Terms
Customer
What is a the person purchasing a product (for themselves, their business, their family, their friends, etc)
SWOT
What is strengths, weaknesses, opportunities, and threats
A form of advertising where a company informs customers about the business’s products/services in order to grow its customer base and/or keep customers
What is promotion
Marketing
What is the concept/act of promoting a business’s goods and/or services.
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If not then don't
Consumer
What is the actual person or group of people using the product/service
Marketing Mix
What is product, price, placement, and promotion
However the customer receives their product and/or service
What is selling
Profit
What is money earned after all costs/expenses have been paid
Things to do in order to ensure property rights
What is a patent, trademark, copyright
The two types of markets
What are consumer market and business market?
Customer profile
What is Demographic, Psychographic, Geographic, Behavioral
How a company determines the transportation of goods to customers
What is channel Management
Production
What is the process of creating, growing, manufacturing and/or improving goods/services
For-profit business vs Nonprofit organization
What is a business meant to make a profit vs a group that functions like a business but uses its money to fund a certain cause
Target market
What is a specific group of potential consumers (that has some influence on products or service)
"Do D.E.C.A"
What is Define, Explain, Connect, Above and Beyond
The process of determining and implementing certain market strategies
What is market planning
Monopoly
What is when one person or company has exclusive control over product and/or the means of producing it
Economic benefits of marketing (3)
What is Products, Prices, & Economic utility
Market share
What is the percent of total sales a certain company generated in an industry?
Companies use this to adjust their products, services, and possibly marketing strategies
Indicator of competition and possible success
7 functions (get at least 4)
What is promotion, selling, channel management, marketing information management, market planning, pricing, product service management
Monitoring market and adjusting product and/or marketing strategy in response to changes and opportunities
What is product service management
Free enterprise system
What is an economic system where a government places few restrictions on the types of business activities/ownership that citizens engage in
Freedoms of private enterprise
What is the freedom to own property, freedom to compete, freedom to take risks, freedom to make a profit