Misc Questions
One is tangible and the other is intangible
What is The difference between a good and service?
Collecting and analyzing data
What is Marketing Information Management?
Means having products where customers can buy them
What is Place Utility?
BONUS: Give an example
Products for personal use that save customers money, make their lives easier, improve their appearance or give them status in their community
What is a Consumer Market?
The process of classifying people who form a given market into smaller groups
What is Market Segmentation?
BONUS: List the three categories
The process of planning, pricing, promoting, selling, and distributing ideas, goods, and services to create exchanges that satisfy customers
Determining customers' needs and wants, responding through planned, personalized communications
What is Selling?
Means all communications with the customer
What is Information Utility?
BONUS: Give an example
A group of closely related products that a business offers for sale
What is a Product Line?
Statistics that describe a population
What is Demographics?
Includes the four basic marketing strategies called the Four Ps
BONUS: What are the Four Ps?
Obtaining, developing, maintaining and improving products and/or services
What is Product/Service Management?
Means making a product customers want
What is Form Utility?
BONUS: Give an example
A company's percentage of total sales volume generated by all companies that compete in a market
What is Market Share?
A group that is identified for a specific marketing program
What is a Target Market?
The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the firm.
What is the Marketing Concept?
Getting the money to start up and run a business
What is Financing?
BONUS: What are the three categories of financing?
Means having a product available at a certain time of year or convenient time of day
What is Time Utility?
BONUS: Give an example
All the people who have the ability to purchase a given product
What is Marketing?
What something is versus what something does
What is Features vs. Benefits?
The difference between the cost of a product and it's selling price
What is Markup?
The effort to inform, persuade, or remind customers about a business's products and services
What is Promotion?
Means the exchange of money of some type
What is Possession Utility?
BONUS: Give an example
Products for business use that improve productivity, increase sales, decrease expenses, or make work more efficient
What is the Industrial Market?
Involves grouping people with similar lifestyles, as well as shared attitudes values and opinions
What is Psychographics?