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Business Administration Marketing Study Guide 1. List and explain the four P’s of the marketing mix. a. Product – What is the product your market wants ? b. Price – At what price is your market willing to pay c. Place – Distribution – how will your market get the product. d. Promotion – How will you promote to the market. 2. What is considered the fifth P’s in the marketing mix? a. People – What people will the business hire to best serve your market. 3. What is the difference between consumers and customers? a. Consumers: the people using and consuming a product b. Customers: the people purchasing the product 4. Explain some of the ways one can extend the product life cycle. a. By refining or extending it. 5. Explain the difference between refining a product and extending a product. a. Refine: improving a product’s performance to increase value to a consumer b. Extend: adding additional features 6. Explain the marketing functions. a. Distribution – involves deciding where and to whom products need to be sold in order to reach the final users. b. Financing – getting the money that is necessary to pay for the operation of a business. c. Marketing Information Management – getting the necessary information to make sound business decisions. d. Pricing – deciding how much to charge for goods and services in order to maximize profits. e. Product/Service Management – obtaining, developing, maintaining, and improving a product or a product mix in response to market opportunities. f. Promotion – communicating with potential customers to inform, persuade, or remind them about a business’s product. g. Selling – provides customers with goods and services they want. 1 Frey: 2014/15 Business Administration Define the following terms: Market: All the people that share similar wants and needs and who have the ability to purchase a given product. Distribution: involves deciding where and to whom products need to be sold in order to reach the final users. Distribution Channel: the path a product takes from the producer to the ultimate or final user Direct channel: When the producer sells directly to the customer with no middle men being involved. Retailer: A business that buys goods from wholesalers or directly from manufacturers and resells them to consumers. Wholesaler: A business that obtains goods from manufacturers and resells them to organizational users, other wholesalers, and retailers. Market Share: The percentage of the total sales volume generated by all companies that compete in a given market. Product Line: group of similar products with obvious variations in design and quality to meet the needs of distinct customer groups Target Market: The group of people that is identified for a specific marketing program. Market Segmentation: The process of classifying people who form a given market into even smaller groups. Customer Profile: Specific information about the target market 2 Frey: 2014/15