Business and Marketing Concepts

Good

• Tangible item produced and sold to consumers

• An abstract concept or idea

• A service provided to customers

• A financial asset or investment

Idea

• A formulated thought or opinion

• A physical object

• A random guess

• A feeling or emotion

Market research

• The process of gathering qualitative and quantitative data about consumers’ needs and wants

• A method for analyzing stock market trends

• A strategy for increasing product prices

• A technique for improving employee productivity

Economics

• The study of how to create unlimited resources

• The science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources

• A field focused solely on government spending

• The analysis of historical financial trends

Marketing

• The process or technique of promoting, selling, and distributing a product or service

• A method of financial analysis for businesses

• A strategy for reducing production costs

• A way to increase employee productivity

Market share

• The total revenue generated by a company in a year

• The percentage of the market for a product or service that a company supplies

• The number of products sold by a company

• The total number of competitors in a market

Marketing function

• Distribution, financing, marketing information management, pricing, selling, product/service management, and promotion

• Only concerned with advertising and sales

• Focuses solely on product development

• Involves only customer service and support

Marketing concept

• A method of selling that focuses solely on advertising and promotions

• A method of selling that involves analyzing customer wants and needs and aiming to fulfill them better than competitors

• A strategy that prioritizes product features over customer satisfaction

• A technique that relies on price reductions to attract customers

Marketing mix

• Factors of product, promotion, price, and place used to get target customers to purchase products

• A strategy focused solely on pricing to attract customers

• A method of advertising through social media platforms

• A plan that excludes product placement and focuses on customer service

Target market

• A specific group of people a business focuses on selling their product to.

• A broad audience that includes everyone in the market.

• A demographic that is not interested in the product.

• A group of competitors in the same industry.