Marketing Principles Chapter 1 Test notes

Lesson 1

Marketing

A form of sales that uses various practices to attract customers to buy products or services.

Definition of Marketing

The activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society.

Goods

Tangible items that have monetary value and satisfy needs.

Services

Intangible items that have monetary value and satisfy needs and wants.

Channel Management

The process of deciding how to get goods into customers' hands, including shipment and delivery methods.

Distribution

The main methods of transportation for goods, including truck, rail, ship, air, and drones.

Marketing Information Management (MIM)

The process of conducting research and gathering data about customer habits, attitudes, and marketplace trends.

Market Planning

Understanding concepts and strategies to develop and target specific marketing strategies to a select audience.

Target Audience

A specific group of people identified and researched based on their needs and wants.

Pricing

Decisions that dictate how much to charge for goods and services to make a profit.

Profit

The amount of money made after all expenses are paid.

Product Service Management

The process of obtaining, developing, and maintaining products or product improvements.

Promotion

Efforts to inform, persuade, or remind customers about a business's products or services.

Selling

The process of providing customers with the goods and services they want, influencing purchasing decisions.

Corporation

A legal entity created by individuals or shareholders to operate for profit, allowed to enter contracts, sue, own assets, and borrow money.