Marketing Chapter 1 Flashcards

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Questions and Answers

What is marketing?

Is the process of planning, pricing, promotion, selling, and distributing ideas, goods, or services. (correct)

Only concerned with selling products.

Is the same as advertising.

None of the above.

What are goods?

Tangible items that have monetary value and satisfy needs and wants.

What are services?

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

What is the marketing concept?

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

What does channel management involve?

Deciding how to get goods into customer's hands. Signup and view all the answers

What is marketing information management?

Storing and analyzing gathered information about customers, trends, and competing products. Signup and view all the answers

What is market planning?

Understanding the concepts and strategies used to develop and target specific marketing strategies. Signup and view all the answers

What does pricing dictate?

How much to charge for goods and services 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. Signup and view all the answers

What is promotion?

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

What does selling provide customers?

Goods and services they want. Signup and view all the answers

What are utilities in marketing?

Attributes of a product or service that make it capable of satisfying consumers' wants and needs. Signup and view all the answers

What is form utility?

Changing raw materials 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 the product available at a certain time. Signup and view all the answers

What is possession utility?

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

What is information utility?

Communication with customers. Signup and view all the answers

What is a market?

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

What is a target market?

A group of people identified as those most likely to become customers. Signup and view all the answers

What is a customer profile?

A list of information about a target market, such as age, income level, ethnicity, and lifestyle. Signup and view all the answers

What is the marketing mix?

The four basic marketing strategies: product, place, price, and promotion. Signup and view all the answers

What are wants?

Things that people desire based on personality, experiences, or information about a product. Signup and view all the answers

What are needs?

A lack of basic necessities such as food, clothing, or shelter. Signup and view all the answers

Study Notes

Key Marketing Concepts

Marketing: Planning, pricing, promotion, selling, and distribution of ideas, goods, or services to create exchanges that satisfy customers.
Goods: Tangible items with monetary value that fulfill needs and wants.
Services: Intangible offerings that possess monetary value, meeting consumer needs and wants.

Marketing Strategies and Functions

Marketing Concept: Focuses on satisfying customer needs and wants while ensuring profitability.
Channel Management: Involves the logistics of distributing goods to customers, including storage and transport.
Marketing Information Management: Process of gathering and analyzing data about customers, market trends, and competitors.
Market Planning: Development of targeted marketing strategies for specific audiences.

Pricing and Product Management

Pricing: Determining the selling price for goods and services to ensure profit.
Product/Service Management: Activities related to obtaining, developing, and maintaining product offerings.

Promotional Activities

Promotion: Efforts to inform, persuade, or remind customers about a business's products or services.
Selling: The act of providing customers with the desired goods and services.

Understanding Utility

Utility: Attributes of a product or service that satisfy consumer wants and needs, adding value.
- Form Utility: Transforming raw materials or assembling parts for enhanced usefulness.
- Place Utility: Availability of a product in a location accessible to consumers.
- Time Utility: Ensuring products are available when needed, whether seasonally or at a convenient time.
- Possession Utility: The act of exchanging products for money.
- Information Utility: Providing communication and information to customers.

Market Analysis

Market: All individuals who share common needs and wants and have the purchasing capacity for products.
Target Market: A specific group identified as most likely to purchase a product.
Customer Profile: Detailed information about a target market, including demographics, income, lifestyle, and geographic factors.

Marketing Framework

Marketing Mix: The four essential strategies known as the four Ps: product, place, price, and promotion.
Wants: Desires influenced by personality, experiences, and product information.
Needs: Fundamental requirements for survival such as food, clothing, and shelter.

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Description

Explore the key concepts of marketing with these flashcards from Chapter 1. Learn about essential terms like marketing, goods, and services, and their definitions to deepen your understanding of this vital business discipline.