Marketing Concept
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers.
What is marketing?
Involves understanding the concepts and strategies used to develop and target specific marketing strategies to select an audience.
What is market planning?
Involves changing raw materials into usable goods or putting parts together to make them more useful.
What is Form Utility?
Consists of consumers who purchase goods and services for personal use.
What is consumer market?
Includes the basic marketing strategy called the 4 P's: product, place, price, promotion.
What is marketing mix?
Tangible items that have monetary value and satisfy your needs and wants.
What are goods?
Is the effort to inform, persuade, or remind current and potential customers about a business's product or services.
What is promotion?
Involves having a product where customers can buy it.
What is Place Utility?
Business-to-business market includes all businesses that buy products for use in their operations.
What is organizational market?
Which of the 4 P's: Is exchanged for the product.
What is price?
Intangible items that have monetary value and satisfy your needs and wants.
What are services?
Provides customers with the goods and services they want.
What is selling?
Involves communication with the consumer.
What is Information Utility?
List of information about a target market such as age, gender, income level, marital status, ethnic background, geographical residence, attitudes, lifestyle and behavior.
What is customer profile?
Which of the 4 P's: Refers to activities related to advertising, personal selling, sales promotion, and publicity.
What is promotion?
The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the business.
What is marketing concept?
Dictates how much to charge for goods and services.
What is pricing?
The exchange of a product for money.
What is Possession Utility?
The group that is identified for a specific marketing program.
What is target market?
Which of the 4 P's: Involves getting the product into the customer's hands.
What is place?
List 2 marketing skills.
What is business law, communications, customer relations, economics, emotional intelligence, entrepreneurship, financial analysis, etc.
The process of deciding how to get goods into customer's hands.
What is channel management?
The added value in economic terms.
What is Utility?
Its percentage of the total sales volume generated by all companies that compete in a given market.
What is market share?
Which of the 4 P's: An item used for a sell.
What is product?