Marketing Unit 1 Study Guide

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20 Terms

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Marketing

The process of developing, promoting, and distributing products to satisfy customers’ needs and wants

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Products

Consists of goods and services, both of which have monetary value and satisfy customers’ needs and wants

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Goods

Products that you can touch or hold in your hand (ex. clothing)

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Service

Products that you cannot physically touch or tasks performed for a customer (ex. a math tutor)

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Distribution

The function of marketing that involves deciding where and to whom products need to be sold in order to reach final users. 

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Finance

The function of marketing that pertains to creating an objective (goal) and a budget.

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Marketing information management

The function of marketing that relates to obtaining the necessary information to make sound business decisions.

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Pricing

The function of marketing that dictates how much to charge for goods and services in order to maximize profits.  

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Product/service management

The function of marketing that involves obtaining, developing, maintaining, and improving product or product mix in response to market opportunities.  

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Promotion

The function of marketing that addresses communicating with potential customers to inform, persuade, or remind them about a product.  It is also used to improve a firm’s public image.

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Selling

The function of marketing that relates to providing customers with goods and services they want to buy. 

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4 P’s

product, price, place, promotion

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What is an IMC

A pitch about a product to deliver a unified, consistent brand message 

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ROI + ROI Formula

  1. ROI is the percentage of money you make back for your product. 

  2. ROI = Net profit / total investment


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Penetration Pricing

starting with a low price to attract customers

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Price Skimming

starting with a higher price than lowering over time

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Psychological pricing

$9.99 instead of $10.00

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Bundle Pricing

selling multiple in a pack for a better deal

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Promotional pricing

temporarily lowering prices to increase sales

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Competitive pricing

setting prices based off competitors price