Fbla intro to marketing concepts

Marketing concept

The philosophy that focuses on identifying and satisfying customer needs.

Benefits of marketing

Advantages gained from implementing marketing strategies.

Importance of marketing

The significance of marketing in achieving business goals.

Seven functions of marketing

Activities involved in the process of marketing goods and services.

Marketing mix

The combination of product, price, place, and promotion strategies used to market a product or service.

Product mix

The assortment of products or services offered by a company.

Product mix strategies

Different approaches to managing and promoting various product classifications.

Legal aspects of product development

Considerations related to patents, copyrights, and trademarks when developing new products.

Branding

The process of creating a unique name and image for a product in the minds of consumers.

Packaging

The design and materials used to enclose and protect a product.

Labeling

The information or symbols attached to a product that provide details about its contents, usage, and safety.

Product positioning

The way marketers create an image or identity for a product in the minds of the target market.

Factors influencing product price

Elements such as cost, quality, competition, and brand loyalty that affect the pricing of a product.

Purpose of selling

The objective of persuading customers to purchase a product or service.

Selling process

The steps involved in making a sale, from approaching the customer to closing the deal.

Customer benefits

The advantages or value that customers gain from a product or service.

Customer buying motives

The reasons or factors that influence customers' purchasing decisions.

Salespersons

Individuals responsible for selling products or services and building customer relationships.

Sales transaction

The process of completing a sale, including payment, packaging, and expressing gratitude to customers.

Handling customer inquiries

Dealing with customer questions, complaints, or difficult situations in a professional manner.

Promotion

Activities aimed at communicating the value and benefits of a product or service to the target market.

Advertising

Paid communication through various media channels to promote a product or service.

Advertising media

Different channels or platforms used for advertising, such as radio, television, direct mail, outdoor, and newspaper.

Promotional mix

The combination of advertising, publicity, sales promotion, and personal selling used to promote a product or service.

Visual merchandising

The use of displays and trade shows to visually communicate with target audiences.

Market research

The process of gathering and analyzing information about the target market, competitors, and industry trends.

Marketing research methods

Techniques and procedures used to collect and analyze data for marketing purposes.

Primary data

First-hand information collected specifically for the purpose of the research study.

Secondary data

Existing data that was collected for a different purpose but can be used for marketing research.

Target markets

Specific groups of consumers that a company aims to reach with its marketing efforts.

Market segmentation

The process of dividing a market into distinct groups based on characteristics such as demographics, psychographics, and geography.

Marketing plan

A comprehensive document that outlines a company's marketing objectives, strategies, and tactics.

Marketing information

Data and insights used to make informed marketing decisions.

Channels of distribution

The routes or paths through which products or services flow from the producer to the consumer.

Direct distribution

The process of selling products directly to consumers without intermediaries.

Indirect distribution

The use of intermediaries, such as wholesalers, agents, or brokers, to sell products to consumers.

Shipping and receiving processes

The procedures involved in sending and receiving products within the distribution channel.

Transportation systems

The various modes of transportation, such as motor, rail, water, and air, used for product distribution.

Storing options

Different methods of storing merchandise, including cold storage, commodity storage, and bulk storage.

Warehousing options

Different types of warehouses, such as distribution centers, public warehouses, and private warehouses, used for storing merchandise.

E-commerce

The buying and selling of goods and services over the internet.

Impact of technology on marketing

The influence of technological advancements, including the internet, on marketing strategies and practices.

Web site pricing

Determining the prices of products or services offered on a website.

Website presence

The online representation of a business or product through a website.

Competition

The rivalry between businesses in the same industry for customers and market share.

Profit

The financial gain or surplus obtained by a business after deducting expenses from revenue.

Economic resources

The inputs used in the production of goods and services, including land, labor, capital, and entrepreneurship.

Supply and demand

The economic principle that states the relationship between the availability of a product and the desire for that product.

Types of economic systems

Different models or frameworks for organizing and distributing resources and goods in a society, such as capitalism, socialism, and communism.

Ethical issues in marketing

Moral dilemmas or concerns related to marketing practices and their impact on society.

Influence of special interest groups

The effect of organizations or associations that advocate for specific causes or interests on marketing decisions.

Changing cultural characteristics

Shifts in societal norms, values, and demographics that influence consumer behavior and marketing strategies.

Social responsibility of marketing

The obligation of businesses to consider the impact of their marketing activities on society and the environment.

a business will miss some customers if it has not placed information on its internet

Location

A component of the marketing mix that provides protection and security for the product until the consumer can use it is

packaging

A marketing mix is the blending of which marketing elements?

Product, price, distribution, and promotion

A marketing mix that is designed to reach business customers might stress

a quantity price discount

A retail buyer typically requires skills in which of the following marketing functions?

Pricing

written marketing plan should

identify your overall marketing strategy

A unique, memorable quality of a brand is its

image

Advertising agencies and public relations firms are often involved in which of the seven marketing functions?

promotion

Advertising can be very important for new businesses because it

lets potential customers know what kinds of products or service you offer

As a marketing employee who is handling customer requests, questions, and complaints, your response to the customer inust depend upon_

knowledge of a company polices

Because people cannot see or handle a service, it is important for the marketer to focus on the

convenience of the service

Businesses that operate on the Web need to hire

Hire personal with skill in technologies

Companies using a sales-based objective will sell their products

to markets with a large number of available customers

Effective marketing relies on the principles and concepts of

Economics

Elizabeth is an advertising salesperson for a local newspaper. She earns a 12 percent commission on her sales. La st month, Elizabeth sold $14,982 in advertising. Her commission was

$1,797.84

For exchange to take place

There must be at least two parties

For managers and other decision-makers, the most important part of a marketing information system is the

output

In a market economy, who decides how products are produced?

Business

In a sales situation, describing an item's features to a customer is known as

Presenting the products

In business, the potential for profit increases

As risk increases

direct link between business and its

customers

Morgan works in the marketing department of a publishing company. In a meeting with his supervisors, Morgan wants to demonstrate that a marketing campaign he designed has resulted in increased sales over the last four months. As a graphic illustration of his campaign's success, Morgan should use a

line graph

New products are often expensive because

The cost of development is passed on to consumers

One of the most important considerations in direct mail advertising is

The accuracy of the mailing list

Over the last few decades, the leading advertising media has bee

Television and news papers

Sales forecasts predict

The quantity of sales

Sales promotion can involve all of the following EXCEPT

Out door bill boards

Sales promotions

Generate immediate, short term sales

Small and local businesses may be eliminated from many types of mass media advertising because of

Lack of money to produce

Small or expensive items are often packaged in large containers to reduce the chance of

Theft

temporarily pricing products below the list price and sometimes even below cost, to increase short run sales is

Promotional Pricing

The earliest use of marketing was

to move product from producer to consumers

The major advantage of publicity is the _

good will it can create

The practice of using databases to make marketing decisions is known as

data base marketing

The process of designing activities in order to create goodwill toward a business is called

public relation

The struggle between companies for customers is called ___

competetion

The term "product" is NOT concerned with

Selling

The type of promotion that involves short term activities, offers customers an incentive to make a purchase, and can be used successfully in all distribution channels is

sales promotion

The use of a name, symbol, or design to identify a particular product is known as

branding

The willingness to help customers and provide prompt service is referred to as

Responsiveness

Today, low cost of setting up shop _makes it even more possible and profitable to serve very small niches.

On the internet

Using the Internet for marketing research to find out customers' needs and wants is an example of

identifying customer requirement

What act made price fixing illegal?

Sherman act

What is green marketing?

marketing environment friendly product

What is the focus of marketing orientation?

customers

What is the most dynamic marketing mix variable?

pricing

Which element of the marketing mix" is the only one that directly affects the value of sales achieved by a business?

price