Chapter 10 Vocabulary- Marketing
Is 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.
A company’s plan that identifies how it will use marketing to achieve its goals.
A specific group of consumers who have similar wants and needs.
The blend of four marketing elements– product, distribution, price, and promotion.
Considers the needs of customers when developing a marketing mix.
Persons who buy products and services mostly for their own use.
Are 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.
Consumer decision-making process
The specific sequence of steps consumers follow to make purchase.
The reason consumers decide what products and services to purchase.
Finding solutions to problems through carefully designed studies involving consumers.
Everything a business offers to satisfy a cusotmer’s need.
Are activities that are consumed at the same time they are produced.
When services are intangible, that means they have no physical form.
When services are inseparable, that means they are consumed at the same time they are produced.
When services are perishable, that means that the availability of a service must match the demand for that service at a specific time.
When services are heterogeneous, that means there will be differences in the type and quality of service provided.
The money a customer must pay for a product or service.
The location and methods used to make a product or service available to the target market.
Channel of Distribution
The route a product follows and the businesses involved in moving a product from the producer to the final consumer.
The businesses that take part in a channel of distribution.
Are the final business organization in an indirect channel of distribution for consumer products.
Is nay form of communication used to inform, persuade, or remind.
Is the exchange of information so there is common understanding by all participants.
Is direct, individualized communication with prospective customers to asses their needs and assist them in satisfying those needs with appropriate products and services.
Is any paid form of communication through mass media directed at identified consumers to provide information and influence their actions.
Includes a set of promotional activities designed to generate sales in the retail setting.
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