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Chapter 1: Marketing Essentials Flashcards | StudBud
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Chapter 1: Marketing Essentials
What is a market?
What are goods?
Chapter 1: Marketing Essentials
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Marketing
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Answers
1
What are goods?
An added value in economic terms
they satisfy ones needs and wants
Tangible items that have monetary value
Intangible items that have monetary value
2
What is a market?
people who have different needs/wants but can afford them
people who can not afford to purchase a product
Changing raw materials into usable goods
people who share similar needs and wants and can afford them
3
What types of skills and knowledge are required for marketing?
criminal law
financial analysis
knowledge of government
emotional arrogance
4
What type of utility involves exchanging of money or product?
place utility
information utility
time utility
possession Utility
5
What is the customer profile?
all
gender
age
ethnic background
6
What is the marketing mix comprised of?
consumer market, organizational market, and target market
product, place, price, and promotion.
all of the above
customer profile, the utilities, and channel management
7
What is the marketing concept?
the act of keeping up with trends
idea that a business should strive to satisfy customer needs
all people who share similar needs and wants
an idea that will generate no profit
8
What is an organizational market?
company’s percentage of the total sales volume generated
all businesses that buy products for use in their operations
cutting people who form a market into even smaller groups
group of people most likely to become customers
9
What is a service?
idea that a business should strive to satisfy customers
Intangible items that have monetary value
comprised of age, gender, income level, marital status
Consumers who purchase goods and services for personal use.
10
What is a utility?
economically added value that makes good/service satisfying
four basic marketing strategies
people who buy goods and services for personal use
none
