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Intro to Marketing Concepts study guide 100% Correct!!
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What is the marketing concept? - ANSWERthe idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals Seven Functions of Marketing - ANSWER1. Distribution 2. Financing 3. Marketing Information Management 4. Pricing 5. Product...

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  • October 10, 2024
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  • 2024/2025
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Intro to Marketing Concepts study
guide 100% Correct!!

What is the marketing concept? - ANSWERthe idea that an organization should strive to satisfy the
needs of consumers while also trying to achieve the organization's goals

Seven Functions of Marketing - ANSWER1. Distribution

2. Financing

3. Marketing Information Management

4. Pricing

5. Product/Service Management

6. Promotion

7. Selling

product - ANSWERMarketing element referring to what goods, services, or ideas a business will offer
its customers

price - ANSWERThe amount of money exchanged for a good or service

place - ANSWERMarketing element focusing on considerations in getting a selected product in the
right place at the right time

promotion - ANSWERCommunication by marketers that informs, persuades, and reminds potential
buyers of a product in order to influence an opinion or elicit a response

4 P's of Marketing - ANSWERProduct, Price, Place, Promotion

product mix - ANSWERconsists of all of the product lines offered by an organization

Product Mix Strategies - ANSWERproduct line pricing, optional product pricing, captive product
pricing, by-product pricing, product bundle pricing

Legal Aspects - ANSWERcreates equitable interest; is assignable; should be recorded

patents - ANSWERexclusive rights to make or sell inventions

copyrights - ANSWERthe exclusive legal rights of authors, composers, playwrights, artists, and
publishers to publish and disperse their work as they see fit

trademarks - ANSWERDesigns and names, often officially registered, by which merchants or
manufacturers designate and differentiate their products

Branding - ANSWERA marketing function that identifies products and their source and differentiates
them from all other products

packaging - ANSWERthe activities of designing and producing the container or wrapper for a product

, labeling - ANSWERproviding identifying, promotional, or other information on package labels

importance of branding, packaging, and labeling - ANSWERBranding:

- Establishes a unique identity, fostering recognition and trust.

- Creates emotional connections, giving a competitive advantage.

- Enhances product appeal and resonance with target audiences.

Packaging:

- Ensures product protection, preservation, and regulatory compliance.

- Communicates essential information and reinforces brand identity.

- Differentiates products on the shelf, influencing purchasing decisions.

Labeling:

- Provides regulatory compliance by conveying required information.

- Offers additional product details for informed consumer decisions.

- Contributes to brand consistency and serves as a marketing tool.

factors used by marketers to position products/services - ANSWERUnique Selling Proposition (USP):
Emphasizing distinctive features or benefits that set the product or service apart from competitors.



Target Audience: Tailoring positioning based on a deep understanding of the specific needs,
preferences, and demographics of the target market.



Competitor Analysis: Evaluating and adapting positioning strategies in response to competitors to
identify opportunities for differentiation and market space.

Features and Benefits - ANSWERproduct features- characteristics of product you offer



customer benefit- advantage customer gains from specific product features

price and quality - ANSWERThis positioning base may stress high price as a signal of quality or
emphasize low price as an indication of value

competition - ANSWERthe struggle among producers for the dollars of consumers

factors that influence a product's price - ANSWERCosts: Including production, materials, labor, and
overhead costs in determining a baseline for setting the product's price.



Market Demand: Aligning the price with consumer demand, taking into account elasticity and the
willingness of customers to pay at different price points.

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