Marketing Basics
What is Marketing
This is the process of creating, communicating, delivering, and exchanging offerings that have value.
This function involves deciding how to get goods into customers' hands.
What is channel management?
This utility involves making products available where customers can buy them.
What is place utility?
This term refers to all people who share similar needs and can buy a product.
What is a market?
These are the four Ps of the marketing mix.
What are product, place, price, and promotion?
These are the two types of offerings in marketing besides ideas.
What are goods and services?
This function involves gathering and analyzing customer data.
What is marketing information management?
This utility involves making products available when customers want them.
What is time utility?
This market includes consumers who buy for personal use.
What is the consumer market?
This “P” involves decisions about what to sell and how to package it.
What is product?
This concept focuses on satisfying customer needs while generating profit.
What is the marketing concept?
This function involves setting prices based on costs and customer willingness to pay.
What is pricing?
This utility involves exchanging a product for money.
What is possession utility?
This market includes businesses buying for operational use.
What is the organizational market?
This “P” involves determining how much customers are willing to pay.
What is price?
This term refers to the commercial environment where exchanges occur.
What is the marketplace?
This function includes informing and persuading customers about products.
What is promotion?
This utility involves communicating product information to consumers.
What is information utility?
This is a company’s percentage of total sales in a market.
What is market share?
This “P” involves choosing where and how to sell a product.
What is place?
This organization defines marketing as a set of activities and processes for creating value.
What is the American Marketing Association?
This function involves improving products based on market needs.
What is product/service management?
This utility involves changing raw materials into usable goods.
What is form utility?
This is a detailed description of a business’s ideal customer.
What is a customer profile?
This “P” includes advertising, sales promotions, and publicity.
What is promotion?