Marketing Chapter 1 Review Flashcards

Questions and Answers

What is marketing?

The process of selling products to customers

Only promoting products to potential customers

The act of conducting research about customers

The process of planning, pricing, promoting, distributing, and selling goods or services to satisfy consumers' needs and wants (correct)

What are goods?

Tangible items of monetary value that satisfy needs and wants.

What are services?

Intangible items of monetary value that satisfy needs and wants.

What does channel management involve?

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

What is market planning?

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

What is marketing information management?

Conducting research to gather information, storing it, and analyzing it. Signup and view all the answers

What does pricing involve?

Deciding 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, improving, or maintaining a product/mix in response to market opportunity. Signup and view all the answers

What is promotion?

Effort to inform, persuade, or remind potential customers about a business's good/product. Signup and view all the answers

What does selling refer to?

Actually providing customers with the goods/services they want. Signup and view all the answers

What is the marketing concept?

Businesses should satisfy customers' needs and wants while making a profit. Signup and view all the answers

What is customer relationship management (CRM)?

An aspect of marketing combining customer information through database and computer technology with customer service and marketing communications. Signup and view all the answers

What is utility in marketing terms?

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

What is form utility?

Changing raw materials or putting parts together to make them more useful and making products that consumers need or want. 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 available at a certain time of year or a convenient time of day. Signup and view all the answers

What is possession utility?

The exchange of a product for money and the options given for taking legal ownership of a product. Signup and view all the answers

What is information utility?

Communication with the customer, explanation of features and benefits of products. Signup and view all the answers

What is a market?

People who share similar needs and wants and are capable of buying products. 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 industrial market?

Businesses that buy products to use in their operations. Signup and view all the answers

What is market share?

A company's percentage of total sales volume generated by all competition in a given market. Signup and view all the answers

What is market segmentation?

The process of classifying customers by their needs and wants in order to find ways to offer their product or service to people who are most likely to be interested in buying them. 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, occupation, attitudes, lifestyle, and geographic residence. Signup and view all the answers

What is the marketing mix?

Tools marketers use to base their decisions on the people they want to win over and make into customers - 4 basic marketing strategies. Signup and view all the answers

What is product in marketing?

Choosing what product to make, what product to sell, design, features, brand name, packaging, service and warranty, what to do with currently sold products. Signup and view all the answers

What is place in marketing?

Knowing where the customers shop, deciding to sell globally or domestically and to which countries. Signup and view all the answers

What is price in marketing?

Reflecting what customers are willing and able to pay as well as what competition is charging for comparable products. Signup and view all the answers

What does promotion 4P include?

Activities related to advertising, personal selling, sales promotion, and publicity. Signup and view all the answers

Study Notes

Marketing Overview

Marketing encompasses the planning, pricing, promoting, distributing, and selling of goods or services aimed at satisfying consumer needs and wants.
Goods are tangible products with monetary value, while services are intangible offerings that fulfill consumer desires.

Key Marketing Processes

Channel Management: Refers to strategizing the distribution methods to deliver goods to consumers effectively.
Market Planning: Involves developing and targeting marketing strategies to a specific audience based on market research.
Marketing Information Management: The research, storage, and analysis of consumer and market data, allowing informed marketing decisions.
Pricing: Setting prices for goods and services to ensure profitability while considering consumer expectations.
Product/Service Management: Focuses on the lifecycle management of a product or service, including development and improvement based on market needs.

Promotional Activities

Promotion: Engaging in efforts to inform, persuade, or remind consumers about products or services.
Selling: Directly providing goods or services to consumers, fulfilling their demands.

Marketing Concept

A fundamental principle that emphasizes the necessity for businesses to cater to consumer needs and wants while also achieving profitability.

Customer Engagement Strategies

Customer Relationship Management (CRM): The integration of customer data and technology to enhance customer service and marketing communications.
Utility: Refers to the value a product or service provides, including various types such as form, place, time, possession, and information utility.

Types of Utility

Form Utility: Involves transforming raw materials into valuable products.
Place Utility: Ensures product availability where customers can access them easily.
Time Utility: Guarantees product availability during relevant times, like seasonally or according to consumer convenience.
Possession Utility: Facilitates the legal transfer of ownership from seller to buyer.
Information Utility: Provides communication about product features and benefits to consumers.

Market Classification

Market: A collective of individuals who share similar needs and have purchasing capability.
Consumer Market: Comprised of individuals buying goods and services for personal use.
Industrial Market: Businesses that procure products for operational purposes.

Market Analysis Concepts

Market Share: Indicates a company’s proportion of total sales volume relative to competitors in a specific market.
Market Segmentation: The categorization of consumers based on shared needs and preferences to target marketing efforts more effectively.
Target Market: The specific group of people most likely to purchase a product or service.

Customer Profiling and Marketing Mix

Customer Profile: A detailed outline of a target market, including demographic, geographic, and psychographic factors.
Marketing Mix: Comprises the four P's (Product, Place, Price, Promotion) utilized by marketers to strategize and attract potential customers.

Detailed Aspects of Marketing Mix

Product: Involves decisions about product design, features, branding, packaging, and warranties.
Place: Addresses decision-making regarding sales channels and market reach, including local and global venues.
Price: Should align with consumer willingness to pay and competitive pricing; can vary with promotional strategies.
Promotion: Involves tactics such as advertising, personal selling, and publicity to effectively communicate with potential customers.

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Description

Test your knowledge with these flashcards covering key concepts from Chapter 1 of Marketing. Learn about essential terms such as marketing, goods, services, and channel management. Perfect for students looking to reinforce their understanding of foundational marketing principles.