MARKETING BASICS
What is marketing?
The process of identifying and satisfying customer needs and wants.
What is a group of people who share similar needs and wants and have the ability to purchase a product?
A market.
What are the four Ps of the marketing mix?
Product, Place, Price, and Promotion.
What is the process of creating something new?
Create.
What is a customer profile?
A description of the characteristics and needs of a target customer.
What is a product that can be physically touched, such as a phone or shirt?
A good.
What market consists of people who buy products for personal use?
Consumer market.
Which P refers to what a business sells to customers?
Product.
What does it mean to carry out or perform something, such as marketing research?
Conduct.
What is a service concept?
An idea or description of how a service will meet customer needs.
What is an activity or benefit provided to customers instead of a physical product?
A service.
What market consists of businesses and organizations that purchase products?
Organizational market.
Which P refers to how much customers pay for a product?
Price.
What word means the positive results or advantages that something provides?
Benefits.
Why is customer satisfaction important to marketing?
It helps businesses meet customer needs and build customer loyalty.
What is the term for the added value or benefit a product provides to a customer?
Utility.
What is the percentage of total sales held by a company compared with all competitors in the market?
Market share.
Which P involves advertising and communicating with customers about a product?
Promotion
What word means having qualities that are almost the same?
Similar.
What are the five economic utilities provided by marketing?
Form, place, time, possession, and information.
What are the three benefits of marketing?
New and improved products, lower prices, and added value (utility).
What is a specific group of customers that a business chooses to focus its marketing efforts on?
Target market.
Which P involves getting a product to the customer where and when they need it?
Place.
What are the individual parts that make up something?
Elements.
What four areas are marketing decisions and strategies based on?
The four Ps: product, place, price, and promotion.