Vocab
Customer
What is the people who buy goods and services
Which marketing function involves creating the correct product mix for a business?
What is product/service management?
Marketing links producers to
What is customers?
Companies that produce goods and services most people buy and use are likely to use
What is mass marketing?
Having appropriate data helps marketers to set goals that are
What is realistic?
Marketing Mix
What is the combination of the four elements of marketing—product, place, promotion, and price.
The marketing function that includes creating strategies to attract the target customer to a business is
What is market planning?
In the marketing concept, whose point of view matters most?
What is the buyer's?
The community college has decided to market its evening classes to women between the ages of 18 and 30 who are high-school graduates. What type of segmentation is the college using?
What is demographic?
Which of the following are common types of data used by marketers:
What is facts, predictions, estimates?
Profit
What is monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
Which marketing function can remind customers of items that they want to purchase?
What is promotion?
What is the difference between a durable good vs. a non durable good?
What is Durable goods provide a stream of services or utility over time. In contrast, non-durable goods and services tend to be consumed immediately
Businesses that identify customers on the basis of their personalities, interests, and activities are using __________ segmentation.
What is psychographic?
Marketers must use data to estimate costs for projects and allocate funds appropriately. This is known as
What is budgeting?
What is a marketing tool that investigates a business’s strengths, weaknesses, opportunities, and threats in an organized fashion
Which function of marketing determines how much gross profit a business will make on a good or service?
What is pricing?
Marketing is described as creating...
What is exchanges?
Marketers divide their markets by grouping customers according to their
What is similarities?
The best source for data about the goods and services a company needs to buy for its own operation is its
What is vendor?
Market Share
What is an organization’s portion of the total industry sales in a specific market
What is the difference between publicity and advertising?
What is publicity is when any nonpersonal presentation of ideas, goods, or services that is not paid for by the company and advertising is any paid form of nonpersonal presentation of ideas, images, goods, or services
Marketing encourages people from different countries to __________ frequently.
What is trade?
Liza has always wanted a horse, and she has finally saved enough money to buy one. In marketing terms, Liza is a
What is market?
Data obtained from negative outcomes can help marketers to
What is not make the same mistake in the future?