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Marketing And Business > Chapter 1 Vocab > Flashcards

Chapter 1 Vocab Flashcards

0
Q

The process of developing, promoting and distributing products

A

Marketing

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1
Q

Marketing

A

The process of developing, promoting and distributing products

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2
Q

Goods

A

Tangible items

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3
Q

Tangible item

A

Good

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4
Q

Service

A

Intangible

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5
Q

Marketing concept

A

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

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6
Q

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

A

Marketing concept

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7
Q

Utility

A

Added value to a product

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8
Q

Added value to a product

A

Utility

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9
Q

Consumer market

A

Consumers who purchase goods and services for personal use

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10
Q

Consumers who purchase goods and services for personal use

A

Consumer market

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11
Q

Organizational market/ industrial market

A

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

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12
Q

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

A

Organizational market/industrial market

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13
Q

Market share

A

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

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14
Q

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

A

Market share

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15
Q

Target market

A

To identify a group of people

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16
Q

To identify a group of people

A

Target market

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17
Q

Customer profile

A

Lists information about the target market

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18
Q

Lists information about the target market

A

Customer profile

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19
Q

Marketing mix

A

Product, price, place and promotion

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20
Q

Product, price, place and promotion

A

Marketing mix

21
Q

Form utility

A

Changing raw materials into useable goods, adding more value

22
Q

Changing raw materials into useable goods, adding more value

A

Form utility

23
Q

Place utility

A

Having a product where customers can buy it

24
Q

Having a product where customers can buy it

A

Place utility

25
Q

Time utility

A

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

26
Q

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

A

Time utility

27
Q

Possession utility

A

Exchange of a product for money

28
Q

Exchange of a product for money

A

Possession utility

29
Q

Information utility

A

Involves communication with the consumer

30
Q

Involves communication with the consumer

A

Information utility

31
Q

Selling

A

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

32
Q

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

A

Selling

33
Q

Distribution

A

Delivery of products or services to customers

34
Q

Delivery of products or services to customers

A

Distribution

35
Q

Product/service management

A

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

36
Q

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

A

Product/service management

37
Q

Customer profile

A

A list of information about a target market

38
Q

A list of information about a target market

A

Customer profile

39
Q

Value

A

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

40
Q

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

A

Value

41
Q

Customer relationship management

A

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

42
Q

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

A

Customer relationship management

43
Q

7 functions of marketing

A

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

44
Q

Promotion

A

Communicating with customers to achieve customer demand

45
Q

Communicating with customers to achieve customer demand

A

Promotion

46
Q

Pricing

A

Setting and communicating the value of products and services

47
Q

Setting and communicating the value of products and services

A

Pricing

48
Q

Marketing planning

A

Targets specific market

49
Q

Targets specific market

A

Market planning

50
Q

Market information management

A

Researching customer trends

51
Q

Researching customer trends

A

Market information management

Marketing And Business (5 decks)

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