Product and Service Management
A product is anything that can be bought or __________.
sold
The amount of money expected in payment for a good or service.
Price
An important aspect of marketing planning is considering how marketing will be funded.
Market Planning
Operational activities make up the majority of daily activities conducted by a business. They include operations that contribute to the __________ of a company.
net worth
The purpose of marketing is an important one—it defines customers’ wants and needs and delivers goods and services to _______ those needs.
fulfill
A service is the performance of a particular ______ in exchange for money.
task
The path products take to reach end-users. Channels of distribution play a critical role in this factor.
Place
Also known as market research, which is the process of gathering qualitative and quantitative data about consumers’ needs and wants.
Market Information Management
_________ functions involve all activities concerning the creation of products.
Production
Marketers place careful thought, research, and evidence into formulating marketing _________.
strategies
Analyzing customer problems and preferences is an important ________ function fulfilled by product and service management.
marketing
Include strategies such as advertising, sales, markdowns, and personal selling.
Promotion
Determines specifications and features of products that are desirable to consumers. It also incorporates development of new products by examining problems consumers have and designing solutions to solve them.
Product and Service Management
Daily choices about the direction of business activities are part of this function of operational activities.
Management
If marketing fails to accurately project consumer wants and needs, other business functions such as production, management, and finance will also ___________.
suffer
Product and service management determines specifications and __________ of products that are desirable to consumers.
features
The goods and services a business produces to satisfy customers’ wants or needs.
Product
This involves aligning the other functions of marketing to sell a product to the target customer at the right place, price, and time.
Selling
Daily activities that involve money.
Finance
Businesses contribute to society by doing three things: (1) Providing Products, (2) Creating Markets and (3) __________.
Increasing Economic Benefits
It also incorporates development of new products by examining problems consumers have and designing solutions to ______ them.
solve
The marketing mix is important to any marketer because each factor is involved in customer _________.
satisfaction
Focuses on distribution and involves making decisions about how, when, and where products will travel from producers to customers.
Channel Management
This activity serves to ensure a business is meeting the demand of its customers and able to compete with other companies.
Marketing
Customer needs, Company goals, and Profits are all part of what?
Marketing Concept