media.
Consumer-Generated Marketing
Are you prepared for the test?
Yes!