Intro To Business Chapter 10 Marketing – Flashcards
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Marketing
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An organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
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Marketing Strategy
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A company's plan that identifies how it will use marketing to achieve its goals.
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Target Market
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A specific group of customers that have similar wants and needs.
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Marketing Mix
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The blending of four marketing elements-product, distribution, price, and promotion
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Marketing Orientation
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An approach that considers the needs of customers hen developing a marketing mix.
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Final Consumers
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Person who buys products and services mostly for their own use.
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Business Consumers
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Person, companies, and organizations that buy products for the operation of a business, for incorporation into other products and services, or for resale to their customers.
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Consumer Decision-Making Process
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The specific sequence of steps consumers follow to make a purchase.
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Buying Motives
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The reason consumers decide what products and services to purchase.
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Marketing Research
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Finding solutions to problems through carefully designed studies involving consumers.
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Product
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Everything a business offers to satisfy a customer's needs.
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Services
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Activities that are consumed at the same time they are produced
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Intangible
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Something that has no physical form.
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Inseparable
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They are consumed at the same time they are produced.
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Perishable
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The availabilty of a service must match the demand for that service at a specific time.
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Heterogeneous
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Differences in the type and quality of service provided.
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Price
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The money a customer must pay for a product or service.
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Distribution
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The locations and methods used to make a product or service available to the target market.
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Channel of Distribution
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The route a product follows and the businesses involved in moving a product from the producer to the final customer.
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Channel Members
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The businesses that take part in a channel of distribution.
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Promotion
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Any form of communication used to inform, persuade, or remind.
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Effective Communication
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The exchange of information so there is common understanding by all participants.
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Personal Selling
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Direct, individualized communication with prospective customers to asses their needs and assist them in satisfying thoses needs with appropriate products and services.
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Advertising
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Any paid form of communication through mass media directed at identified consumer to provided information and influence their actions.
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Product and Service Management
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Designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs.
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Distriution
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Involves determining the best ways for customers to locate, obtain, and use the products and services of an organization.
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Selling
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Communication directly with potential customers to determine and satisfy their needs
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Marketing-information management
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Obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities.
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Financial analysis
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Budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business
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Pricing
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Setting and communicating the value of products and services
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Emotional Buying Motives
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Reasons to purchase based on feelings
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Rational buying motives
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Guided by facts and logic
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Secondary Research
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Analyzing existing information gathered for another purpose but used to solve a current problem is known as:
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Primary Research
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Studies carried out to gather new information specifically directed at a current problem
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Surveys
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gather information from people using a carefully planned set of questions
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Focus Groups
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Small number of consumers take part in a group discussion
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Observations
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Collect information by recording the actions of consumers rather than asking them questions
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Experiment
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presents two carefully controlled alternatives to subjects in order to determine which is preferred or has better results
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Basic Product
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The simplest form of a product
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Product Features
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Additions and improvements to the basic product
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Options
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When customers are offered choices of features
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Brand Name
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Provides a unique identification for a company's products
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Packaging
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Provides protection and security for the product before it is used
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Guarantee or Warranty
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If the product breaks or does not meet customer expectations, the company will repair, replace, or provide a refund.
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Selling Price
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The price paid by the customer for the product
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Product costs
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are the costs to the manufacturer of producing the product or the price paid by other businesses to buy the product
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Operating expenses
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are all expenses of operating the business that are associated with the produce
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Profit
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Amount of money available to the business after all costs and expenses have been paid
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Gross Margin
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Difference between the selling price and profit
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Markup
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Amount added to the cost of a product to set the selling price
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Markdown
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Reduction from the original selling price
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Direct Channel of Distribution
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products move from the producer straight to the consumer with no other organizations participating
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Indirect Channel of Distribution
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Includes one or more other businesses between the producer and consumer
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What are the components of effective communication?
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Communication begins with a person or organization (the sender) that has information to communicate to another person or organization (the receiver). The sender chooses the way (communication channel) the information will be transmitted to the receiver. Before sending the message, the send decides the form in which the information will be sent; Text, spoken words, pictures. Preparing the information to be communicated is called (encoding). The receiver obtains the information from the channel and interprets it for understanding (decoding). To be sure that the communication achieved the desired result, the send needs to have a response from the receiver (feedback). If the receiver understood the information and responds in a way the send wanted, communication was effective. If the receiver does not respond or acts in an unexpected way, communication failed. The words in (Parentheses are important words)
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Personalized promotion
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Communicates directly with each customer using information tailored to that person
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Mass promotion
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Communicates with many people at the same time with a common message
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Publicity
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Non-paid promotional communication presented by the media rather than by the business
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Public relations
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Is an ongoing program of non-paid and paid communications.
