Marketing Chapter 1 Flashcards

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?

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

What is marketing information management?

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

What is market planning?

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

What is pricing?

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

What is product/service management?

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

What is promotion?

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

What is selling?

Provides customers with the goods and services they want. Signup and view all the answers

What is the marketing concept?

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

What is utility in economic terms?

Added value. Signup and view all the answers

What is form utility?

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

What is place utility?

Having a product where customers can buy it. Signup and view all the answers

What is time utility?

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

What is possession utility?

The exchange of a product for money. Signup and view all the answers

What is information utility?

Involves communication with the customer. Signup and view all the answers

What is a market?

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

What is a consumer market?

Consumers who purchase goods and services for personal use. Signup and view all the answers

What is an organizational market?

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

What is market share?

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

What is a target market?

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

What is a customer profile?

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

What is the marketing mix?

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

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.