all we've learned37 cards

Tagged as: business, economics, finance, marketing, accounting, nursing

 copy deck Copy deck

1

Product mix

All the products a company makes or sells

2

Product Line

A group of similar products

3

Product item

A specific model, brand, or size of a product within a product line

4

Product width

Different number of product lines a business manufactures or sells

5

Product depth

The number of products offered within a product line

6

To determine a business' product mix, a business needs to...

Identify it's target market Identify it's competitors Decide on the image it wants to project

7

Product

A good or a service

8

Goods

Tangible items of monetary value that satisfy needs and wants

9

Services

Intangible items of monetary value that satisfy needs and wants

10

Seven functions of marketing

Distribution, Financing, Marketing information management, Pricing, Product/service management, Promotion, Selling

11

Distribution

Getting goods to customers

12

Financing

Acquiring money to set up and run a business

13

Marketing information management

researching customers, trends, and competitors

14

Pricing

Charging for goods and services to make a profit

15

Product/service management

Obtaining, developing, maintaining, and improving a product or service

16

Promotion

Informing, persuading, and reminding customers about a product or service

17

Selling

Providing customers with goods and services

18

Marketing concept

Businesses should satisfy customers wants and needs while making a profit

19

Utility 5 ways

Added value to a product Form, Place, Time, Possession, Information

20

Form Utility

Putting parts together to make a product consumers want

21

Place Utility

Offering a product where consumers can buy it

22

Time Utility

Offeringa a product at a convenient time of day or year for consumers

23

Possession Utility

Allowing consumers to take legal ownership of a product

24

Information Utility

Communicating information about a product

25

Market

People who share similar wants and needs and are capable of buying products

26

Consumer market

Consumers who purchase goods and services for personal use

27

Industrial market

Businesses that buy products to use in their operations; also called the business to business market

28

Market share

A company's percentage of total sales volume generated by all competition in a given market

29

Target market

A group of people identified as those most likely to become customers

30

Customer Profile

A list of info about a target market

31

Demographics

Measurable attributes

32

Pyschographics

The social and psychological characteristics of their customers

33

Geographics

Where people live

34

Marketing mix

The four basic marketing strategies. Mix of product, price, place, promotion

35

Disposable incom

Money left over after taxes

36

Discretionary income

Money left over after basic needs

37

3 ps of presenting

Preperation, practice, performance