Principles of Business - Chapter 10 Flashcard

Front

What is the first goal in learning marketing basics according to the document?

Back

Define important marketing concepts.

Front

What is marketing primarily concerned with?

Back

Creating, communicating, delivering, and exchanging offerings

Front

Which of the following is NOT typically considered a marketing business? Advertising agency, Transportation company, Financial services, Minor League Baseball

Back

Minor League Baseball

Front

Which of the following is a function of marketing?
Product & Service Management, Human Resources, Legal Compliance, Research & Development

Back

Product & Service Management

Front

Which marketing function involves determining the best way to get a company's products to customers?

Back

Distribution

Front

What is the role of 'Pricing' in marketing functions?

Back

To determine the value of a product

Front

What is a key component of developing a successful marketing strategy?

Back

Identifying a target market

Front

Marketing activities often cost what percentage or more of the selling price of a product or service?

Back

50%

Front

What defines a target market?

Back

A specific group of consumers with similar wants and needs

Front

What are the four elements of the marketing mix?

Back

Price, Place, Product, Promotion