1.01/1.02
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
Marketing
There are many activities in marketing that are interrelated and similar in purpose. These activities are referred to as marketing:
Functions
When setting goals, what do the letters in the SMART acronym represent?
S- Specific
M- Measurable
A- Attainable/Achievable
R- Realistic
T- Timely/ Time Bound
Liza has always wanted a horse, and she has finally saved enough money to buy one very soon. In marketing terms, Liza is a...
Market
What are common types of data used by marketers
Facts, Predictions, Estimates
What is an activity in the product/service management function
Phasing out unprofitable products
Which marketing function involves creating the correct product mix for a business?
Product/Service Management
What are the 7 marketing functions
1. Planning
2. Product/Service Management
3. Pricing
4. Promotion
5. Marketing-Information Management
6. Channel Management
7. Selling
A target market can be described as the
Group of customers the business seeks to attract
A piece of easily observable data about a competition is its
Current promotional campaign
What are the 3 elements of the marketing concept?
1. Customer Orientation
2. Company Commitment
3. Company Goals
Marketing-information management
Since there are many options to reach goals and stratagies, which do marketers choose?
best option available
What quality is NOT a type of Behavioral Segmentation?
Age
Data obtained from negative outcomes can help marketers
Avoid making the same mistake in the future
This is the word describes elements of 4P's working together.
Interrelated
Making both buyers and sellers feel they are getting good value is part of the ______ function of marketing.
Pricing
Packaging occurs in what marketing mix element
Product
When using mass marketing, marketers seek to appeal to the...
Entire Market
What piece of data gives wealth and information about the customer
A sales invoice
What is the societal marketing concept?
Products benefit society not just customers
Communicating information to consumers or clients about products, images, or ideas, to achieve a desired outcome is the ______ function.
Promotion
Marketers know if they have been successful with price when...
Customers feel benefits outweigh costs. Business brings in enough revenue to make profit
When marketers sort customers psychographically, they divide them by
Lifestyle habits
Using data wisely can help a company save money by
Running more efficiently