marketing vocab 1 quiz

nforming, persuading, and reminding potential customers about a product or service .

A company’s percentage of total sales volume generated by all competition in a given market.

communication with the customer to give information about a product

focuses on satisfying the needs and wants of customers. For a business to be successful.

the four basic marketing strategies, called the four Ps: product, place, price, and promotion.

intangible items of monetary value that satisfy needs and wants.

having a product where consumers can buy it

deciding how to get goods to customer’s hands.

An attribute of a product or service that makes it capable of satisfying consumers’ wants and needs. 

People who share similar needs and wants and are capable of buying products.

tangible items of monetary value that satisfy needs and wants.

research done on a continual basis through special marketing research studies and surveys.

All consumers who purchase goods and services for personal use

understanding concepts and strategies to develop and target marketing strategies to a specific market .

changing raw materials or putting parts together to make a product consumers want

how much to charge for goods and services in order to make a profit .

Businesses that buy products to use in their operations; also called the business-to-business market

 providing customers with the goods and services they want .

A group of people identified as those most likely to become customers.

the process of planning, pricing , promotion , selling , and distruibuting products to satisfy customers needs and wants

 obtaining, developing, maintaining, and improving a product or service .

the exchange of a product for money.

Activities related to advertising, personal selling, sales promotion and publicity.