Marketing Basics
Businesses should satisfy customers' needs and wants while making a profit.
What is the marketing concept?
A group of related products under a single brand offered by a company.
What is a product line?
All direct costs associated with manufacturing or purchasing the products you sell.
What is COGS (cost of all goods sold)?
A business that sells products directly to the final consumer.
What is a retailer?
The direct communication between a sales representative and a prospective customer.
What is personal selling?
People who share similar needs and wants and are capable of buying products.
What is a market?
Intangible items of monetary value that satisfy needs customers' needs and wants.
What are services?
You set a high price at the beginning for a new, unique product to "skim" off the most willing customers.
What is price skimming?
The entire system of organizations, people, activities, information and resources involved in moving a product or service from supplier to customer.
What is a supply chain?
A short-term incentive offered to encourage the purchase or sale of a product or service.
What is a sales promotion?
The four basic marketing strategies, called the 4 P's: product, place, price and promotion.
What is the marketing mix?
Tangible items of monetary value that satisfy customers' needs and wants.
what are goods?
You set your price based on what the customer believes your product is worth.
What is value-based pricing?
The process of planning, implementing, and controlling the efficient flow and storage of goods from the point of origin to the point of consumption.
What is logistics?
The creation and sharing of online material that is intended to stimulate interest in products or services.
What is content marketing?
A list of information about a group of consumers, such as age, income level, ethnicity, occupation, attitudes, lifestyle, and geographic residence.
What is a customer profile?
An attribute of a product or service that makes it capable of satisfying consumers' wants and needs.
What is utility?
Indirect costs of running your own business that are not tied directly to a single product.
What are OPEX (operating expenses)?
A complete list of items, products or materials held by a business.
What is inventory?
A paid form of communication about an organization, product or idea from an identified sponsor.
What is advertising?
A group of people identified as those most likely to become customers.
What is a target market?
A name, term, sign, symbol, or design that identifies the goods or services of one seller and differentiates them from those of competitors.
What is a brand?
Expenses that do not change based on how many products you make.
What are fixed costs?
A business that buys large quantities of goods from manufacturers and sells them in smaller quantities.
What is a wholesaler?
The extent to which consumers can recall or recognize a brand.
What is brand awareness?