General Principles of Marketing

What is marketing?

• The four basic marketing strategies, called the four Ps:  product, place, price, and promotion
• the process of planning, pricing, promoting, selling, and distributing products to satisfy customers' needs and wants

What is a good? 

• Tangible items that have monetary value and satisfy your needs and wants
• Intangible items that have monetary value and satisfy your needs and wants

What is a service?  

• Tangible items that have monetary value and satisfy your needs and wants
• Intangible items that have monetary value and satisfy your needs and wants

What is a marketing concept?

• Understanding the economic principles and concepts that are basic to marketing
• Idea that a business should strive to satisfy customer's needs and wants while generating a profit for the firm

What is a market?  

• All people who share similar needs and wants and who have the ability to purchase a given product
• the process of planning, pricing, promoting, selling, and distributing products to satisfy customers' needs and wants

Define utility:

• the attributes of a product or service that make it capable of satisfying consumers' wants and needs
• understanding concepts, strategies, and systems needed to interact effectively with others

A consumer market consists of consumers who purchase goods and services for personal use.

• False
• True

Industrial market is that includes all businesses that buy products for use in their operations

• True
• False

A companies market share is its percentage of the total sales volume generated by all companies that compete in a given market.  

• False
• True

What is a target market? 

• a clear picture of their target market
• a group that is identified for a specific marketing program