Marketing concepts
Person who buys the product
What’s a customer
Tangible items purchased to fulfill a desire
What’s a good?
Action or business of promoting and selling products or services
What’s marketing?
Obtaining the money necessary for business operations
What’s financing?
Increase in cost
What’s mark-up?
Similar group of consumers responding to the same marketing mix
What’s market segments?
Intangible task performed in exchange for something of value such as money
What are services?
product,place,price,and promotion
What are the 4 p’s
Goods and services that are necessary for survival
What’s a need?
Increasing confidence in the community
What’s recovery?
Money left after taxes that are taken out of paychecks
Whats disposable income?
Natural resources that are used in the production process
What’s land?
Target customers demographics
What’s market strategies?
Under supply of the product
What’s shortage?
Products bought often, routinely and without a lot of thought
What’s staples?
Applies to a more homogeneous group of consumers
What’s target marketing?
Cost of various items such as equipment, machinery, factories, and tools
What’s capita?
Online marketing, is an advertisement that is served to a specific audience
What’s target ad?
Babies born between 1946-1964
What’s the Baby Boom Generation?
Products especially sought out by customers usually for emergency reasons
What are emergency products?
Products purchased due to the consumers negative view of other comparable products such as bottled waters
What’s negative driven products?
Good or service you give up when you choose another good or service
What’s opportunity cost?
Promotion of brands to connect with potential customers using the internet
What’s digital marketing?
Communicating with large numbers of consumers at one time
What’s mass selling?
Prosperit, recession, depression, and recovery
What’s business cycle?