MARKETING FUNDAMENTALS
All the people who share a similar want/need and have the ability are part of this.
WHAT IS A MERKET?
These are the four elements of the marketing mix.
WHAT IS PRICE, PRODUCT, PROMOTION, & PLACE?
The process of classifying people who form a given market into smaller groups is known as:
WHAT IS MARKET SEGMENTATION?
The process of planning, pricing , promoting , selling , and distributing ideas, goods or services to create exchanges that satisfy customers.
WHAT IS MARKETING?
The situation where there are many, many sellers in the market and they sell identical or very similar products. None can achieve market dominance.
WHAT IS PERFECT COMPETITION?
This type of market consists of consumers who purchase goods and services for personal use.
WHAT IS A CONSUMER MARKET?
A new juice company decided to sell it's product in grocery stores and gas stations. This is an example of what type of?
WHAT IS PLACE?
Describing a population in terms of age, gender, income, etc.
WHAT IS DEMOGRAPHICS?
Tangble items that have monetary value and satisfy your needs and wants such as cars , toys furniture , televisions , clothing , and candy.
WHAT ARE GOODS?
Limited competition, in which a market is shared by few offerers and many demanders
WHAT IS AN OLIGOPOLY?
A company's percentage of the total sales volume generated by all companies that compete in a given market.
WHAT IS MARKET SHARE?
Choosing a products features and design is part of what?
WHAT IS PRODUCT?
Marketers who sell luxury items are concerned with this type of income of their customers.
WHAT IS DISCRETIONARY INCOME?
1. Distribution 2. Financing 3. Marketing Information Management 4. Pricing 5. Product / Service Management 6. Promotion 7. Selling
WHAT ARE THE 7 FUNCTIONS OF MARKETING?
There are many offerers with differentiated products and many demanders. There are few entry barriers
WHAT IS MONOPOLISTIC COMPETITION?
This is the person that actually uses a purchased product.
WHAT IS CONSUMER?
Deciding that your item is going to cost $5 is part of which element of the marketing mix?
WHAT IS PRICE?
This involves grouping people with similar lifestyles, shared attitudes, values, and opinions.
WHAT IS PSYCHOGRAPHICS?
The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the firm.
WHAT IS THE MARKETING CONCEPT?
The group of people who are most likely to purchase a particular product.
WHAT IS TARGET MARKET?
Give an example of when a consumer is not the customer.
EXAMPLE: MOM BUYS DIAPERS & IS THE CUSTOMER, BUT BABY USES DIAPER SO THEY ARE THE CONSUMER.
Deciding to advertise in magazine and billboards is an example of which element of the marketing mix?
WHAT IS PROMOTION?
To segment a market in this way you could refer to local, regional, national, or even global markets.
WHAT IS GEOGRAPHICS?
This type of market includes all businesses that buy products for use in their operations.
WHAT IS THE INDUSTRIAL MARKET?
Communicating information to prospective customers through advertising and other promotional methods
WHAT IS PROMOTION?