Marketing Chapter 1 Flashcards

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value to customers, clients, partners, and society at large.

Tangible items that have monetary value and satisfy your needs and wants, such as cars, furniture, televisions, and clothing.

Intangible items that have monetary value and satisfy your needs and wants.

<p>The process of deciding how to get goods into the customers' hands.</p> Signup and view all the answers

<p>Good business decisions rely on good information about customers, trends, and competing products.</p> Signup and view all the answers

<p>Involves understanding the concepts and strategies used to develop and target specific marketing strategies to select an audience.</p> Signup and view all the answers

<p>How much to charge for goods and services in order to make a profit.</p> Signup and view all the answers

<p>Obtaining, developing, maintaining, and improving a product, or product mix in response to market opportunities.</p> Signup and view all the answers

<p>The effort to inform, persuade, or remind current and potential customers about a business' products or services.</p> Signup and view all the answers

<p>Provides customers with the goods and services they want.</p> Signup and view all the answers

<p>The idea that a business should strive to satisfy customers' needs and wants while generating a profit for the business.</p> Signup and view all the answers

<p>Added value.</p> Signup and view all the answers

<p>Involves changing raw materials into usable goods or putting parts together to make them more useful.</p> Signup and view all the answers

<p>Having a product where customers can buy it.</p> Signup and view all the answers

<p>Having a product or service available at a certain time of year or convenient time of day.</p> Signup and view all the answers

<p>The exchange of a product for money.</p> Signup and view all the answers

<p>Involves communication with the customer.</p> Signup and view all the answers

<p>All people who share similar needs and wants and who have the ability to purchase a given product.</p> Signup and view all the answers

<p>Consumers who purchase goods and services for personal use.</p> Signup and view all the answers

<p>Business to business (B2B) market includes all businesses that buy products for use in their operation.</p> Signup and view all the answers

<p>The percent of total sales volume generated by all companies that compete in a general market.</p> Signup and view all the answers

<p>The group that is noticed for a specific marketing program.</p> Signup and view all the answers

<p>Lists information about the target market, such as age, gender, income level, etc.</p> Signup and view all the answers

<p>The four P's (Product, place, promotion, price).</p> Signup and view all the answers