Functions
What is the main purpose of marketing?
The main purpose of marketing is to satisfy customer needs and wants.
What is the amount a customer pays for a product called?
Price
What does distribution mean in marketing?
Getting products from the producer to the customer.
What does financing provide for a business?
Money needed to operate a business.
What is selling?
Helping customers choose and purchase products or services.
What marketing function involves finding out what customers want?
Marketing research
What is one thing a business considers when setting a price?
Cost, competition, demand, or customer needs.
What is the path a product takes from the producer to the customer called?
Channel of distribution.
Why do businesses need money to operate?
To pay employees, buy supplies, produce products, and cover expenses.
What should a salesperson learn about before recommending a product?
The customer's needs and wants.
What function involves moving products from producers to consumers?
Distribution
Why might a business lower the price of a product?
to attract customers or increase sales.
What is an example of a place where customers can buy products?
Store, website, or retailer.
What is the money used to start a business called?
Start-up capital.
What is the difference between a product feature and a benefit?
A feature is something a product has; a benefit explains how that feature helps the customer.
What function involves telling customers about a product?
Promotion
How can competition affect the price of a product?
A business may lower its price to compete or raise it if customers are willing to pay more.
Why is transportation important to distribution?
It moves products to where customers can buy them.
How can financing help a business grow?
It provides money for expansion, equipment, new locations, or more products.
Why is good customer service important when selling?
It builds trust, creates satisfied customers, and can lead to repeat business.
What are the major marketing functions that help get a product to the customer?
Product/service management, pricing, promotion, distribution, and marketing information management
Why is choosing the right price important to a business?
It helps the business make a profit while attracting customers.
What is the difference between direct and indirect distribution?
Direct goes from the producer straight to the customer; indirect uses intermediaries.
Why is managing money important for a business?
It helps a business pay expenses, avoid financial problems, and stay profitable.
How can a salesperson build a long-term relationship with a customer?
By providing good service, understanding customer needs, and staying in contact with customers.