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MARKETING DYNAMICS CH. 1-4, 6 STUDY GUIDE. The US economy is referred to as mixed economy. mixed economy.

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Presentation on theme: "MARKETING DYNAMICS CH. 1-4, 6 STUDY GUIDE. The US economy is referred to as mixed economy. mixed economy."— Presentation transcript:

1 MARKETING DYNAMICS CH. 1-4, 6 STUDY GUIDE

2 The US economy is referred to as mixed economy. mixed economy.

3 An example of non price competition 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. is a bookstore that the store owners provide literature seminars to parent and teacher groups, and they create recommended reading lists for classroom use.

4 Discretionary income The money left from a person’s gross income after paying for basic necessities such as food, shelter, and clothing. The money left from a person’s gross income after paying for basic necessities such as food, shelter, and clothing.

5 An example of Marketing research Is filling out a survey from a business such as a hotel. Is filling out a survey from a business such as a hotel. Possession utility Possession utility The exchange of a product for some monetary value. The exchange of a product for some monetary value.

6 Promotion utility Any form of communication a business or organization uses to inform, persuade, or remind. Service Tasks performed for a customer.

7 Gross Domestic Product a measure of the goods and services produced using labor and property Imports are goods and services purchased from other countries.

8 Benefits are privileges, or monetary payments beyond salary or wages, that go with a job. are privileges, or monetary payments beyond salary or wages, that go with a job. focuses on the sale price of a product focuses on the sale price of a product

9 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

10 Tariff is a tax on imports. is a tax on imports. International Trade International Trade is the exchange of goods and services between nations. is the exchange of goods and services between nations.

11 Disposable income money left after taking out taxes. Shortages occur when demand exceeds supply

12 Surplus occurs when the supply of goods exceeds demand. occurs when the supply of goods exceeds demand. Selling Selling provides customers with goods and services they want. provides customers with goods and services they want.

13 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

14 Profit the money earned from conducting business after all costs and expenses have been paid. the money earned from conducting business after all costs and expenses have been paid. Three factors that affect business cycles are Three factors that affect business cycles are business, consumers and government business, consumers and government

15 Embargo is a total ban on specific goods coming into and leaving a country.

16 Marketing Mix a combination of four strategies used to market a product such as product, place, price and promotion. a combination of four strategies used to market a product such as product, place, price and promotion.

17 Market segmentation a way of analyzing a market by specific characteristics in order to create a target market.

18 Exports aregoods and services sold to other countries. aregoods and services sold to other countries.

19 Customer buys the products.

20 Promotion communicating with potential customers to inform, persuade, or remind them about a businesses products. communicating with potential customers to inform, persuade, or remind them about a businesses products.

21 Pricing dictates how much to charge for goods and services in order to maximize profits.

22 Free Enterprise system encourages individuals to start and operate their own businesses without government intervention. encourages individuals to start and operate their own businesses without government intervention.

23 Financing getting the money that is necessary to pay for the operation of a business.

24 Products includes goods and services, both of which have monetary value and satisfy customer's needs

25 Geographics information about where people live information about where people live

26 Federal Trade Commission investigates deceptive and misleading business practices, like false advertising. investigates deceptive and misleading business practices, like false advertising.

27 Distribution involves deciding where and to whom products need to be sold in order to reach the final users. involves deciding where and to whom products need to be sold in order to reach the final users.

28 Psychographics involves studies of consumers based on social and psychological characteristics. involves studies of consumers based on social and psychological characteristics.

29 Occupational area is a category of jobs that involves similar skills and aptitudes.

30 Balance of Trade is the difference in value between exports and imports of a nation.

31 Goods are the kinds of things you can touch or hold in your hand. are the kinds of things you can touch or hold in your hand.

32 Infrastructure is the physical development of a country including its roads, ports, sanitation facilities, and utilities, especially telecommunications. is the physical development of a country including its roads, ports, sanitation facilities, and utilities, especially telecommunications.

33 Marketing is the process of developing, promoting, and distributing products to satisfy customers' needs is the process of developing, promoting, and distributing products to satisfy customers' needs

34 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. 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.

35 Producer Price index measures wholesale price levels in the economy. measures wholesale price levels in the economy.

36 Career-sustaining the marketing path that involves somewhat more education and training than entry level. the marketing path that involves somewhat more education and training than entry level.

37 Risk the potential for loss or failure in relation to the potential for improved earnings. the potential for loss or failure in relation to the potential for improved earnings.

38 Sherman Anti-Trust Act was created to prevent monopolies. was created to prevent monopolies.

39 Consumers Persons who uses the product. Persons who uses the product.

40 Demographics Statistics that describe a population in terms of personal characteristics such as age, gender, income, ethnic background, education, and occupation.

41 Place Utility Having a product where customers can buy it.

42 Price The value of money placed on a good or service.

43 A business can get involved in international trade by A business can get involved in international trade by importing, exporting and/or setting up shop in a foreign country importing, exporting and/or setting up shop in a foreign country

44 As a funder of public libraries, the government is acting in what role? As a funder of public libraries, the government is acting in what role? as a provider of services Capital is The money needed to start and operate a business

45 Entrepreneurship The process of starting and managing your own business. The process of starting and managing your own business. Four roles that our government plays in our free enterprise system include Four roles that our government plays in our free enterprise system include providing general services providing general services supporter of businesses supporter of businesses regulator regulator and competitor. and competitor.

46 Labor All of the people who work in the economy. All of the people who work in the economy. Prosperity Prosperity Point in the business cycle when the economy flourishes. Point in the business cycle when the economy flourishes.

47 Scarcity The difference between wants and needs and available resources. The difference between wants and needs and available resources.

48 Psychographics Studies of consumers based on social and psychological characteristics. Studies of consumers based on social and psychological characteristics. Three goals of any economy are: Three goals of any economy are: Stable prices Stable prices Productivity Productivity Low unemployment Low unemployment

49 Federal Reserve Board has the power to control the U.S. monetary supply. has the power to control the U.S. monetary supply. The Occupational Safety and Health Administration The Occupational Safety and Health Administration is a governmental regulatory agency created to protect employees. is a governmental regulatory agency created to protect employees.

50 Three major businesses that make our government a competitor in the market place are Tennessee Valley Authority Tennessee Valley Authority Amtrak Amtrak U. S. Postal Service U. S. Postal Service

51 Three types of trade barriers are Three types of trade barriers are Tariffs Quotas a and embargoes

52 Two economic factors that can discourage international trade are Labor costs and infrastructure Labor costs and infrastructure Two political factors that can discourage international trade are Two political factors that can discourage international trade are political corruption and government instability political corruption and government instability

53 What do U.S. fast food companies enter into in order to open franchises in foreign countries? What do U.S. fast food companies enter into in order to open franchises in foreign countries? Joint Ventures Joint Ventures

54 What is the agency that was created to police the General Agreement on Tariffs and Trade (GATT)? World Trade Organization World Trade Organization What is the group that decides whether or not a business will survive? What is the group that decides whether or not a business will survive? the consumers the consumers

55 What is the term for the struggle between companies for customers? Competition Competition When does the potential for profit increase? When does the potential for profit increase? as the risk increases as the risk increases

56 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.

57 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? 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? Who is the single largest U.S. consumer of goods and services? Who is the single largest U.S. consumer of goods and services? the government the government


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