2017 Marketing Final Review

Reasons to buy based on fact or logic i.e. saving money

A name, symbol, word, or design that identifies a product, service, or company

The final business org. in an indirect channel of distribution

Offered to a market by a business to satisfy needs - physical products, services, or ideas

Paid form of nonpersonal communication sent through mass marketing

An activity that is intangible, exchanged directly from producer to consumer

To develop a marketing strategy businesses identify a target market and develop a marketing mix

It is most likely to have widespread distribution in the introduction stage

Methods and information communicated to customers to encourage purchases

Because more consumers are now buying the product, widespread dist. is important in growth

Clearly identified segment of the market to which the company wants to appeal

Buys a product or service for personal use

Aimed at a broad population of consumers rather than narrow segment

The person or persons to whom the message is directed

In the introduction stage of a product's life cycle, the product will be more basic than not

Locations and methods used to make the product available to customers

Adding these can make a basic product different from and better than competitors' products

Using the needs of customers as primary focus to develop and market products/services

The only way to choose a target market is based on demographics

Blending of the four marketing elements by the business

A very low price designed to increase the quantity sold

Descriptive characteristics of a market i.e. age, gender, income

Interpreting the message or symbols and converting them into concepts and ideas

If successfully introduced, a product enters the growth stage where sales increase a lot

Actual amount that customers pay and methods of increasing the value of the product

The difference between the selling price and all costs/expenses associated with product sold

Competition is more fierce in the growth stage than the introduction stage

Way to segment based on people's interests and values

Information already collected for another purpose that can be used to solve the current problem

Giving customers choices of the features to be included on the product they purchase

Components of a market in which people have one or more similar characteristics

Clear written description of the marketing strategies of a business & way the business operates

Creation and maintenance of satisfying exchange relationships.