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marketinpathwayvocab
vocab words
| Term | Definition |
|---|---|
| marketing | process of developing, promoting, pricing, and distributing goods and services to customers in order to satisfy customer needs and wants |
| What is the most important thing in the marketing concept? | Satisfy Customers |
| Financing | Obtaining the money needed to start and operate a business is a marketing function |
| When Apple decides to improve features of the IPOD by developing a newer, more up-to-date version, they have conducted the marketing function known as | Product/Service Management |
| Six Flags Amusement Park wants to start offering more games in the game area that will attract more teenagers. While at the park, you are asked to complete a questionnaire about games you would like them to offer. This is an example of which function? | market research |
| You were just hired at PetSmart to be a cashier. Your job includes running the cash register and assisting customers with their needs. Which function is this an example of? | selling |
| The marketing function of ______________ is used when Mayfield Milk decides how many trucks to use to transport its products in a timely manner to reduce product spoilage | distribution |
| Annie has decided to mark up the cost of the newest bathing suit line she just ordered for her boutique by 50%. This is an example of the __________ marketing function | Pricing |
| When Lois, a small business owner, decides to become a sponsor in his local community's annual Cancer Walk in order to create publicity for his company, he is making decisions in relation to the _________ marketing function | promotion |
| The process of planning, improving, and/or adding to a firm's product line. | Product/Service Management |
| Decisions surrounding the transportation and storage of goods from producer to consumer. | Distribution |
| Finance | Decisions about how to find the money to invest in the business and helping customers to find ways to purchase the product. |
| Marketing Information Systems/Market Research | Collecting and analyzing information in order to make decisions about a product/service. |
| Pricing | Deciding the amount to charge customers for products/services based on demand, completion, and the costs of raw materials. |
| Informing, reminding or persuading customers about a product, the company or a social cause that is important to the company. | Promotion |
| Personally communicating with the customer in order to help them purchase a product. | Selling |
| Retailer | intermediary obtains goods in order to sell them directly to consumers |
| Agent | intermediary brings buyers and sellers together but does not take ownership of the actual product |
| Wholesaler | intermediary obtains goods to sell to industrial users |
| Land, Labor, Capital and Entrepreneurship | The resources, or factors of production |
| Supply is the quantity of goods and services that | Producers are willing and able to manufacture Supply = Sellers |
| Demand is the quantity of goods and services that | Consumers are willing and able to purchase |
| In an economy, individuals, businesses and the government have a variety of choices on which to spend their money. Once the choice is made, the alternative choices given up are considered | Trade Offs |
| The type of economic system that makes the decisions which affect the jobs and living conditions of people living | command |
| The type of economic system that promotes private business ownership among business owners drives prices | market |
| Economy that is based on agricultural products | traditional |
| Economic system that both the government and individuals own factors of production (like the USA) | mixed |
| Honda recently opened a plant in a town in hopes of building their vehicles chential employees compared to Honda's need for trained and educated employees is considered to be the economic problem of _________. | Scarcity |
| Economic Classification for consumer products: Convienence goods | Packaging may be plain, advertising is minimal, prices are usually stable, and products are sold at a variety of locations. Products purchased without much planning because they are purchased frequently. ex: Milk, eggs |
| Economic classification for consumer products: Shopping | Advertising budgets are high, prices are set at a price that consumers will agree the product is valuable yet good quality; product will come in a variety of colors, styles, etc, and can be bought at a variety of stores. |
| economic classification for consumer products: Specialty | High amount of money is spent on advertising, prices are generally higher to indicate quality, focus is on brand recognition, products sold at specialty stores |
Created by:
drennenn
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