Marketing Concepts
These “4 Ps” are foundational knowledge in marketing.
What are product, place, price & promotion?
Quantifiable measures used to track business processes to judge the performance level of your business.
What are metrics?
The lowest wage permitted by law to pay your workers.
What is minimum wage?
The primary goal of a business.
What is earning profit?
The action or process of keeping financial accounts.
What is accounting?
The stage of the product life cycle in which the product rapidly gains popularity.
What is growth?
The amount of money earned by a business after deducting operating expenses, taxes, etc.
What is net profit?
Principles and standards that determine acceptable conduct in business.
What are business ethics?
The department within a business that is responsible for all things worker-related.
What is Human Resources?
A person who takes initiative to start a business venture, usually with high risk.
What is an Entrepreneur?
This practice is used to divide up the market into smaller groups.
What is market segmentation?
Several related products sold separately by one company.
What is a product line?
Being open and honest about sharing information that relates to your organization.
What is transparency?
The day-to-day activities of a business.
What are operations?
A summary of the assets and liabilities of an individual or organization.
What is a balance sheet?
This utility is created when a business converts raw materials into a product.
What is form utility?
The externally visible elements of a brand that identify and distinguish the brand in consumers' minds.
What is brand identity?
A business's obligation to maximize its positive impact and minimize its negative impact on society.
What is social responsibility?
The sale of goods and services to foreign markets.
What is exporting?
A marketing strategy in which a business utilizes unconventional or inventive displays.
What is guerilla marketing?
This type of innovation is used when taking an existing product or service and reframing it/introducing it to a new market.
What is positioning innovation?
A representation of an ideal customer that is created from audience and market research.
What is a buyer persona?
This occurs when an individual's personal interests could compromise his or her judgment, decisions, or actions in the workplace.
What is a conflict of interest?
A study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.
What is a SWOT analysis?
The process of optimizing a business webpage through the use of keywords, content relevance, etc. to make the site more easily discoverable by the search engine.
What is Search Engine Optimization (SEO)?