Unit 1 Marketing Concepts

Companies typically focus their marketing efforts on the specific _____________

A restaurant has a trademarked flavor no one else can have

What is not part of the marketing mix?

Intangible products that have value to you such as banking, education, or medical treatment

Due to a decline in the economy, customers' disposable income decreased

Activity, set of instns & processes for creating,communicating,delivering & exchanging products

The 4 categories for Market Segmentation are:

Plan of action for development, distribution, promotion, & pricing of products

Particular segment of a total population on which a business focuses its expertise

Tangible items that have monetary value & satisfy your needs & wants

How many factors are in the Marketing Mix?

What is an example of an intangible product?

Strengths & weaknesses are considered these type of factors

Strategic planning technique to help identify strengths, weaknesses, opportunities, and threats

Opportunities & threats are considered these type of factors:

The desire for products or services that are not necessary, but which consumers wish for

The idea that you must satisfy a customer's needs & wants in order to make a profit

The one who uses the product or service

The purchaser of products or services

Products that are immediately used by a consumer or have an expected lifespan of 3 yrs or less

Goods, services or information & ideas that are marketed

A company gets complaints of having poor customer service

4 basic marketing startegies also called the 4P's: Product, Place, Price, Promotion

Products that aren't consumed or quickly disposed of, and can be used for several years

A high school championship game is going to be played in town and they are looking for sponsors