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MK-001 Work the Big Seven (Marketing Functions) Flashcards | StudBud
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MK-001 Work the Big Seven (Marketing Functions)
MK-001 Work the Big Seven (Marketing Functions)
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1
What is Standard of living?
% of unemployed out of all the people who are able to work
unlimited wants and needs, with limited resources
level wealth, material goods, comfort and life necessities
participants in an economy rely on each other
2
What is Product/Service Management?
Maintains, and improves product mix in response to market opportunities
Customers receive goods they want.
Informs customers about a business's products or services
Decides how to get goods to customers.
3
What is advertising?
a paid, non-personal message
an individual's desire to constantly acquire possessions
methods used to inform and persuade customers
a set of principals of right and wrong behaviour
4
What are channels of distribution?
How a product gets from the final consumer to the producer
How a message is communicated throughout a business
How a product gets from the producer to the final consumer
How a product is distributed around the business
5
What is a competitive analysis?
The process of analyzing a company's marketing strategies
a. The process of analyzing a company's financial performance
The process of analyzing a company's production processes
The process of analyzing a company's competitors
6
What is competition?
The destruction of another company
Many businesses selling one product
Rivalry among businesses for consumer dollars
Rivalry among businesses for consumer advertising
7
what is a marketing plan?
the steps an operation must take to sell a product or service
the way marketers execute their promotion scheme
the way marketers research a market
the steps marketers take to evaluate an operation's products or services
8
What is the fundamental of marketing?
Pricing
Sales
Product
Customer needs
9
what is a situation analysis?
lists introductory statement, target market, and competition
a analysis of the plan and activities
snapshot of environment in which the business been operating
telling you what activity you should do
10
What is Channel Management?
Involves understanding concepts to develop a target market.
Deciding how much to charge.
The process of deciding how to get goods to customers.
Communication with customers.
11
What is Demand?
when you want to buy something that is too expensive
just want to buy stuff
the willingness to buy specific quantities of a good
the desire to buy something cheap
12
What is promotion?
Things that a business sells to consumers
Methods used by business to inform consumers about products
Customers to whom the business intends to sell its product
Advertisements to inform consumers about a business
13
What is sales promotion?
the act of offering an incentive to customers in order to increase sales
nonpaid form of communication that calls attention through media coverage.
direct communication between a prospective buyerand a sales representative.
is using the phone to market your product or service.
14
What is selling
Person to person interaction
A means of assessing customer needs
A process to help people asses products and services
All of the above
15
What is a brand?
Interrelated activities that must work together to get goods and services
Promotional activities other than advertising or personal selling
The impressions and experiences associated with a company, good, or service
Anyone who personally uses a good or service to satisfy his/her own wants
16
What is publicity?
the process of getting the consumers attention
free media attention
unsolicited recommendations for you from one client to another
promotional efforts that are paid for
17
What is a Target Market?
a specific amount of money you are allowed to spend
a particular group of consumers at which a product is aimed
a grocery store
a local produce store
18
what are Marketing Functions
What customers pay
Marketing acivities
anything offered to the target market to satisfy there needs.
the methods used to communicate information to customers
19
What is a budget?
A small colourful bird
Payment for goods and services
Taking money from an account
A plan for expected income and expenses for a period of time
20
What is Quality Assurance?
Quality focus by all workers involved in production
Quality checks throughout the production process
Quality focus by every worker in the business
Quality checks at the end of the production line
21
What is Pricing?
is when you are able to put a price on the good that you sell in the store
dictates how much to charge for goods and service in order to make profit
in order to make the profile you have to make a price on the good
22
What is a product/ service mix?
A mix of a product in a service
Selling a product and service at once
A blank
A service that compliments the product
23
what is profit?
money left after all the costs are taken away from revenue
the money from selling goods
the money used to buy goods to sell
the money received from customers
24
What is the product life cycle?
A diagram of sales according the stage in a product's life
How products are adapted to meet customer needs
The money spent on developing a product
A diagram which shows the cost of a product over its life
25
What is a Private Enterprise System?
Helps analyze industries with characteristics similar to pure competition.
System of production, distribution, resource allocation of goods/services.
Business that is managed by independent companies/private individuals.
26
What is Market Analysis?
A quantitive and qualitive asessment of the market.
Buying a product.
Advertising a Product.
27
What is marketing-information management?
Products are distributed to customers efficiently and effectively.
Determining and adjusting prices
Gathering, accessing and evaluating, information to make decisions.
Communicate information about goods, services, images, and/or ideas.
28
What is the 'place' function responsible for?
Ad design
Product packaging
Pricing strategy
Supply chain management
29
What is an industrial user?
A consumer who works in an industrial area
A user who lives in an industrial area
A business that buys goods to make goods for the operations
30
What is a SWOT Analysis?
SWOT Helps to make the CEO a permanent board member of his/hers company
A SWOT analysis defines strengths, weaknesses, Oppertunities and Threats.
SWAT means Speacial Weapons And Tactics
SWOT means service, wealth, opinion and trust
31
Which function identifies customer needs?
Promotion
Product
Market research
Pricing
32
What is an Ultimate Consumer?
Anyone who personally uses a good/service to satisfy their own want/needs.
Business that buys materials/services/goods for other goods or to use in op
Something/one who makes or provides good and services.
33
What is Market Planning?
the understanding of the concepts used to attract your target market
getting with a group to discuss where to pass out fliers
creating blueprints of your product
going to the mall and showing off a product
34
What is Marketing?
analysing consumers in terms of age
identifying and satisfying consumer needs
identifying peoples hobbies
A place where we live
35
Which function is responsible for communication?
Place
Price
Promotion
Product
