Marketing
What is the marketing mix?
product, price, place, promotion
What is the exchange in business?
CPA stands for
certified public accountant
Two other business ("c") terms for money are:
currency and capital
What is the difference between what it costs to make and sell a product and what the customer pays for it?
profit
Consumer products are for household or family use. They include what 3 kinds of products?
convenience, shopping, specialty
Value is a customer’s subjective assessment of benefits relative to costs in determining the worth of a product. What is the equation for value?
customer benefits - customer costs = customer value
___________ are a firm's items of value that they own. Name 3 for a business.
assets; building, cash, land, acct. rec., inventory, supplies, prepaid insurance
Money stored in a ___________________ at a bank or financial institution can be withdrawn at any time.
checking account
Market segmentation consists of dividing the total market into groups. What are two types of market segmentation?
What is the product life cycle?
intro, growth, maturity, decline
Convenience products include _______, ________, and ________ that consumer would purchase ____________.
beverages, snacks, gas; anywhere
assets = liabilities + owner's equity
Credit cards have ___________ interest rates, making them one of the ______________ ways to "borrow" money.
high, worst OR most expensive
What is the process of spreading the costs of large assets (like building and equipment) over a length of time? What is the point?
Depreciation; pay for those items over the duration of time that they use them vs when they buy them
What is a systematic, objective process of getting information about potential customers to guide marketing decisions? What kind of information is searched for?
marketing research; age, income, gender, education level, opinions, etc.
A ____________ price is a low price designed to help a product enter the market and gain market share rapidly, while price ____________ is charging the highest possible price that buyers who want the product will pay.
Liabilities are a firm's __________. Many of these are in the form of a ________.
debts; loan
_______________ are businesses that protect their clients against financial losses from risks. Name 5 types of coverage.
_______________ _______________ involves designing a series of paid advertisements. ___________ is non-personal communication transmitted through the mass media & consumers but not paid for by the firm.
advertising campaign; publicity
Marketing is intended to promote goods, services, and ideas that either ________ _____ ________ for consumers or allow them to gain some _________. It is NOT ___________ consumers.
solve a problem; enjoyment; manipulating
_________ distribution makes a product available in as many outlets as possible, _________ distribution uses only a small number of all available outlets to expose products, and __________ distribution is the sole right to sell a product.
intensive, selective, exclusive
An income statement is financial report that shows an organization’s ____________ over a period of time. What are the 3 periods of time?
profitability; monthly, quarterly, annually
Commercial banks are the largest and oldest of all financial institutions. Checking and ____________ accounts are their main sources of income. They use these to __________ money and charge _____________.
savings; loan; interest
__________ includes any attempt by _____________ to purposely deceive or trick victims. _____________ occurs when criminals obtain personal info.
fraud, cybercriminals; identity theft