Marketing Concepts Flashcards

Questions and Answers

What is a market?

The place where products are sold

A group of people with the same demographics

A collection of consumers wishing to buy a specific product

All people or organizations who share similar needs and wants and are capable of buying your products (correct)

What does marketing consist of?

Actions a business takes to identify, create, and maintain satisfying relationships with customers.

What is the focus of the marketing concept?

Satisfying the needs and wants of customers while making a profit for the company.

What are the four P's of marketing?

Product, Price, Place, Promotion Signup and view all the answers

What issues are considered in the pricing function?

Demand, overhead costs, competition, and profit. Signup and view all the answers

What is the role of promotion in marketing?

To inform, persuade, or remind customers about a product or service. Signup and view all the answers

What is involved in distribution/channel management?

How to get the product into the consumer's hands including transportation and shipping decisions. Signup and view all the answers

What does consumer markets refer to?

Individuals purchasing goods for personal use Signup and view all the answers

What are demographics?

Statistics that describe a population based on personal characteristics. Signup and view all the answers

What is the meaning of niche marketing?

Marketing targeted to extremely specific markets. Signup and view all the answers

What is time utility?

Adding value by making products available at the right time. Signup and view all the answers

What are goods?

Tangible items that have monetary value and satisfy needs and wants. Signup and view all the answers

What is the purpose of marketing-information management?

To conduct surveys or gather information for business decision-making. Signup and view all the answers

What does behavioral/benefits desired involve?

Looking at the benefits customers want and their shopping patterns. Signup and view all the answers

Study Notes

Market Definitions

Market: Collection of people or organizations with similar needs and desires capable of purchasing products.
Consumer Markets: Target individuals who buy goods and services for personal use.
Industrial Markets: Business-to-business transactions where companies purchase products for operational use.

Marketing Concepts

Marketing: Actions to identify, create, and foster satisfying customer relationships for mutual value.
Marketing Concept: Centered on meeting customer needs while ensuring company profitability.
Marketing Mix: Comprises four P's: product, price, place, and promotion.

Product and Services

Product: Involves decisions on features, brand name, packaging, service, and warranty to fulfill customer needs.
Services: Intangible offerings that provide monetary value and fulfill needs, e.g., tasks like cooking or haircuts.
Goods: Tangible products with monetary value that satisfy needs, e.g., cars and electronics.

Marketing Strategies

Promotion: Communication strategies to inform, persuade, or remind customers about products/services.
Niche Marketing: Targeting extremely specific market segments with tailored marketing efforts.
Mass Marketing: A unified marketing strategy aimed at reaching a broad customer base.

Pricing and Management Functions

Pricing Function: Assessing product demand while considering costs, competition, and desired profit margins.
Product/Service Management: Adjusting offerings based on trends, quality, and market evaluation.
Distribution/Channel Management: Strategies for effective product delivery to consumers, including transportation considerations.

Research and Information

Marketing-Information Management: Gathering and analyzing data to guide decisions on market trends and product launches.
Demographics: Analyzing statistics related to population characteristics such as age, income, and education to inform marketing strategies.
Psychographics: Understanding consumer lifestyle choices and interests to guide spending and marketing approaches.

Additional Concepts

Behavioral/Benefits Desired: Analyzing consumer shopping patterns, brand loyalty, and desired product benefits.
Competition: Businesses offering similar goods or services to the same customer base.
Marketing Ideas: Campaign themes that resonate like sustainability or safety awareness, e.g., "Going Green" or "Don't Text and Drive."

Utilities in Marketing

Form Utility: Enhancing products through assembly or modification of raw materials.
Place Utility: Adding value by ensuring product availability in convenient locations, including online platforms.
Time Utility: Increasing product value by ensuring availability when consumers need them.

Description

Test your knowledge on essential marketing terms with these flashcards. This quiz covers key concepts such as the market, marketing, and the overall marketing concept. Perfect for students or professionals looking to refresh their marketing vocabulary!