Unit 1 Vocab
Product
What is good, service, or idea?
Identify the marketing function illustrated in the following situation: Martha wants a winter coat and sees a style she likes in a magazine advertisement.
What is Promotion?
If a marketer changes one marketing mix element, s/he should expect that the __________ will also change.
What is Other elements?
Marzetti’s Musical Instruments has determined that it will focus its marketing efforts on senior high-school students. Marzetti’s is engaged in _______ marketing.
What is Target?
Having appropriate data helps marketers to set goals that are
What is Realistic?
Strategy
What is A plan to reach goal/destination?
Identify the marketing function in the following situation: While shopping at the mall, Susan is asked her opinion of different brands of shampoo.
What is Marketing-information management?
Packaging is part of which element?
What is Product?
Geographic segmentation is dividing a market based on where customers are
What is Living?
Marketers use data to determine that they want to create messages that appeal to a younger target market. This is part of an overall
What is Promotional strategy?
Marketing mix
What is Another term for 4 P's? A combination of Product, Place, Price, and Promotion elements.
The marketing function that is responsible for the flow of goods or services from the producer to the customer is
What is Channel management?
Which element of marketing refers to the various types of communication that marketers use to inform, persuade, or remind customers of their products?
What is Promotion?
The customer characteristic that reflects where customers fit in the day-to-day buying routine is known as
What is Life stage?
The best source for data about the goods and services a company needs to buy for its own operation is its
What is Vendors?
Predictions
What is Forecasts about the future?
How does the marketing function of selling benefit society?
What is Helps to increase employment?
Diana is deciding how much of a product to order and which firms to involve in the process. She is working on the __________ element of the marketing mix.
What is Place?
Liza has always wanted a horse, and she has finally saved enough money to buy one. In marketing terms, Liza is a
What is Market?
Marketers must use data to estimate costs for projects and allocate funds appropriately. This is known as
What is Budgeting?
Behavioral segmentation
What is Identifies why, how, and when customers buy?
Gathering, accessing, synthesizing, evaluating, and disseminating data for use in making business decisions is the responsibility of
What is Marketing-information management?
Offering warranties or guarantees are part of which element?
What is Pricing?
When marketers sort customers psychographically, they divide them by
What is Lifestyles and personalities?
Using data wisely can help a company save money by
What is Running more efficiently?