Eco process
Goods and services that are desired
What are wants?
People who buy the products
What are Customers
A type of product manufactured by a particular company under a particular name
What is brand?
A brief overview of the entire marketing plan
What is Executive summary?
tangible items purchased to fulfill a desire
What are goods?
The study of economics as a whole
What are macroeconomics?
The developing, improving, and maintaining a product mix
What is Product/ Service management?
The deciding of amount required as payment
What is pricing
The process of classifying people who form a given market into even smaller groups
This is comprised of four stages: Prosperity, recession, depression and recovery
What is business cycle?
Resources used to create a good or service
What are Economic Resources?
Money left after taxes are taken out of paychecks
What is Disposable income?
The action or activity of gathering information about consumers' needs and preferences.
What is marketing research?
The acronym for strengths, weaknesses, opportunities, and threats
What is SWOT Analysis?
The involvement of direct spoken communication between sellers and consumers
What is Personal selling?
This is often referred to as human resources
What is labor?
Applies to a fairy homogenous group of consumers
What is Target Marketing
The degree of wealth and material comfort available to a person or community.
What is Standard of living?
A formal written document that directs a company's activities for a specific period of time
What is Marketing plan?
stage of the business cycle that displays increasing confidence in economy, increased spending and decreasing unemployment
What is Recovery?
Unlimited wants + limited resources = scarcity
What is Basic Economic Problem?
products that remain unsought but not forever such as gravestones and encyclopedias
What is Regular Unsought?
The cycle through which every product goes through from introduction to withdrawal or eventual demise
What is Product life cycle?
The grouping of people with similar lifestyles, as well as shared attitudes, values, and opinions
What is psychographics?
The statistics that describes a population in terms of personal characteristics such as age, gender, income, marital status, ethnic background, education, and occupation
What are Demographics?