Marketing - The process of planning, pricing, promoting and distributing products to satisfy the customers needs and wants  , 4 Foundations of marketing  - Business, management and entrepreneurship/Communication and interpersonal skills/Economics/Professional Development, Distribution - Deciding where and to whom products need to be sold to reach the final users, Financing - Getting the money necessary to operate a business, Market Information Management  - Getting information to make sound business decisions, usually obtained through marketing research , Pricing - How much to charge to maximize profit , Product Service Management - Obtaining, developing, maintaining, and improving a product in r esponse to market opportunities , Promotion - Communicating with potential customer to inform, persuade and remind them about a businesses products , Selling - planned, personalized communication that influences purchase decisions , Target Marketing - Focusing on decisions on a very specific group of people who you want to reach, Customer Profile  - Lists information about their target market such as age, income level, occupation, attitudes, lifestly, and geographic residence, Marketing Mix - The 4 P's: Product, Place, Price, Promotion, Consumers - People who use the product, Market Share - A companys percentage of the total sales generated by all companies that compete in the given market , Market Skimming - High price, low volume - best for products with short life cycles (video game consoles) , Value Pricing - Price set in accordance with customer perceptions about the value of the product , Loss Leader Pricing - Goods/Services deliberately sold below cost to encourage sales elsewhere, Psychological Pricing - Selling something for $4.99 instead of $5.00, Price Discrimination - Charging a different price for the same good/service in different markets, Destroyer/Preadatory Pricing - Deliberate price cutting to force rivals out of business , Reasons to start a business  - Financial freedom, Be your own boss, Set your own goals, flexibility, Form Utility - Changing raw materials or putting parts together to make them more useful , Place Utility - Having a product where consumers can buy it -- involves location and transporting, Time Utility - Having a product available at certain times of the year or time of the day, Possession Utility - The exchange for some monetary value, Information Utility - Involves communication with the customer , Market Survey - A questionnaire that samples a group that represents your target market, 5 Methods of Market Research - Surveys, Focus Groups, Personal Interviews, Observation and Field Trials , Marketing Concept - Businesses must satisfy customers needs and wants in order to make a profit , Customer  - Someone who purchases the product ,

Marketing Quiz

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