Marketing Foundations
The process that involves planning, pricing, promoting, selling, and distributing products that are designed to satisfy the needs and wants of customers.
What is Marketing?
An example of THIS: "Advertising a new store’s grand opening in the Atlanta Journal Constitution."
What is Promotion?
The group of people who are willing and able to purchase a certain product.
What is a Market?
There could be ____ consequences for failing to practice social responsibility.
What is Legal?
When a specific person or enterprise is the only supplier of a particular commodity.
What is Monopoly?
Businesses use marketing to _____ their effectiveness and _____ their profits.
What is Improve;Increase?
DOUBLE JEOPARDY
p1: An example of THIS: "UPS delivers products from a warehouse to the store."
p2: A company employs and trains a sales staff that resembles its target market in order to relate to and inform the customer
What is Channel Management?
What is Selling?
Divides people and organization into groups according to how they behave with or toward products.
What is Behavioral?
This is a type of enterprise that is owned and run by one person.
What is Sole Proprietorship?
DOUBLE JEOPARDY
p1: This is a way of collecting data by using small groups.
p2: The idea of broadcasting a message that will reach the largest number of people possible
What are Focus Groups?
What is Mass Marketing?
The 4 P's of the marketing mix also known as the elements of marketing:
What is Product, Price, Place (Distribution), Promotion?
DOUBLE JEOPARDY
An example of THIS: "Verizon revamps its product line by constantly improving its cell phones."
ex: "Students at Denmark develop a survey to find out about what people want in a Pop-Up Shop"
What is Product/Service Management?
What is Marketing Information Management?
Segmenting buyers based on where they live.
What is Geographics?
This term is also used to describe Private/Enterprise.
What is Capitalism?
These are the two types of data that are used in marketing.
What is Primary and Secondary Data?
When businesses focus on satisfying the customer's wants and needs while also making a profit.
What is Marketing Concept?
This is chosen based off of what competitors charge and what people are willing to pay.
What is Pricing?
Segmenting buyers by tangible, personal characteristics such as their age, income, ethnicity, family size, education, etc.
What is Demographics?
This is when two or more people own a business that is not a corporation.
What is a Partnership?
One is the income remaining after deduction of taxes/other mandatory charges, and it's available to be spent or saved, while the other is the income remaining after deduction of taxes/other mandatory charges, and needs to be spent on necessary items.
What is Disposable Income;Discretionary Income?
The Four Types of Economic Utilities:
What is Time Utility, Form Utility, Place Utility, Possession Utility?
An example of THIS: "A company developing a marketing strategy targeting a specific group of people."
What is Market Planning?
Seeks to differentiate buyers based on their activities, interests, opinions, attitudes, values, and lifestyles.
What is Psychographics?
This is a geographic area that tests a new product or service to gather information about customer reactions to the tested product or service.
What is a Test Market?
"Define the problem, obtain the data, analyze results, apply the results." These are the steps of ______ ______.
What is Marketing Research?