What is Marketing?
The creation and maintenance of satisfying exchange relationships
What is Marketing?
There are ___ Core Standards of Marketing
What is 7?
The study of how goods and services are produced, distributed, and consumed
What is economics?
A group of people that have been identified as the most likely potential customers for a product because of their shared characteristics, such as age, income, and lifestyle.
What is a target market?
The two types of market research
What is primary and secondary?
The amount of money remaining from income after all expenses are paid
What is profit?
This standard deals with establishing and communicating to customers the value or cost of goods and services.
What is Pricing?
The added satisfaction that a consumer gets from having one more unit of a good or service.
What is marginal utility?
These are the main characteristics that define your target market. Everyone can be identified as belonging to a specific age group, income level, gender, occupation, and education level.
What is demographic?
This refers to the number of opportunities for men and women being roughly the same
What is gender equity?
The amount of money people can spend after paying for necessities.
What is discretionary income?
While not a part of the Core $tandards, this is an important part of Marketing.
What is Financing?
A limited amount of resources needed to produce and distribute goods and services
What is scarcity?
This segment goes beyond the basics to consider lifestyle, attitudes, interests, and values.
What is psychographic?
The number of times per advertisement, game, or show that a product or service is associated with an athlete, team, or entertainer
What is gross impression?
This describes how a business blends product, distribution (place), price, and promotion
What is the Marketing Mix?
This standard uses advertising and other forms of communication to distribute information about products and services to achieve the desired outcome
What is Promotion?
The amount of satisfaction a person receives from the consumption of a particular product or service
What is utility?
This is the one segment that relies on research into the decisions of a company's current customers. New products may be introduced based on research into the proven appeal of past products.
What is behavioral?
This type of research is gathered by the company or by an outside company that it hires
What is primary research?
These are the 4 P's of Marketing
What is: Product, Place, Price, Promotion
Name 3 of the Core Standards of Marketing
*double points if you name them all*
What is: Channel Management, Pricing, Marketing-Information Management, Product/Service Management, Promotion, Selling, and Market Planning
Name 2 of the 4 types of Economic Utility.
*Double points if you name all 4*
What is: Place, Form, Time, and Possession?
These are the 4 target market segments.
What is: Geographic, Demographic, Psychographic, and Behavioral?
List 2 examples of how you could conduct market research
What is: Face-to-Face Interviews, Focus Groups, Phone Research, Survey Research, and Online Market Research