Marketing Chapter 1

Front 1

Marketing

Back 1

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

Front 2

Goods

Back 2

Tangible items that have monetary value and satisfy your needs and wants such as cars, toys, furniture, television, clothing, and candy.

Front 3

Services

Back 3

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

Front 4

business law

Back 4

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

Front 5

communications

Back 5

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

Front 6

customer relations

Back 6

understand the various techniques and strategies used to foster positive, ongoing relationships with customers

Front 7

economics

Back 7

understand the economic principles and concepts fundamental to business operations

Front 8

emotional intelligence

Back 8

understand techniques, strategies, and systems used to foster self understanding and enhance relationships with others

Front 9

entrepreneurship

Back 9

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 10

financial analysis

Back 10

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

Front 11

human resource management

Back 11

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

Front 12

information management

Back 12

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

Front 13

marketing

Back 13

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

Front 14

operations

Back 14

understand the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continues business functioning

Front 15

professional development

Back 15

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

Front 16

strategic management

Back 16

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

Front 17

marketing concept

Back 17

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

Front 18

utility

Back 18

the attributes of a product or service that make it capable of satisfying consumers' wants and needs

Front 19

market

Back 19

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

Front 20

consumer market

Back 20

consumers who purchase goods and services for personal use

Front 21

industrial market

Back 21

B-to-B includes all businesses that buy products for use in their operations

Front 22

market share

Back 22

a company's percentage of the total sales volume generated by all companies that compete in a given market

Front 23

target market

Back 23

the group that is identified for a specific marketing program

Front 24

customer profile

Back 24

lists information about the target market, such as age, income level, ethnic background, occupation, attitudes, lifestyle, and geographic residence.

Front 25

marketing mix

Back 25

includes the four basic marketing strategies called the four Ps: Product, place, price, and promotion