Marketing Functions
The process of deciding on a specific price for products and services that accurately reflects market value
Pricing
The 4Ps of the marketing mix
Product, Price, Place, and Promotion
An economic system where two forces, known as supply and demand, direct the production of goods and services
Market Economy
The "Harvest Moon" is a full moon in September. What is the name of last nights full moon?
Snow Moon
When one business offers similar products or services to another business
Competition
How customers will receive products and services. Starts with a D
Distribution
Tangible or intangible thing that fulfills a customer's needs
Product
Command Economy
A company's ability to provide products or services to customers when they need or demand them
Time Utility
Two or more businesses offering the same products or services to the same target market
Direct Competition
Involves communicating with potential customers and pursuing sales leads
The cost of a product or service
Price
On what day was Mr. Shroyer Born (month and day)
April 2
The value given to a product by virtue of the fact that it can provide the user with information that is useful
Information Utility
Two or more businesses offering different products or services to the same target market
Indirect Competition
Involves activities to communicate with customers, inform them about the brand and products, and convince them to purchase goods or services
Promotion
The location that will help you best distribute a product/service
Place
An economic system where people use customs and beliefs passed down through generations to make economic decisions
Traditional Economy
How a product or service meets customer needs and the value it offers to consumers
Form Utility
A business strategically pricing their products or services based on their competitors' prices in the same market
Price Competition
What is the University of Nebraskas basketball teams current record?
20-2
How you advertise your product/service to potential or current customers
Promotion
An economic system that combines elements of a market economy and a planned economy, and is a combination of socialism and capitalism
Mixed Economy
The value a product or service has because it's available in a location that's convenient for customers
Place Utility
A business competing with another business using factors other than price
Non-Price Competition