DECA- Marketing Exam1- Midterm Exam Review Latest Updated Solved 100%

Executive summary - ANSWER-Brief overview of the entire marketing plan Pricing - ANSWER-Deciding how much to charge for goods and services Market share - ANSWER-Percentage of total sales generated by competing companies Organizational market - ANSWER-Businesses that buy products for use in their operation Selling - ANSWER-Providing customers with goods and services they want (i.e. a salesperson, drive-through, online) Marketing - ANSWER-Planning, promoting, distributing products Distribution and Channel Management - ANSWER-Deciding on how goods get into customers hands Product/service management - ANSWER-Obtaining, developing, and improving a product. Also, adding or deleting products. Marketing Mix (4 P's) - ANSWER-Product, price, place, promotion Goods - ANSWER-Tangible items Utilities - ANSWER-The attributes of a good or service that make them capable of satisfying consumers' wants and needs Form utility - ANSWER-Involves changing raw materials or putting parts together to make them more useful Time utility - ANSWER-Having a product available at a certain time of day or year Possession utility - ANSWER-Exchange of product for some monetary value Information utility - ANSWER-Involves communication with the consumer Consumer market - ANSWER-Consists of people who purchase goods and services for personal use Market segmentation - ANSWER-The process of classifying customers by needs and wants