Unit 1 Flashcards
Marketing
Marketing involves is trying to constantly determine the wants and needs of your consumer. This involves advertising, public relations, social media, pricing, publicity, etc.
Consumer
The people who buy and use goods and services from businesses. They always use the product in the end.
Customer
People who purchase goods or services, but they might not always end up using it.
Target Market
Your target market is the type of demographic you are shaping your product to appeal. These are your main consumers and who marketers aim to please.
Product
Goods, services, ideas or events that can be bought or sold.
Retailer
A business or store that sells products directly to customer
What is the Marketing Mix
4 P’s - price, product, promotion and place, to ensure to put “the right product in the right place, at the right price, at the right time.” Two C’s- customers and competition, when understanding the marketing mix you’re better prepared to be successful in your business.
What is the Marketing Plan
A plan that marketers put together and enable them to sell and advertise products to the best of its ability.
Economic needs and wants
Not basic needs or wants but products or services that would provide help or to please customers. These products prove a need to a person, even though it’s often a want.
Sole Proprietorship
When one person starts up a business as the only owner and operates it as a business.
Marketing Concept
The idea that a product that the marketer is advertising is by all means the solution to the consumer’s problems, and make their wants and needs. This can include ratings or surveys to measure how pleased a customer or consumer is with their product.
Marketing Functions
Research, Product development, Packaging, Branding Pricing, Physical distribution, Inventory management, Storage Promotion and Sales.
Marketing economy
Decisions concerning distribution, investment and production are persuaded by the price of items and supply and demand.
Command economy
An economy where distribution, investment and production are mainly decided by the government.
Mixed Economy
A mixed economy is an economy which aims to incorporate both socialism and free market principles, which protects private ownerships and gives out economic freedom but still allows for a limited amount of governmental reign to reach social aims.
