Transcript MARKETING DYNAMICS mid term review1

MARKETING DYNAMICS CH.
1-4, 6 STUDY GUIDE
The US economy is referred to as

mixed economy.
An example of non price
competition

is a bookstore that the store owners provide
literature seminars to parent and teacher
groups, and they create recommended reading
lists for classroom use.
Discretionary income

The money left from a person’s gross income
after paying for basic necessities such as food,
shelter, and clothing.
An example of Marketing
research
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Is filling out a survey from a business such as a
hotel.
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Possession utility
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The exchange of a product for some monetary
value.
Promotion utility
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Any form of communication a business
or organization uses to inform,
persuade, or remind.
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Service
Tasks performed for a customer.
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Gross Domestic Product

a measure of the goods and services
produced using labor and property
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Imports
are goods and services purchased from
other countries.
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Benefits

are privileges, or monetary payments beyond
salary or wages, that go with a job.
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focuses on the sale price of a product
Target marketing

focusing all marketing decisions on a
very specific group of people who you
want to reach.

?
information about the target market
with regard to the age, income level,
ethnic
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Tariff
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is a tax on imports.
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International Trade

is the exchange of goods and services between
nations.
Disposable income

money left after taking out taxes.
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Shortages
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occur when demand exceeds supply
Surplus

occurs when the supply of goods exceeds
demand.
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Selling

provides customers with goods and services
they want.
Securities and Exchange
Commissions

responsible for regulating the sale of
stocks and bonds

Marketing concept

The idea that businesses must satisfy
customers’ needs and wants in order to
make a profit
Profit

the money earned from conducting business
after all costs and expenses have been paid.
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Three factors that affect business cycles
are
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business, consumers and government
Embargo

is a total ban on specific goods coming
into and leaving a country.
Marketing Mix

a combination of four strategies used to market
a product such as product, place, price and
promotion.
Market segmentation

a way of analyzing a market by specific
characteristics in order to create a
target market.
Exports

are goods and services sold to other countries.
Customer

buys the products.
Promotion

communicating with potential customers to
inform, persuade, or remind them about a
businesses products.
Pricing

dictates how much to charge for goods
and services in order to maximize
profits.
Free Enterprise system

encourages individuals to start and operate
their own businesses without government
intervention.
Financing

getting the money that is necessary to
pay for the operation of a business.
Products

includes goods and services, both of which
have monetary value and satisfy customer's
needs
Geographics

information about where people live
Federal Trade Commission

investigates deceptive and misleading business
practices, like false advertising.
Distribution

involves deciding where and to whom products
need to be sold in order to reach the final
users.
Psychographics

involves studies of consumers based on social
and psychological characteristics.
Occupational area

is a category of jobs that involves similar skills
and aptitudes.
Balance of Trade

is the difference in value between exports and
imports of a nation.
Goods

are the kinds of things you can touch or hold in
your hand.
Infrastructure

is the physical development of a country
including its roads, ports, sanitation facilities,
and utilities, especially telecommunications.
Marketing

is the process of developing, promoting, and
distributing products to satisfy customers'
needs
Consumer Price Index

measures change in price over a time of some
400 specific retail goods and services used by
the average household such as food, housing,
utilities, transportation and Medicare.
Producer Price index
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measures wholesale price levels in the
economy.
Career-sustaining
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the marketing path that involves somewhat
more education and training than entry level.
Risk

the potential for loss or failure in relation to
the potential for improved earnings.
Sherman Anti-Trust Act
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was created to prevent monopolies.
Consumers
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Persons who uses the product.
Demographics

Statistics that describe a population in terms of
personal characteristics such as age, gender,
income, ethnic background, education, and
occupation.
Place Utility

Having a product where customers can buy it.
Price

The value of money placed on a good or
service.
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
A business can get involved in international
trade by
importing, exporting and/or setting up shop in
a foreign country
As a funder of public libraries, the
government is acting in what role?

as a provider of services
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Capital is
The money needed to start and operate a
business
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Entrepreneurship

The process of starting and managing your
own business.
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Four roles that our government plays in our
free enterprise system include
providing general services
supporter of businesses
regulator
and competitor.
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Labor
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All of the people who work in the economy.
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Prosperity
Point in the business cycle when the economy
flourishes.
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Scarcity
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The difference between wants and needs and
available resources.
Psychographics

Studies of consumers based on social and
psychological characteristics.
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Three goals of any economy are:
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Stable prices
Productivity
Low unemployment
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
Federal Reserve Board

has the power to control the U.S. monetary
supply.
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The Occupational Safety and Health
Administration

is a governmental regulatory agency created to
protect employees.
Three major businesses that make our
government a competitor in the market place are
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Tennessee Valley Authority
Amtrak
U. S. Postal Service
Three types of trade barriers
are


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Tariffs
Quotas
and embargoes
Two economic factors that can
discourage international trade
are
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Labor costs and infrastructure

Two political factors that can discourage
international trade are
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political corruption and government instability
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What do U.S. fast food companies enter into in
order to open franchises in foreign countries?
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Joint Ventures
What is the agency that was created to
police the General Agreement on Tariffs
and Trade (GATT)?
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World Trade Organization
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What is the group that decides whether or not a
business will survive?

the consumers
What is the term for the struggle
between companies for
customers?
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Competition
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When does the potential for profit increase?

as the risk increases
When the Federal and state governments
set a minimum wage that businesses
must pay their employees,


this is an example of government’s role as
a(n) regulator.
Hispanics

Which of the four major U.S. ethnic markets
considers music a major part of its culture,
allowing marketers to use radio advertising to
reach this group?
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Who is the single largest U.S. consumer of
goods and services?
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the government