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53 terms

Marketing Unit 1

STUDY
PLAY
marketing
the creation and maintenance of satisfying exchange relationships
discretionary income
the amount of money individuals have available to spend after paying for the necessities of life and other fixed expenses
six core standards of marketing
distribution, marketing information management, pricing, product/service management, promotion, selling, financing
distribution
determining the best way to get a company's products/services to customers
marketing information management
gathering and using information about customers to improve business decision making
pricing
establishing and communicating to customers the value or cost of goods/services
product/service management
designing, developing, maintaining, and acquiring products/ services for the purpose of meeting customer needs and wants
promotion
using advertising and other forms of communication to distribute information about products, services, images and ideas to achieve a desired outcome.
selling
any direct and personal communication with customers to assess and satisfy their needs and wants
financing
requires a company to budget for its own marketing activities and to provide customers with assistance in paying for the company's products/services
entertainment marketing
influencing how people choose to spend their time and money on entertainment
profit motive
making decisions to use resources in ways that result in the greatest profit
economics
the study of how goods and services are produced, distributed and consumed
macroeconomics
the study of the economics of the entire society
microeconomics
the study of relationships between individual consumers and producers
economic utility
the amount of satisfaction a person receives from the consumption of a particular product or service
form utility
the physical characteristics of a product or service are improved
time utility
the result of making the product or service available when the customer wants it.
time utility
the result of making the product or service available when the customer wants it
place utility
ensures that the product or service is available where the customer wants it
possession utility
making the product or service available at an affordable price, convenient
risk
the possibility of financial gain or loss or personal injury
natural risk
includes weather conditions that cannot be avoided
human risk
results from customer dishonesty, employee theft, and employee incompetence. Inadequacy of training, or employees not following training
economic risk
due to changes in the business environment
speculative risk
either a gain or loss could result
pure risk
a chance of an even occurring that could only result in a lass
controllable risk
if a loss can be prevented or the likelihood of its occurrence reduced
uncontrollable risk
nothing can be done to prevent risk
insurable risk
a pure risk for which the chances of loss are predictable and the amount of the loss can be estimated
uninsurable risk
the chance that a dollar loss could occur and not be estimated
risk management
preventing, reducing, or lessening the negative impacts of risk by using the strategies of risk avoidance, insurance, transfer, and/or retention
liable
legal responsibility
risk insurance
pays for predictable losses
premium
cost of insurance
risk retention
assuming the cost of an uninsurable risk
risk retention groups
similar businesses facing similar risks pool resources, monitored.
ethics
guidelines for good behavior, a system for deciding what is right or wrong in a reasoned and impartial manner
principles
high standards of rules and guidelines
character development
a progression in behavior where people advance from childish behavior to mature behavior based on principles
forecast
a plan that predicts the expenses to be incurred and the revenues to be received
budget
a plan for how available funds will be spent
balance sheet
net worth= assets-liabilities
income statement
shows revenues and expenses for a specific period of time
tourism
traveling for pleasure
travel trade
all companies and individuals who create and market tours
direct economic impact
total of new spending resulting from the event or attraction
indirect economic impact
the portion of the money spent locally by visitors that is in turn spent by local residents
niche travel
travel planned around a special event
ecotourism
responsible travel to natural areas that conserves the environment and sustains the well being of the local people
sustainable tourism
enjoying while simultaneously preserving natural environments so that they may also be enjoyed in the future
infrastructure
the base of travel systems and utilities in an area
globalization
a company expanding into other countries making cultural changes when needed