Business Essentials Chapter 10: Marketing

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marketing
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the process of planning and executing the conception, pricing, and promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
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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 consumers 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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considers the needs of consumers when developing a marketing mix
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final consumers
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persons who buy products and services mostly for their own use
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business consumers
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companies, persons, 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 reasons 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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having no physical form
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inseparable
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being consumed at the same time they are produced
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perishable
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the availability of a service must match the demand for that service at a specific time
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heterogeneous
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there will be differences in the type and quality of service provided
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price
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the money a consumer 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 consumer
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channel members
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the business 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 assess their needs and assist them in satisfying those needs with appropriate products and services
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advertising
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any paid form of communication trough mass media directed at identified consumers to provide information and influence their actions
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ASSESSMENT QUESTIONS
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:
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10-1
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1.) a 2.) c 3.) c
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10-2
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1.) true 2.) true 3.) a
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10-3
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1.) b 2.) c
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10-4
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1.) c 2.) b

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