Unit 1
These elements are the 5 influences that most commonly affect a customer's buying behavior...
What are cultural, social, individual, psychological, and situational influences.
This term refers to the movement of funds into and out of a business...
What is cash flow.
These three are sources of product idea generation?
What are trends, customers, and exisiting goods and services.
________is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
What is marketing
Buying decisions begins mostly likely with what?
What is a need or want.
3 different sources of cash that flow into a business are known as...
What is start-up money, sale of products and loans.
An estimate of income and expense for a specific time period is known as
What is a budget
There are _____ number of marketing functions that are interrelated.
What is six marketing functions.
(Channel managementinvolves identifying, selecting, monitoring, and evaluating sales channels; it involves logistics.
2.Marketing-information management-involves gathering, accessing, synthesizing, evaluating, and disseminating information.
3.Pricing-involves determining and adjusting prices to maximize return and meet customers’ perceptions of value.
4.Product/Service management-involvesobtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.
5.Promotion-involves communicating information about goods, services, images, and/or ideas to achieve a desired outcome.
6.Selling-involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities
Individuals who buy for personal use are known in marketing as__________ _________
Who are final consumers
These elements make up the overall picture of financial information.
What is credible, accurate, timely, comparable, understandable, transparent, reliable.
The three M's of Budgeting are known as...
What is money, maps, and management
mental, physical, or social pressure that puts real or perceived demands on the body, emotions, mind, or spirit is known as
What is stress
These 2 main approaches to businesses take when sales forecasting is known as
What is qualitative and quantitative forecasting.
These documents individually assess various aspects of the strength and stability of a business...
What is an Income Statement, Balance Sheet, Cash Flow Statement, Profit & Loss Statement
Customers can be identified as by one of the six types...
What is impulsive, fact finder, pratical, frugal, informed or difficult.
This act requires passion and commitment of turning new and imaginative ideas into reality is known as
What is creativity
This document is a set of procedures or strategies for attracting the target customer to a business is known as a...
What is a marketing plan.
Sources of cash that flow out of business include:
what are operating expenses, rent/mortgage payment, utility costs, supplies, advertising, shipping/delivery expenses
Handling all types of customers includes showing a sincere interest in meeting their needs, developing a sales vocabulary, building two-way communication, and personalizing the products.
What is known as general principles
How much a customer enjoys a product is known as ________ _________, while how often a customer buys a product is known as __________ _________.
What is customer ssatisfaction and customer loyalty.