Unit 1 Marketing Test

Info about the target market, such as age, gender, income level, marital status, ethnic background, ect. is called ??

Tangible items that have monetary value and satisfy one’s needs and wants is called _______________.

The activity, set of institutions, and processes for creating, communicating, and exchanging offerings for clients is ?

________________ is money left after taxes are taken out.

the projection of probable future sales in units of dollars

The study of the internal and external factors that affect marketing strategies

Stats that describe a populations in terms of professional characteristics such as age, gender, and income

The process of classifying people who form a given market into even smaller groups is called ___________.

Also known as business-to-business (B2B), this includes all businesses that buy products for use in their operations.

Strategy that identifies target markets and sets marketing mix choices that focus on those markets

Segmentation of the market based on where people live

What is when consumers purchase goods and services for personal use?

Using a single marketing strategy to reach all customers

An expectation of performance that reflects a companys goals and marketing plan objectives

Product, Place, Price, and Possession are known as the Four P's of Marketing

a brief overview of an entire marketing plan

Added value in economic terms; an attribute of goods and services that makes them capable of satisfying wants and needs.

A formal written document that directs a company’s activities for a specific period of time.

A ___________ is when all people who share similar needs and wants and who have the ability to purchase a given product.

Intangible items that have monetary value and satisfy your needs and wants is called a _______________.

The idea that business should strive to satisfy customers’ needs and wants while generating a profit for the business.

Grouping people with similar attitudes, interests, and opinions as well as lifestyles and shared values is called _____.

The group of people most likely to become customers is called a ________________.

What is a company’s percentage of the total sales volume generated by all companies that compete in a given market?

The money left over from a consumers income after paying for basic living necessities such as food shelter and clothing