Ch.1 Principles of Marketing Flashcards
1
Q
The purchaser of a good or service
A
Customer
2
Q
The function that includes obtaining, developing, maintaining, and improving a product or a product mix.
A
Product Service Management
3
Q
The people who share similar needs/wants and who have the ability to purchase a given product.
A
Market
4
Q
The company’s percentage of total sales volume generated by all competition in a given market.
A
Market Share
5
Q
Focuses on satisfying the needs and wants of customers
A
The Marketing Concept
6
Q
The group identified as most likely to buy a specific product
A
Target Market
7
Q
Businesses that buy products to use in their operations also called business to business (B2B)
A
Industrial Market
8
Q
What are the four components of the Marketing Mix (the 4P’s)
A
Product, Place, Price, Promotion
