Marketing Flashcards
Form Utility
improving the physical characteristics of a product or service
Time Utility
making the product or service available when the customer wants it
Place Utility
making a product or service available where the customer wants it
Possession Utility
making the product or service available at an affordable price
Marketing Systems
sets of connected parts (information, planning and control) that support the marketing function
Marketing Intelligence
information gathered about a company’s competitors
Marketing Management
The artful and scientific process of planning, organizing, implementing, and controlling marketing activities to facilitate exchanges effectively and efficiently
Demographics
characteristics of a group such as age, gender, marital status, ethnic background, income level, education level, etc.
Psychographics
the study of a group’s attitudes, interests, personality traits, values, opinions, lifestyle choices, etc.
Marketing Plan
a precisely-written document that describes a company’s situational analysis, marketing strategy and implementation plan for meeting company objectives
Markdown Price
price determined by subtracting an amount from the retail price of an item
Breakeven Point
the point at which sales revenue equals the total cost of producing and distributing a product or service
Product Life Cycle
describes the stages a new product goes through in the marketplace: introduction, growth, maturity and decline
Business Cycle
Alternating periods of economic expansion and economic recession
Advertising
paid form of communication sent out by a business about a product or service
