Chapter 1 Vocab

Question 0

The process of developing, promoting and distributing products

Answer 0

Marketing

Question 1

Marketing

Answer 1

The process of developing, promoting and distributing products

Question 2

Goods

Answer 2

Tangible items

Question 3

Tangible item

Answer 3

Good

Question 4

Service

Answer 4

Intangible

Question 5

Marketing concept

Answer 5

The idea that a business should strive to satisfy customers need and wants.

Question 6

The idea that a business should strive to satisfy customers need and wants.

Answer 6

Marketing concept

Question 7

Utility

Answer 7

Added value to a product

Question 8

Added value to a product

Answer 8

Utility

Question 9

Consumer market

Answer 9

Consumers who purchase goods and services for personal use

Question 10

Consumers who purchase goods and services for personal use

Answer 10

Consumer market

Question 11

Organizational market/ industrial market

Answer 11

B2B. Market includes all businesses that buy products for use in their operations.

Question 12

B2B. Market includes all businesses that buy products for use in their operations.

Answer 12

Organizational market/industrial market

Question 13

Market share

Answer 13

Percentage of the total sales volume generated by all companies that compete in a given market

Question 14

Percentage of the total sales volume generated by all companies that compete in a given market

Answer 14

Market share

Question 15

Target market

Answer 15

To identify a group of people

Question 16

To identify a group of people

Answer 16

Target market

Question 17

Customer profile

Answer 17

Lists information about the target market

Question 18

Lists information about the target market

Answer 18

Customer profile

Question 19

Marketing mix

Answer 19

Product, price, place and promotion

Question 20

Product, price, place and promotion

Answer 20

Marketing mix

Question 21

Form utility

Answer 21

Changing raw materials into useable goods, adding more value

Question 22

Changing raw materials into useable goods, adding more value

Answer 22

Form utility

Question 23

Place utility

Answer 23

Having a product where customers can buy it

Question 24

Having a product where customers can buy it

Answer 24

Place utility

Question 25

Time utility

Answer 25

Having a product or service available at a certain time of year, being convenient

Question 26

Having a product or service available at a certain time of year, being convenient

Answer 26

Time utility

Question 27

Possession utility

Answer 27

Exchange of a product for money

Question 28

Exchange of a product for money

Answer 28

Possession utility

Question 29

Information utility

Answer 29

Involves communication with the consumer

Question 30

Involves communication with the consumer

Answer 30

Information utility

Question 31

Selling

Answer 31

Determining customer needs and wants and responding to those needs and wants through planned, personalized communication intended to influence purchase decisions and ensure satisfaction

Question 32

Determining customer needs and wants and responding to those needs and wants through planned, personalized communication intended to influence purchase decisions and ensure satisfaction

Answer 32

Selling

Question 33

Distribution

Answer 33

Delivery of products or services to customers

Question 34

Delivery of products or services to customers

Answer 34

Distribution

Question 35

Product/service management

Answer 35

Designing, developing, maintaining, improving and acquiring products or services for the purpose of meeting customers needs and wants

Question 36

Designing, developing, maintaining, improving and acquiring products or services for the purpose of meeting customers needs and wants

Answer 36

Product/service management

Question 37

Customer profile

Answer 37

A list of information about a target market

Question 38

A list of information about a target market

Answer 38

Customer profile

Question 39

Value

Answer 39

A customers subjective assessment of benefits relative to costs in determine the worth of a product

Question 40

A customers subjective assessment of benefits relative to costs in determine the worth of a product

Answer 40

Value

Question 41

Customer relationship management

Answer 41

To identify and understand customers so that a strong long term relationship can exist

Question 42

To identify and understand customers so that a strong long term relationship can exist

Answer 42

Customer relationship management

Question 43

7 functions of marketing

Answer 43

Selling, promotion, market planning, pricing, product/service management, market information management, and channel marketing/distribution

Question 44

Promotion

Answer 44

Communicating with customers to achieve customer demand

Question 45

Communicating with customers to achieve customer demand

Answer 45

Promotion

Question 46

Pricing

Answer 46

Setting and communicating the value of products and services

Question 47

Setting and communicating the value of products and services

Answer 47

Pricing

Question 48

Marketing planning

Answer 48

Targets specific market

Question 49

Targets specific market

Answer 49

Market planning

Question 50

Market information management

Answer 50

Researching customer trends

Question 51

Researching customer trends

Answer 51

Market information management