Marketing Chapter 1&2 Quiz

marketing
the process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers.
goods
are tangible items that have monetary value and satisfy your needs and wants
services
intangible items that have monetary value and satisfy your needs and wants
marketing concept
the idea that a business should strive to satisfy customers’ needs and wants while generating a profit for the firm
utility
the attributes of an product or service that make it capable of satisfying consumers’ wants and needs
market
all people who share similar needs and wants and who have the ability to purchase a given product
consumer market
consists of consumers who purchase goods and services for personal use
industrial market
(B-to-B) includes all businesses that buy products for use in their operations
market share
is its percentage of the total sales volume generated by all companies that compete in a given market
target market
the group that is identified for a specific marketing program
consumer profile
lists information about the target market, such as age, income level, ethnic background, occupation, attitudes, lifestyle, and geographic residence
marketing mix
four basic marketing strategies:
product
price
promotion
place
SWOT analysis
an assessment of a company’s strengths and weaknesses and the oppurtunities and threats that surround it
environmental scan
an analysis of outside influences that may have an impact on an organization
marketing plan
a formal written document communicating goals, objectives, and strategies of a company
sales forecasts
the projection of probable future sales in units or dollars
performance standard
an expectation of performance that reflects a company’s goals and marketing plan objectives
market segmentation
the process of analyzing and classifying customers in a given market to create smaller, more precise markets.
geographic
segmentation of the market based on where people live
psychographics
studies of consumers based on social and psychological characteristics
disposable icome
the money left over after taxes are taken out of a consumer’s income
discretionary income
the money left over from a consumer’s income after paying for basic living necessities such as food, shelter, and clothing
mass marketing
use of a single marketing plan to reach all customers
executive summary
brief overview of the entire marketing plan
situation summary
study of the internal and external factors that affect marketing strategies
marketing strategy
identifies target markets and sets marketing mix choices that focus on those markets
demographics
refer to groups that describe a population in terms of personal characteristics such as age, gender, income, martial status, ethnic background, education and occupation