Marketing 1
The creation and maintenance of satisfying exchange relationships is known as
What is Marketing
Which of the 4 p's does this describe? How/where a product will be distributed.
What is place (distribution)?
Providing security for products, personnel, and customers and reducing the risk associated with marketing decisions and activities
What is risk management?
This is the business function that creates or obtains products or services for sale.
What is Production?
Exchanging products or services with others by agreeing on their values without using money is known as
What is bartering?
This approach gives employees the authority to solve many customer problems
What is Employee Empowerment?
Anything offered to a market by the business to satisfy needs, including physical products, services or ideas?
What is Product?
Identifying and understanding the markets a company wants to serve and developing effective marketing strategies for each market is known as
What is market planning?
The ongoing activities designed to support the primary function of a business and keep it operating efficiently is known as
What is Operations?
Focusing on the development of loyal customers who continue to purchase from your business over a long period of time is referred to as
The prospective customers a business wants to serve and the location of those customers is known as
What is Market?
Which of the 4 P's does this describe? Any form of communication used to inform, persuade, or remind; how potential customers will be told about the product.
What is Promotion?
Direct, personal communications with prospective customers in order to assess needs and satisfy those needs with appropriate products and services is
What is selling?
The business function that plans and manages financial resources and maintains records and information related to a business's finances.
What is accounting & finance?
Offering products produced or manufactured by others for sale to customers is known as
What is merchandising?
This is the way in which a business chooses to sell it's product. Examples would be physical retail stores, eCommerce websites, mobile apps, catalogs, private sales or home parties.
What is a sales channel?
What P in the marketing Mix do these questions relate to?
-What is the value of the product to the buyer?
-What discounts should be offered to your customers?
What is price?
Obtaining, managing, and using market information to improve decision making and the performance of marketing activities
What is market information management?
This business function involves developing, implementing, and evaluating the plans and activities of a business.
What is management?
A place where people bring products to be conveniently exchanged is called a
What is a central market?
Using the needs of customers as the primary focus during the planning, production, pricing, distribution and promotion of a product or service is known as
What is Marketing Concept?
Going to McDonald's for a cheeseburger is an example of which of the 4Ps?
What is place?
Assisting in the design and development of products and services to meet the needs of prospective customers is known as
What is Product and Service Management?
An example of this business function is creating advertising and activities to get consumers to purchase your company's product.
What is marketing?
Concentrating on one thing or a few related activities is called
What is Specialization of Labor?