marketing basics
What is marketing?
The process of promoting and selling products or services to customers.
What is product?
The goods or services a company provides to satisfy customer needs
What is scarcity?
The state of being scarce or in short supply
What is a seller's market?
A market situation where goods are scarce and sellers can keep prices high
What is a trademark?
A legally protected image or logo
What is the marketing concept?
A strategy that puts the customer at the center of a companies decisions
What is place?
The location or method through which a product is sold to customers
What is a market economy?
A system where production of goods and services is determined by supply and demand
What is a buyers market?
A market situation where goods are plentiful and buyers can demand low prices
What is a trade secret?
A secret recipe or formula used in manufacturing
What is value?
The balance of perceived costs and benefits
What is promotion?
The strategies used to communicate, persuade, and inform customers
What is equilibrium?
The condition where opposing economic forces are balanced
What is price competition?
Competition where businesses lower their prices to attract customers
what is copyright?
a form of legal protection for original works or authorship.
What are intermediaries?
Firms that specialize in trade rather than production and help with buying and selling
What is price?
The amount of money customers pay for a product
What is opportunity cost?
The value of the next best alternative when a decision is made
What is non-price competition?
Competition where businesses focus on product features, service, or quality rather than price.
What is risk management?
A systematic process of identifying and controlling threats to an organization
What is the modern marketing concept?
The modern approach to marketing that focuses on satisfying customer needs better than competitors
What is lifetime value of a customer?
The total stream of purchases a customer could contribute to a firm over time
What are convenience items?
Everyday products that consumers buy frequently with minimal effort
What is risk?
the potential for loss or harm in business environments
What is risk avoidance?
a strategy that eliminates exposure to risk completely