Ch. 2 The Marketing Concept/Supply & Demand Unit

Information about where and how a person lives and what he or she wants and needs

The idea that businesses must satisfy customers' needs/wants in order to make a profit

Mrs. Yamura bought her son Kalen a radio-controlled car for his birthday.  

A combination of four strategies used to market a product

A business must have a complete customer profile in order to create a strong marketing mix.

Products designed to appeal to Baby Boomers reflect a concern for customers' demographics.

A pottery company selling mugs in an espresso shop is what marketing decision?

Separating a large group of potential customers into smaller groups based on characteristics

A ________ market is the best time for consumers to buy.  large supply/low demand=low price

A population's changes in personal attitudes about health, fun, and living.

Features of a product that appeal to specific consumers

Understanding an ethnic group's religion is part of market segmentation.

In the US, the most rapidly increasing ethnic population is African-American.

In marketing terms, customers are the people who USE a product.

Creating a plan to meet the needs and desires of a specific group of potential customers

Which would be bought with Discretionary Income?

Choices involving product image

Selecting appropriate brand name for a new snack food is a product strategy.

A bbq sauce that includes spices often found in Asian cuisine is segmenting its market thru

Promoting shampoo based on what the shampoo can do for your hair is an example of

Information about the values and attitudes that shape consumers' lifestyles are called

Susan placed an ad to sell her car on Craigslist.  

A combination of geographic, demographic, and psychographic data is used to create a 

Information about where people live

Members of Generation Z are more tech savy.

A company that wants to send catalogs to music teachers and dancers needs what type of data?

The law of supply/demand states when a good has a high demand, the supply increases and ...

People with common needs, desires, and purchasing abilities