Chapter 10 Review – Marketing
any paid form of communication through mass media directed at identified consumers to provide information and influence their actions.
the simplest form of a product. It is not unique and is usually available from several companies.
a unique identification for a company’s products.
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.
the reasons consumers decide what products and services to purchase.
businesses that take part in a channel of distribution.
Channel of distribution
the route a product follows and the businesses involved in moving a product from the producer to the final consumer.
the way the information being communicated from a sender is being transmitted to the receiver.
Consumer decision-making process
the specific sequence of steps consumers follow to make a purchase.
interpreting information for understanding.
Direct channel of distribution
a channel in which products move from the producer straight to the consumer with no other organizations participating.
a device used by retailers to exhibit a product at the point of sale.
the locations and methods used to make a product or service available to the target market; determining the best ways for customers to locate, obtain, and use the products and services of an organization.
the exchange of information so there is common understanding by all participants.
Emotional buying motives
reasons consumers decide what products and services to purchase based on feelings, beliefs, and attitudes.
preparing the information to be communicated.
a method of marketing research which presents two carefully controlled alternatives to subjects in order to determine which is preferred or has better results.
a response to the sender from the receiver.
persons who buy products and services mostly for their own use.
budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business’ products and services.
a marketing research study that gathers the ideas, experiences, and opinions from a small number of consumers who take part in a group discussion.
the difference between the selling price and the product costs.
characterized by the differences in the type and quality of service provided.
Indirect channel of distribution
a channel in which products move from the producer to the consumer through one or more other businesses.
something that is consumed at the same time it is produced.
something that has no physical form.
a reduction from the original selling price.
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
the blending of four marketing elements products, distribution, price, and promotion.
an approach that considers the needs of customers when developing a marketing mix.
finding solutions to problems through carefully designed studies involving customers.
a company’s plan that identifies how it will use marketing to achieve its goals.
obtaining, managing, and using market information to improve business decision- making and the performance of marketing activities.
the amount added to the cost of a product to set the selling price.
communication to many people at the same time with a common message.
a set of promotional activities designed to obtain sales in the retail setting.
a marketing research study that collects information by recording the actions of consumers rather than asking them questions.
all of the expenses of operating the business that are associated with the product.
choices of product features.
protection and security for the product before it is used.
the availability of a service to match the demand for that service at a specific time.
direct, individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services.
communication directly with each customer using information tailored to that person.
money customer must pay for a product or service.
setting and communicating the value of products and services.
studies carried out to gather new information specifically directed at a current problem.
everything a business offers to satisfy a customer’s needs.
Product and service management
designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs.
costs to the manufacturer of producing the product or the price paid by other businesses to buy the product.
additions and improvements to the basic product.
the amount of money available to the business after all costs and expenses have been paid.
any form of communication used to inform, persuade, or remind
an ongoing program of non-paid and paid communications intended to favorably influence public opinion about an organization, marketing effort, idea, or issue.
non-paid promotional communication presented by the media rather than by the business or organization that is being promoted.
Rational buying motives
reasons consumers decide what products and services to purchase based on facts and logic.
intermediaries between manufacturers and retailers.
a person or organization that is being communicated to by another person or organization.
the final business organization in an indirect channel of distribution for consumer products.
visual signals used to communicate information in a retail setting.
activities and materials designed to reinforce a company’s brand and image. It is also a direct incentive to take an action likely to immediately increase sales of a product or service.
ownership of goods.
a specific group of customers that have similar wants and needs.
analyzing existing information gathered for another purpose but used to solve a current problem.
a marketing research study that gathers information from people using a carefully planned set of questions.
communicating directly with potential customers to determine and satisfy their needs.
a person or organization that has information to communicate to another person or organization.
the price paid by the customer for the product.
activities provided for the satisfaction of others that are consumed at the same time they are produced.
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