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Marketing And Business > Chapter 1 Vocab > Flashcards

Chapter 1 Vocab Flashcards

(52 cards)

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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

Study These Flashcards
A

Marketing mix

21
Q

Form utility

Study These Flashcards
A

Changing raw materials into useable goods, adding more value

22
Q

Changing raw materials into useable goods, adding more value

23
Q

Place utility

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A

Having a product where customers can buy it

24
Having a product where customers can buy it
Place utility
25
Time utility
Having a product or service available at a certain time of year, being convenient
26
Having a product or service available at a certain time of year, being convenient
Time utility
27
Possession utility
Exchange of a product for money
28
Exchange of a product for money
Possession utility
29
Information utility
Involves communication with the consumer
30
Involves communication with the consumer
Information utility
31
Selling
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
Determining customer needs and wants and responding to those needs and wants through planned, personalized communication intended to influence purchase decisions and ensure satisfaction
Selling
33
Distribution
Delivery of products or services to customers
34
Delivery of products or services to customers
Distribution
35
Product/service management
Designing, developing, maintaining, improving and acquiring products or services for the purpose of meeting customers needs and wants
36
Designing, developing, maintaining, improving and acquiring products or services for the purpose of meeting customers needs and wants
Product/service management
37
Customer profile
A list of information about a target market
38
A list of information about a target market
Customer profile
39
Value
A customers subjective assessment of benefits relative to costs in determine the worth of a product
40
A customers subjective assessment of benefits relative to costs in determine the worth of a product
Value
41
Customer relationship management
To identify and understand customers so that a strong long term relationship can exist
42
To identify and understand customers so that a strong long term relationship can exist
Customer relationship management
43
7 functions of marketing
Selling, promotion, market planning, pricing, product/service management, market information management, and channel marketing/distribution
44
Promotion
Communicating with customers to achieve customer demand
45
Communicating with customers to achieve customer demand
Promotion
46
Pricing
Setting and communicating the value of products and services
47
Setting and communicating the value of products and services
Pricing
48
Marketing planning
Targets specific market
49
Targets specific market
Market planning
50
Market information management
Researching customer trends
51
Researching customer trends
Market information management

Marketing And Business (5 decks)

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