Marketing Concepts Review

MONEY

Determining the amount of ____________ a firm asks in exchange for its products is part of the price element of marketing.

IDEAS

Determining the goods, services or _________ a business will offer its customers is called the product element of marketing.

PRODUCT

Determining the type of packaging, deciding on a brand name, offering warranties and the level of customer services provided = part of this marketing mix element.

GOALS

Objectives that business want to attain

STRATEGIES

A marketing plan is designed to attract target customer through a set of marketing ______________

SWOT

A marketing plan's situation analysis usually includes _______________ analysis chart.

ANALYSIS

A situation __________________ serves as a "snapshot" of the business's current marketing situation.

PROMOTION

Advertising = part of which marketing mix element?

MEASURABLE

An ideal marketing objective should be SMART (specific, ___________________, achievable, realistic, time-bound)

INTERRELATED

Changing one marketing-mix element affects the other elements because the elements are ______________________.

GOVERNMENT

Factor affecting marketing strategies = __________________ influences.

TECHNOLOGY

Factor affecting marketing strategies = advancements in __________________

FUNDS

Factor affecting marketing strategies = available ________________

ATTITUDES

Factor affecting marketing strategies = changes in consumer ___________________

COMPETITORS

Factor affecting marketing strategies = number of ____________________

STRENGTH

Having a good reputation with your current customers = what part of a SWOT analysis?

DISTRIBUTION

If ________________ is successful, customers buy the product where they want it.

THREAT

If a competing store opened up just down the street from your business = what part of a SWOT analysis?

OPPORTUNITY

If a new customer moved into your trading area = what part of a SWOT analysis?

WEAKNESS

If your company is still utilizing outdated equipment or technology = what part of a SWOT analysis?

SERVICES

Marketing is a coordinated system of business activities designed to provide products and __________________

WANTS

Marketing is a coordinated system of business activities designed to satisfy customers needs and ______________

PLACE

Marketing mix decision = choosing a store location

TIME

Marketing mix place decision = getting a selected product in the right place at the right ___________.

COMMUNICATION

Marketing mix promotion element refers to the various types of ____________________ that marketers use to inform, persuade or remind customers of their products.

PEOPLE

Sometimes considered the 5th "P" of marketing.

MARKETING MIX

The combination of the four elements of marketing; product, price, place & promotion.

PRICE

The decision to accept credit cards, offer installment or layaway or to offer discounts = part of this element of the marketing mix.

MIX

The development of effective marketing strategies requires consideration of the marketing ___________ elements

PROFITABLE

The marketing concept has three principles: customer orientation, coordinated activities and ____________________ sales.

CONCEPT

The philosophy of operating a business whereby the business aims all of its efforts at satisfying its customers at a profit is called the marketing ___________________.