Unit 1: SEM - Marketing Foundations

Term that describes any media used to distribute an event to a large number of people

All potential customers who have the desire and ability to purchase a business's products

Any direct or personal communication with customers to assess and satisfy their needs and wants

Pricing involves the locations and methods used to make product available to customers

The path that a product takes from the producer to the consumer

Any unfulfilled desire

A basic necessity, such as food, clothing, or shelter

Process of developing, promoting, & distributing products to satisfy customers' needs and wants

Promotion describes the ways to make customers aware of products and encourage them to buy

The amount of money people have available to spend after paying for necessities

Process of establishing and communicating to customers the value of goods and services

Involves gathering and using information about customers to improve business decisions

Involves determining the best way to get products or services to customers

The specific group of consumers an organization selects as the focus of its marketing plan

Which of the following is NOT one of the four P's of the marketing mix

The amount that customers pay for products (goods or services)

Uses advertising and other forms of communication to distribute information about products

Types of delivery systems

Examples of mass media include, TV, Radio and the internet

A business's focus on the satisfaction of customers needs and wants while also making a profit

Involves budgeting the needs of the business & providing customers support with buying products

Designing, developing, maintaining or improving products to satisfy customer needs and wants