Questions and Answers
What is marketing?
What are goods?
Tangible items that have monetary value and satisfy needs.
What are services?
Integral and monetary items.
What is distribution in marketing?
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What is financing?
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What is marketing information management?
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What does pricing involve?
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What is a product/service?
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What is promotion?
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What does selling mean?
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What is the marketing concept?
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What is utility?
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What is form utility?
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What is time utility?
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What is possession utility?
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What is information utility?
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What is a market?
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What is consumer market?
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What is individual market?
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What is market share?
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What is market segmentation?
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What is a target market?
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What is a customer profile?
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Who are consumers?
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What does place refer to in marketing?
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What is price?
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Study Notes
Marketing Essentials
- Marketing encompasses goods, ideas, and services aimed at meeting consumer needs.
- Goods are tangible items that hold monetary value and satisfy needs.
- Services are intangible offerings that provide benefits but do not confer ownership.
Distribution & Financing
- Distribution involves the pathways products take to reach consumers.
- Financing secures the necessary funds to facilitate the purchase of goods or services.
Marketing Information Management
- Marketing Information System (MkIS) supports decision-making by organizing data collection and analysis.
- It ensures that managers receive relevant information regularly based on their needs.
Pricing Strategies
- Pricing refers to the financial amount set for goods or services, subject to fluctuations based on market conditions.
Promotional Activities
- Promotion involves elevating the visibility or status of a product, service, or individual.
Selling Function
- Selling is the process of transferring ownership of a good or service in exchange for money.
Understanding Marketing Concepts
- The marketing concept emphasizes analyzing and fulfilling customer needs better than competitors.
- Utility represents the usefulness or benefits derived from a product or service.
Types of Utility
- Form utility enhances product attractiveness by altering its physical appearance for consumer benefit.
- Time utility reflects the value derived from the timing of product or service availability.
- Possession utility measures the satisfaction from owning a product or using a service.
- Information utility serves as a centralized knowledge base for an organization.
Market Types
- A market is a gathering for the buying and selling of goods and services.
- Consumer markets focus on individual buyers, differentiating from business-to-business approaches.
Individual & Target Marketing
- Individual marketing tailors products to meet the specific needs of individual customers.
- Target markets consist of specific groups of consumers that a product is aimed at reaching.
Market Dynamics
- Market share indicates the percentage of the market controlled by a particular company or product.
- Market segmentation divides broad markets into smaller, focused groups based on shared characteristics or needs.
Customer Insights
- A customer profile describes demographic, geographic, and psychographic traits along with buying behaviors and history.
- Consumers are defined as individuals who purchase goods and services for personal use.
Place and Pricing
- The concept of place refers to the specific location or space utilized for selling products or services.
- Price involves the monetary expectation associated with goods or services, which can vary.
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Description
Test your knowledge of essential marketing terms with these flashcards. Each card provides a word and its definition, covering goods, services, distribution, and financing. Perfect for anyone looking to strengthen their marketing vocabulary.