Unit 1 - Chapter 1 and 2 Flashcards
_______ is the process of developing, promoting, and distributing products to satisfy customers’ needs and wants.
Marketing
_______ are the kinds of things you can touch or hold in your hand, such as hammers, clothing, and computers.
Goods
_______ are the kinds of things you can’t physically touch, yet they have monetary value and meet the needs and wants of consumers.
Services
Business, management, and entrepreneurship; communication and interpersonal skills; economics; and professional development are the four marketing ________.
foundations
The marketing function that involves decisions about whether to offer credit to customers is _______.
financing
________ decisions take competition into consideration, as well as how much customers are willing to pay.
Pricing
Communication with potential customers to inform, persuade, or remind them about a business’s products is the marketing function called _______.
promotion
The five economic utilities are _______, _______, ________, _______, and _______.
form, place, possession, time, information
Besides added value, the two other consumer benefits of marketing are _______ _______ and _______ _____ _______ _______.
lower prices, new and improved products
Job opportunities in marketing are _______, while those in production are _______.
growing, shrinking
The _______ _______ states that businesses must satisfy customers’ needs and wants in order to make a profit.
marketing concept
_______ buy the product, while _______ actually use the product.
Customers, consumers
All people who buy chewing gum would be part of the $2 billion chewing gum _______.
market
_______ _______ is focusing all marketing decisions on a very specific group of people whom you want to reach.
Target marketing
The four Ps of the marketing mix are _______, _______, _______, and _______.
product, place, price, promotion
A way of analyzing a market by specific characteristics in order to create a target market is called _______ _______.
market segmentation
_______ refers to statistics about the personal characteristics of a population, such as age, gender, income, ethnic background, education, and occupation.
Demographics
The Caucasian population in the United States is _______, while the other ethnic populations are _______.
declining, increasing
What people value, their attitudes, and their life-styles are all part of the concept called _______.
psychographics
Four ways a marketer can segment a market: _______, _______, _______, and _______.
demographics, psychographics, geographics, product benefits
