2023 Bloomberg Market Concepts ( BMC ) Exam 2
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- All people or organizations who share similar needs and wants and are capable of
buying your products. The larger group before it is segmented.
Answer: - Market
- Consists of the actions a business takes to identify, create, and maintain satisfying
relationships with customers resulting in value for the customer and profit for the business.
Answer: Marketing
- Focuses on satisfying the needs and wants of customers, at the same time making a
profit for the company.
Answer: Marketing Concept
- Comprises four basic marketing strategies collectively known as the four P's of
marketing: product, price, place, and promotion
Answer: Marketing Mix
- Decisions of what to sell or offer that will satisfy the needs and wants
of customers. Also includes features, brand name, packaging, service, and warranty.
Answer: Product
- Any form of communication used to inform, persuade, or remind cus- tomers
about your product or service.
Answer: Promotion
- Includes finding out what the demand is for your product, as a product is only
worth as much as someone will pay for it. Take in to consideration these things: overhead costs, the worth or value, the competition, and your profit.
Answer: Pricing Function
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