Fall Marketing Semester Test Study Guide

Durable Goods

• More specific than a goal, an objective is a specific result to be achieved within a time frame and with available resources.
• A good or material bought and sold freely, and that is reasonably interchangeable among multiple suppliers, and whose price is usually highly correlated to perceived supply; more simply, it is an everyday type of product that is readily available, like green beans or milk at a grocery store.
• Taking the steps needed to complete a task without being told or guided.
• Items that don't wear out quickly; they last a long time (i.e three years as a rule of thumb), like trains, planes and cars, tvs, smartphones, and soccer balls.

Marketing

• Process of planning, pricing, promoting, selling and distributing products to satisfy customers' needs and wants
• Creating strategies and establishing goals, objectives, processes and procedures in order to reach and attract the target customer to a business.
• A specific written document that outlines objectives, actions, and timelines of how to attract target market customers to the business.
• A business that needs to generate a profit margin in order to sustain its business operations, fund its growth, and ultimately fulfill its mission and vision.

Marketing Concept

• To analyze and identify the needs and wants of customers, build products, solutions and strategies to satisfy those needs and wants, better and more effectively than its competitors, and to achieve the goals of the organization itself.
• A specific written document that outlines objectives, actions, and timelines of how to attract target market customers to the business.
• A learned ability to do something or perform a task.
• as your very own 30-second commercial spot

Non-durable Goods

• Items that are quickly consumed; they only last a short period of time, like fast food, coffee, shampoo, and deodorant.
• A stated, observable and measurable end result to be achieved within a certain timeframe.
• Creating new products and updating existing products, both based on research and feedback from existing customers and competitors' customers, and getting rid of poor performing products.
• A company's game plan for reaching its target market, converting it to customers, and meeting company goals.

Private Enterprise System

• A combination of components used together in order to strengthen a product's brand and to help sell the product or service; most commonly the components are the 4P's - Product, Price, Place and Promotion.
• One in which businesses are privately owned and run by people rather than the government.
• as your very own 30-second commercial spot
• The physical item/good or service a company sells.

Promotion

• A company's game plan for reaching its target market, converting it to customers, and meeting company goals.
• A business that needs to generate a profit margin in order to sustain its business operations, fund its growth, and ultimately fulfill its mission and vision.
• Someone who identifies an opportunity by creating a solution to a problem, starts a business, assumes the personal and financial risk (and rewards) of the venture, and strives for constant improvement in an effort to grow the business and improve society.
• Informing potential customers that a product or service exists, and the results they should expect from using it.

Channel Management (Place)

• Creating new products and updating existing products, both based on research and feedback from existing customers and competitors' customers, and getting rid of poor performing products.
• Identifying, evaluating, negotiating, and selecting the most favorable channels of distribution, in order to get products from the producer to the end user.
• A specific written document that outlines objectives, actions, and timelines of how to attract target market customers to the business.
• The physical item/good or service a company sells.

Commodity

• A good or material bought and sold freely, and that is reasonably interchangeable among multiple suppliers, and whose price is usually highly correlated to perceived supply; more simply, it is an everyday type of product that is readily available, like green beans or milk at a grocery store.
• An organization that provides a social service, benefit or cause, that isn't chartered to earn a profit, and that receives tax-exempt status from the IRS.
• Any "store" that sells goods or services to consumers who are the ultimate customers or end users.
• A learned ability to do something or perform a task.

Customer Service

• The individualized attention provided and available to customers throughout their lifespan as customers.
• A learned ability to do something or perform a task.
• A company's game plan for reaching its target market, converting it to customers, and meeting company goals.
• A good or material bought and sold freely, and that is reasonably interchangeable among multiple suppliers, and whose price is usually highly correlated to perceived supply; more simply, it is an everyday type of product that is readily available, like green beans or milk at a grocery store.

Marketing-Information Management

• A good or material bought and sold freely, and that is reasonably interchangeable among multiple suppliers, and whose price is usually highly correlated to perceived supply; more simply, it is an everyday type of product that is readily available, like green beans or milk at a grocery store.
• Place, or placement, is where a company's target customers can buy its product, and how the company gets the product to that place/s.
• Being ready and comfortable with changing the game plan at any given moment.
• Researching a business's target market and customers, its competing products or services, and relevant trends within the industry.