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Questions and Answers
What is marketing?
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.
What are goods?
Tangible items that have monetary value and satisfy your needs and wants, such as cars, furniture, televisions, and clothing.
What are services?
Intangible items that have monetary value and satisfy your needs and wants.
What is channel management?
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What is marketing information management?
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What is market planning?
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What is pricing?
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What is product/service management?
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What is promotion?
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What is selling?
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What is the marketing concept?
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What is utility in economic terms?
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What is form utility?
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What is place utility?
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What is time utility?
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What is possession utility?
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What is information utility?
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What is a market?
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What is a consumer market?
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What is an organizational market?
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What is market share?
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What is a target market?
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What is a customer profile?
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What is the marketing mix?
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Study Notes
Marketing Fundamentals
- Marketing involves creating, communicating, delivering, and exchanging valuable offerings for customers, clients, partners, and society.
- The marketing concept emphasizes satisfying customer needs while generating profits for the business.
Goods and Services
- Goods are tangible items with monetary value, fulfilling needs and wants (e.g., cars, furniture).
- Services are intangible offerings that also provide value and satisfy needs and wants.
Distribution and Channel Management
- Channel management, or distribution, focuses on how to deliver goods to customers effectively.
Marketing Information
- Making informed business decisions relies on quality marketing information about customers, trends, and competitors.
Market Planning and Strategy
- Market planning involves developing specific marketing strategies targeted toward selected audiences.
Pricing Strategies
- Pricing determines how much to charge for goods and services to ensure profitability.
Product and Service Management
- Product/service management encompasses acquiring, developing, maintaining, and improving products in response to market opportunities.
Promotion Efforts
- Promotion aims to inform, persuade, or remind customers about a business's offerings.
Selling Process
- Selling ensures customers receive the desired goods and services.
Utility Types
- Utility refers to the added value offerings possess:
- Form Utility: Transforming raw materials into usable goods.
- Place Utility: Ensuring product availability where customers can purchase.
- Time Utility: Making products available at convenient times.
- Possession Utility: Facilitating the exchange of product for money.
- Information Utility: Communicating valuable information to customers.
Market Definitions
- A market consists of individuals sharing similar needs and purchasing abilities.
- The consumer market includes individuals buying goods and services for personal use.
- The organizational market (B2B) involves businesses purchasing products for their operations.
Key Market Metrics
- Market share represents the percentage of total sales attributed to competing companies in a general market.
- Target market focuses on a specific group aimed at for marketing programs.
Customer Profiling
- Customer profiles detail information about the target market, such as demographics (age, gender, income level).
Marketing Mix
- The marketing mix consists of the four P's: Product, Place, Promotion, and Price, which guide marketing strategies.
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Description
Explore key concepts in marketing with these flashcards covering definitions of essential terms such as goods and services. Test your understanding of marketing's role in society and learn how it affects consumers' lives. Perfect for students looking to grasp the fundamentals of marketing.