Term
Chapter 1- Vocab
Marketing |
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Definition
| Marketing is a board term that includes many activities and requires many skills. |
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| Goods are tangible items that have monetary value and satisfy your needs and wants such as cars, toys,furniture, televisons , clothing, and candy.. |
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| Intangible items that have monetary value and satisfy your needs and wants are services. |
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| The Marketing Concept is the idea that a business should strive to satisfy customers needs and wants while generating a profit for a firm. |
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| The functions of marketing add value to a product. |
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| The Consumer market consists of consumers who purchases goods and services for personal use. |
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| The Industrial Market or business to business (B-to-B) market includes all business that buy product for use in their operations. |
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| A company's Market Share is its percentage of the total sales volume generated by all companies that compete in a given market. |
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| To develop a clear picture of their target market, business creates a Customer Profile. |
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| The Marketing Mix includes four basic market strategies, called the four P's Product, Place, Price, and Promotion. |
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| The acronym for Strength, Weakness, Opportunities, and Threats is also the name of this process: SWOT analysis |
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| An Environmental Scan is an analysis of outside influences that may have an impact on an organization. |
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| A Marketing Plan is a formal written documents that directs a company's activities for a specific period of time. |
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| An Executive Summary is a brief over view of the entire marketing plan. |
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