Chapter 11 Bus 101 – Flashcards
Unlock all answers in this set
Unlock answersquestion
Marketing
answer
a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting, goods, services and ideas.
question
Exchange
answer
THE ACT OF GIVING UP ONE THING (MONEY, CREDIT, LABOR, GOODS) IN RETURN FOR SOMETHING ELSE (GOODS, SERVICES, IDEAS)
question
Functions of Marketing
answer
1. Buying 2. Selling 3. Transporting 4. Storing 5. Grading 6. Financing 7. Marketing Research 8. Risk Taking
question
Value
answer
a customer's subjective assessment of benefits to costs in determining the worth of a product.
question
Marketing Concept
answer
The idea that an organization should try to satisfy customers' needs through coordinating activities that also allow it to achieve its own goals.
question
Equation for calculating value
answer
customer benefits - costume costs = customer value
question
Buying
answer
Everyone who shops for products. A marketer must understand the buyers' needs and desires to determine what products to make available.
question
Selling
answer
the exchange process is expedited through selling. Marketers view it as persuasive activity that is accomplished through promotions (advertising, personal selling, publicity, packaging)
question
Transporting
answer
Transporting is the process of moving products from the seller to the buyer. Marketers focus on transportation costs and services
question
Storing
answer
physical distribution of products. Example. Oranges are only available for only a few months annually, but costumers demand juice throughout the entire year. Sellers must arrange for cold storage of orange juice concentrate so that they can maintain a steady supply all of the time.
question
Grading
answer
standardizing products by dividing them into subgroups and displaying and labeling them so that consumers clearly understand their nature and quality.
question
Financing
answer
For big stuff like cars and refrigerators the marketer arranges credit to expedite the purchase
question
Marketing Research
answer
By researching marketers can detect new trends and changes in consumer tastes
question
Risk taking
answer
Risk is the chance of loss associated with marketing decisions. If the consumer doesn't like a product it will fail but if they love it the risk pays off
question
Market orientation
answer
an approach requiring organizations to gather information about customer needs and share that information throughout the firm. and use that information to help build long term relationships with customers.
question
What is the Marketing concept? 3 things
answer
Desire, develop, make changes
question
Marketing Strategy
answer
a plan of action for developing, pricing and distribution and promoting products that meet the needs of specific customers.
question
Market
answer
a group of people who have a need, purchasing power, and the desire and authority to spend money on goods and services and ideas
question
target market
answer
a specific group of consumers on whose needs and wants a company focuses its marketing efforts
question
total market approach
answer
an approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs.
question
market segmentations
answer
a strategy whereby a firm divides the total market into groups of people who have relatively similar product needs
question
market segment
answer
a collection of individuals groups or organizations who share one or more characteristics and thus have relatively similar products needs and desires.
question
marketing mix
answer
the four marketing activities-- product, price, promotion, and distribution-- that the firm can control to achieve specific goals within a dynamic marketing evnironment
question
THE FOUR MARKETING ACTIVITIES
answer
1. Product 2. Price 3. Promotion 4. distribution (place)
question
price
answer
a value placed on an object exchanged between a buyer and a seller
question
distribution
answer
making products available to customers in the quantities desired.
question
promotion
answer
a persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups and organizations to accept goods, services and ideas.
question
primary data
answer
marketing information that is observed recorded or collected directly from respondents
question
secondary data
answer
information that is compiled inside or outside an organization for some purpose other than changing the current situation.
question
buying behavior
answer
the decision processes and actions of people who purchase and use products
question
perception
answer
the process by which a person selects organizes and interprets information received from his or her senses
question
motivation
answer
inner drive that directs a person's behavior toward goals
question
learning
answer
changes in a person's behavior based on information and experience
question
attitude
answer
knowledge and positive or negative feelings about something.
question
personality
answer
the organization of an individual's distinguishing character traits, attitudes or habits.
question
social roles
answer
a set of expectations of individuals based on some position they occupy
question
reference groups
answer
groups with whom buyers identify and whose value or attitudes they adopt.
question
social classes
answer
a raking of people into higher or lower positions of respect
question
culture
answer
the integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts.
question
physical variables of buying behavior
answer
1. perception 2. motivation 3. learning 4. attitude 5. personality
question
social variables of buying behavior
answer
1. reference groups 2. social classes 3. Culture
question
Fact about Marketing
answer
MARKETING IS NOT MANIPULATION CONSUMERS TO GET THEM TO BUY PRODCUTS THEY DO NOT WANT.
