Marketing Concept Quiz

consumer market
consumers who purchase goods and services for personal use
customer profile
information about the target market, such as age, gender, income level, marital status, ethnic background, geographic residence, attitudes, lifestyle, and behavior
Customer relationship management (CRM)
a system that involves finding customers and keeping them satisfied
demographics
statistics that describe a population in terms of personal characteristics, such as, age gender income marital status and ethnic background
discrretionary income
money left after paying for basic living necessities, such as food, shelter and clothing
disposable income
money left after taking out taxes
goods
tangible items that have monetary value and satisfy one’s needs and wants
marketing
the activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and scoetiy at larg
marketing concept
the idea that a business should strive to satisfy customers’ needs and wants while generating a rpfoit for the business decisions
services
intangible items that have monetary value and satisfy your needs and wants
form utility
the process of increasing the attractiveness of a product to a group of consumers by altering its physical appearance
information utility
involves communication with the consumer
place utility
having a product where customers can buy it
posession utility
the exchange of a product for money
time utility
having a product or service available at a certain time of year or a convenient time of day
utility
an added value in economic terms; an attribute of goods or services that makes them capable of satisfying customers’ wants and needs
market
all people who share similar needs and wants and who have the ability to purchase a given product
market segementation
the process of classifying people who form a give market into even smaller groups
market share
a company’s percentage of the total sales volume generated by all companies that compete in a given market
marketing mix:
the 4 basic marketing strategies called the 4 p’s: product, place price, promotion
organizational market
also known as business – to – business (B2B), this includes all businesses that buy products for use in their operations
target market
the group of people most likely to become customers, identified for a specific marketing program
executive summary
a brief overview of the entire marketing plan
marketing plan
a formal written document that directs a company’s activities for a specific period of time
marketing strategy
identifies target markets and sets marketing mix choices that focus on those markets
performance standard
an expectation for performance that reflects the plan’s objectives
sales forecast
the projection of probable, future sales in units or dollars
situation analysis
the study of the internal and external factors that affect marketing strategies
georgaphics
segmentation of the market based on where people live
mass marketing
using a single marketing strategy to reach all customers
PEST analysis
scanning of outside influences on an organization
psychographics
grouping people with similar attitudes, interests, and opinions, as well as lifestyles and shared values
SWOT analysis
an assessment that lists and analyzes the company’s strengths and weaknesses. This is an acronym for strengths, weaknesses, opportunities, and threats.