Unit 1 Review

What is Marketing?

• The process of selling products
• The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
• The process of creating art
• The process of cooking food

What are goods?

• A type of service
• A type of currency
• A type of investment
• Items that satisfy human wants and provide utility

What are services?

• Services are a type of food
• Services are a type of car
• Services are a type of clothing
• Services involve a task

What is the marketing concept?

• The process of selling products
• The idea of satisfying the needs of the customer, while making a profit for the business

• The strategy of increasing the price of products
• The method of producing as many products as possible

What are the 7 Core Functions of Marketing?

• Channel Management, Marketing Information Management, Market Planning, Pricing, Product/Service Management, Promotion, and Selling

• Advertising, Sales, Public Relations, Direct Marketing, Personal Selling, Digital Marketing, Market Research
• Product, Price, Place, Promotion, Packaging, Positioning, People
• Market Research, Market Segmentation, Target Market Selection, Market Positioning, Product Development, Price Determination, Distribution Strategy

What is Channel Management?

• A process of managing online advertising channels
• Decides how to get goods to customers

• A process of managing TV channels
• A process of managing social media channels

What is Marketing Information Management?

• The process of gathering, analyzing, and interpreting information about a market
• The process of selling products or services
• The process of creating advertisements for a product or service
• The process of managing the financial aspects of a business

What is Pricing (in reference to the Core Functions)?

• Based on cost of a product or service, as well as what competitors charge for same product or service

• The process of creating a product or service
• The process of promoting a product or service
• The process of distributing a product or service

What is Product/Service Management?

• The process of designing and managing products
• The process of selling products or services
• The process of advertising products or services
• The process of planning, developing, maintaining and improving a product or service

What is Promotion (referencing the Core Functions)?

• A raise in salary
• An advancement in an employee's rank or position in an organizational hierarchy system
• Informs current and potential customers about a business's product or services

• A decrease in price