Core Principles of Business & Marketing

Mk. Segmentation: location, climate, city or community size

Mk. Segmentation: age, gender, ethnicity, income bracket, marital status, family size, education level

It really isn't important to identify your target market.

Marketing Mix: any good or service offered to the target market

Mk. Functions: understanding the concepts and strategies used to develop and target to a select audience

The CONSUMER is the person who USES the product.

Marketing Mix: methods of communication

The Marketing Concept is also known as...

The 4 P's, Product, Place, Price, Promotion is called the marketing mix.

The customer AND consumer can NEVER be the same person.

Mk. Functions: Setting the cost of a product or service that customers will pay

4 Types of Businesses: Kroger and Walmart are what type of business?

Targeting your market to people who absolutely love the Under Armour brand is...

This utility is the idea that customers can gain value from a product simply by owning it.

Bus. Ownership: owned by a number of people and operated under written permission from the state.

Mk. Segmentation: activities, attitudes, personality and values, lifestyle

4 Types OF Businesses: Chick-fil-A and Mac and Bobs are which type of business?

The CUSTOMER is the the person who BUYS the product or service.

Mk. Functions: Designing and developing goods and services

This utility refers to how the physical state of a finished product can provide value to customers.

Simply put, a target market is the people who will likely buy your product and to whom you should advertise to.

Targeting your market because customers live in Roanoke, Va is...

Finding out the needs and wants of potential buyers and then providing goods and services that meet those needs is...

Targeting your market to men ages 18-35 who are single with an income over $65,000 is...

4 Types of Businesses: Whistler Plumbers and Wells Fargo Bank are which type of business?

Four Types of Businesses: Buys products at wholesale to resell them at retail to make a profit. Product doesn't change.

Use of demographic, geographic, psychographic, and behavioral factors identifies this...

If any of the "4 Ps" is missing, your product will likely still be successful and make a profit.

4 Types of Businesses: Boeing and Johnson & Johnson are which type of business?

This utility means that a customer can purchase products in locations that are convenient to them.

Marketing is about creating an exchange. An exchange is when...

Marketing utility is the idea that the best way to sell a product to a consumer is to...

4 Types of Businesses: This type of business could fit into more than one category.

This utility is when the company gives useful details to customers about its product so they can make decisions.

Marketing is the process of communicating the value of a product or service to customers.

4 Types of Businesses: Their products are intangible - you can't see or feel them. It is something done for you.

Mk. Segmentation: features desired, usage rate, brand loyalty

Targeting your market by advertising to people who like snow sports is...

Bus. Ownership: people who join together to run a business to help make it cheaper for them to buy the products.

Bus. Ownership: Formed to carry out a charitable, educational, religious, literary, or scientific purpose.

Mk. Functions: Using a variety of communication methods to inform customers of a business and get them to buy its stuff

Marketing Mix: distribution or convenience

Bus. Ownership: Owned by ONE person

This utility is the idea that a product is accessible to customers whenever they need them.

Bus. Ownership: owned by a small group of people, usually two or three

4 Types of Businesses: Buys products with the intention of using them as materials in making a new product.

Marketing Mix: payment and method