The term
market
refers to all the people who might buy a product. All people who share similar needs and wants and who have the ability to purchase a given product are a market.
| A B | Market People who share similar needs and wants and are capable of buying products. | Target Marketing A group of people identified as those most likely to become customers. | Customer profile A list of info about a target market; age, income level, ethnicity. | Benefits The upsides of a situation. |
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| A B | consumers Those people who actually use a product. | market The group of all potential customers who share common needs and wants, and who have the ability and willingness to buy the product. |
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What is the term for a potential customer who wants the product and is likely to buy it?
Market
. all potential customers who share common needs and wants and who have the ability and willingness to buy the product.
What term describes developing promoting and distributing products?
The process of developing, promoting, pricing, selling, and distributing products to satisfy customer’s wants and needs. Marketing involves all the activities necessary to get a product from the manufacturer to the consumer.
What a person gives up by making a choice?
Opportunity cost
is what you give up (the benefits of the next best alternative) when you make a choice.
Is a pathway to direct products to consumers?
A distribution channel represents a chain of businesses or intermediaries through which the final buyer purchases a good or service. Distribution channels include wholesalers, retailers, distributors, and the Internet. In
a direct distribution channel
, the manufacturer sells directly to the consumer.
What are the 7 functions of marketing?
- Promotion.
- Selling.
- Product management.
- Marketing information management.
- Pricing.
- Financing.
- Distribution.
What is informing persuading and reminding the customers called?
Informing, persuading, or reminding potential customers about a good or service is called.
promotion
.
What utility is created by marketing if you are able to purchase a product where you want it?
Time utility
refers to adding value to the consumer by having the product available when the consumer needs it. A good example here would be a convenience store that is open 24/7 – which provides a time advantage over a regular supermarket.
What comes first the market or the product?
In fact, just about every successful product or service is the result of
smart marketing thinking first
, followed by a great product that makes the marketing story come true. If someone comes to you with a ‘great’ product that just needs some marketing, the game is probably already over.
What would be the most important element to get customer attention?
In order to become successful in earning customers’ attention, you must consider these two important elements –
high-quality content and effective distribution
. The best way of enticing your customers is to provide them with valuable content filled with attention-grabbing words.
What is obtaining developing or improving a product?
Product
/ Service Management. Obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities. Promotion. The effort to inform, persuade, or remind potential customers about a business’s products or services. Selling.
What are the 4 main customer needs?
There are four main customer needs that an entrepreneur or small business must consider. These are
price, quality, choice and convenience
.
What are three different types of consumer materials?
There are three main types of consumer goods:
durable goods, nondurable goods, and services
.
What is the process of developing promoting and distributing products?
Define “
Marketing
”. The process of developing, promoting, and distributing products, or goods and services, to satisfy customers’ needs and wants. … Distribution is the means of getting the product into the hands of the customer.
