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Work the Big Seven
| Question | Answer |
|---|---|
| Advertising | Any paid form of non-personal presentation of ideas, images, goods, or services |
| Brand | All the combined impressions and experiences associated with a particular company, good, or service |
| Budget | An estimate of income and expense for a specific period of time |
| Channel management | A marketing function that involves identifying, selecting, monitoring, and evaluating sales channels |
| Channels of distribution | Paths, or routes, that goods or services take from the producer to the ultimate consumer or industrial user |
| Competition | The rivalry between two or more businesses to attract scarce customer dollars |
| Competitive analysis | The process of comparing a business’s income statement with that of its competitors to see how it is doing by industry standards |
| Demand | The quantity of a good or service that buyers are ready to buy at a given price at a particular time |
| Industrial user | A business that buys materials, services, or goods that will be used to make other goods or which will be used in the operation of the company |
| Market analysis | A systematic study of the market |
| Market planning | A marketing function that involves creating strategies to attract the customer to a business, including setting goals, selecting target markets, creating budgets, forecasting sales, and performing analyses. |
| Marketing | The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
| Marketing functions | Interrelated activities that must work together to get goods and services from producers to customers |
| Marketing-information management | A marketing function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions |
| Marketing plan | A set of procedures or strategies for attracting the target customer to a business |
| Pricing | A marketing function that involves the determining and adjusting of prices to maximize return and meet customers’ perceptions of value |
| Private enterprise system | An economic system in which individuals and groups, rather than the government, own or control the means of production |
| Product life cycle | The stages through which goods and services move from the time they are introduced on the market until they are taken off the market |
| Product/Service Management | : A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities |
| Product/Service mix: | The particular assortment of products that a business offers to meet the needs of its markets and its company goals |
| Profit | Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid |
| Promotion | A marketing function needed to communicate information about goods, services, images, and/or ideas to achieve the desired outcome |
| Publicity | Any non-personal presentation of ideas, goods, or services that is not paid for by the company or individual that benefits from or is harmed by it |
| Quality assurance | A process businesses use to prevent defective products from being created, not just to eliminate or correct them after they’ve already been produced |
| Sales promotion | Promotional activities other than advertising, personal selling, and publicity that stimulate customer purchases |
| Selling: | A marketing function that involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities |
| Situation analysis | A determination of a firm’s current business situation and the direction in which the business is headed |
| Standard of living: | The general conditions in which people live; quality of life |
| SWOT analysis | A marketing tool that investigates a business’s strengths, weaknesses, opportunities, and threats in an organized fashion |
| Target market | The particular group of customers a business seeks to attract |
| Ultimate consumer | Anyone who personally uses a good or service to satisfy his/her own wants |
Created by:
paisley.f668
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