Marketing Ch. 1

Front 1

Business Law

Back 1

Understand business's responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions.

Front 2

Communications

Back 2

Understand the concepts, strategies, and systems used to obtain and convey ideas and information.

Front 3

Customer Relations

Back 3

Understand the various techniques and strategies used to foster positive, ongoing relationships with others.

Front 4

Economics

Back 4

Understand the economic principles and concepts fundamental to business operation.

Front 5

Emotional Intelligence

Back 5

Understand techniques, strategies, and systems used to foster self-understanding and enhance relationships with others.

Front 6

Entrepreneurship

Back 6

Understand the concepts, processes, and skills associated with identifying new ideas, opportunities, and methods and with creating or starting a new project or venture.

Front 7

Financial Analysis

Back 7

Understand tools, strategies, and systems used to maintain, monitor, control, and plan the use of financial resources.

Front 8

Human Resource Management

Back 8

Understand the tools techniques, and systems that businesses use to plan, staff, lead, and organize its human resources.

Front 9

Information Management

Back 9

Understand tools, strategies, and systems needed to access, process, maintain, evaluate, and disseminate information to assist business decision-making.

Front 10

Marketing

Back 10

Understand the tools, techniques, and systems that businesses use to create exchanges and satisfy organizational objectives.

Front 11

Operations

Back 11

Understand the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continued business functioning.

Front 12

Professional Development

Back 12

Understand concepts, tools, and strategies used to explore, obtain, and develop in a business career.

Front 13

Strategic Management

Back 13

Understand tools, techniques, and systems that affect a business's ability to plan, control, and organize an organization/ department.

Front 14

Marketing

Back 14

Is the process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers.

Front 15

Goods

Back 15

Are tangible items that have monetary value and satisfy your needs and wants such as cars, toys, furniture, televisions, clothing, and candy.

Front 16

Services

Back 16

Intangible items that have monetary value and satisfy your needs and wants.

Front 17

Seven marketing Core Functions

Back 17

Channel Management, Market Planning, Marketing Information management, Pricing, Product/ Service Management, Promotion, and Selling.

Front 18

Marketing Concept

Back 18

Is the idea that a business should strive to satisfy customers' needs and wants while generating a profit for the firm.

Front 19

Customer Relationship Management (CRM)

Back 19

Is an aspect of marketing that combines customer information with customer service and marketing communications.

Front 20

Utility

Back 20

This added value in economic terms.

Front 21

Market

Back 21

All people who share similar needs and wants and who have the ability to purchase a given product.

Front 22

Consumer Market

Back 22

Consists of consumers who purchase goods and services for personal use.

Front 23

Industrial Market

Back 23

Includes all businesses that buy products for use in their operations.

Front 24

Market Share

Back 24

A company's ____________ is its percentage of the total sales volume generated by all companies that compete in a given market.

Front 25

Target Market

Back 25

The group that is identified for a specific marketing program.

Front 26

Customer Profile

Back 26

To develop a clear picture of their target market, businesses.

Front 27

Marketing Mix

Back 27

Includes four basic marketing strategies called the four Ps: Product, Place, Price, and Promotion.