17. marketing Basics

Question 1

Consumers who want or need a product/service

Answer 1

Potential Market

Question 2

Those in the potential market who can afford to buy the product/service

Answer 2

Available Market

Question 3

Qualified Available Market

Answer 3

Those consumers in the available market who can legally obtain the desired product/service

Question 4

Target market

Answer 4

Those in the qualified available market that the business wants to supply with its product/service

Question 5

Penetrated Market

Answer 5

Those who have purchased the product/service

Question 6

is the percentage of the entire market served by a single organization

Answer 6

Market share

Question 7

The most elemental gauge of the competition—and often the first one considered— is that of __________

Answer 7

market share

→ the percentage of the entire market served by a single organization

Question 8

Marketing efforts should be directed toward selling what the organization has to anyone likely to make the purchase; “this what we have”

Answer 8

Selling orientation philosophy

Question 9

Marketing efforts should be directed toward creating new customers and retaining existing customers. What do the costumers want?

Answer 9

Market orientation

Question 10

A business focuses on having or developing services to offer that meet the needs of the target market

Answer 10

Market Orientation Philosophy

Question 11

Market Segmentation Examples

Answer 11

Pediatrics, sports, geriatrics specialized
PT clinics

Question 12

is a very specific target market

Answer 12

A niche market

The market (customers) have unique needs

Question 13

Marketing research to identify potential customers and their needs, the means to meet those needs, analysis of the competition and positioning and pricing a new service

Answer 13

Inbound Marketing

Question 14

The promotion of a product or service through advertising, public relations and sales strategies:

• Branding
• Advertising, Publicity, Promotion, and Public Relations

Answer 14

Outbound Marketing

Question 16

Reasons to Market

Answer 16

1. to grow
2. to retain

Question 17

The marketing mix is the combination of ways businesses choose to present themselves and their offerings to customers. All businesses utilize 4 P’s to accomplish this:

Answer 17

• Product/service (benefit[s])
• Price (value[s])
• Place (delivery environment)
• Promotion (attract attention)

Question 19

The marketing mix is the combination of ways businesses choose to present themselves and their offerings to customers. In healthcare, all businesses utilize 4 P’s (Product, price, place, promotion) and 3 extra P’s, to accomplish this:

Answer 19

• –Physical evidence (a quality indicator)
• Processes (efficiency)
• People (quality/expertise)

Question 20

the lifecycle of services and products

Answer 20

Question 21

In this stage of the cycle, sales are low, expenses are high, and there are financial losses.

Answer 21

introduction stage

Question 22

in this stage, profits and sales increase rapidly:

Answer 22

growth stage

Question 23

In the _________ stage, there is high volume and profit with little additional investment in the promotion:

Answer 23

maturation

Question 24

The _______ stage is characterized by decreasing popularity and market share:

Answer 24

decline