Marketing Chapter 1 Review Flashcards

Tangible items of monetary value that satisfy needs and wants.

Intangible items of monetary value that satisfy needs and wants.

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

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

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

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

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

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

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

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

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

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

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

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

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

<p>People who share similar needs and wants and are capable of buying products.</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>Businesses that buy products to use in their operations.</p> Signup and view all the answers

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

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

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

<p>A list of information about a target market, such as age, income level, ethnicity, occupation, attitudes, lifestyle, and geographic residence.</p> Signup and view all the answers

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

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

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

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

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