Business Organization and Management Chapter 10 – Flashcards
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Marketing
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The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy the individual and organizational objectives
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7 Functions of Marketing
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Selling, marketing information management, financing, pricing, promotion, product/service management, distribution
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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 similiar wants and needs
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Marketing Mix
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The blending of the four marketing elements: Product, distribution/place, price, promotion
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Marketing Orientation
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Considers the needs of customers when developing a marketing mix
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Final Consumers
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Persons that buy products and services mostly for their own use
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Business Consumers
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Persons, 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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Recognize a need Gather information Select and evaluate alternatives Make a purchase decision Determine effectiveness
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Buying Motives
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Reasons consumers decide to buy products or services to purchase. Rational or irrational
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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 Planning Process
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Idea development Idea screening Strategy development Production/Financial Planning Limited Production and Test Marketing Full Scale Production
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Services
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Activities that are consumed as they are produced. Intangible, inseparable, perishable, heterogeneous
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Pricing Factors
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Supply/demand, uniqueness, age, season, complexity, convenience
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Price
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The money a customer must pay for a product or services
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Markup
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The amount added to the cost of a product to set the selling price
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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 consumer
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Need For Distribution Channels
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Differences in: Quantity Assortment Location Timing
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Channel Members
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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 through mass media directed at identified customers to provide information and influence their actions
