Principles of Business, Chapter 10, Marketing

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Marketing
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The activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for costumers, clients, partners, and society at large.
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Marketing strategy
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A company’s plan thet 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 who have similar wants and needs
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marketing mix
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the blend of four marketing elements: product, distribution, price and promotion
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marketing orientation
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it considers the needs of costumers when developing a marketing mix
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Final consumers
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persons who buy products and servieces mostly for theit 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 or services, or for resale to their costumers
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consumer decision-making process
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specific sequence of steps consumers follow to make a purchase
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buying motives
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the reason 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 costumer’s need
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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 (services)
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services have no physical form
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inseparable (services)
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services are consumed at the same time they are produced
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perishable (services)
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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 (services)
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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 mone a customer 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 fromthe producer to the final consumer
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channel members
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the businesses that take part in a channel of disrtibution
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retailers
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the final business organization in an indirect channel of distribution for consumer products
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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 a common understanding by all participants
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personal selling
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a direct, individualized communication with prospective customers to asses their needs and assist them in satidfying 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 consumers to provide information and influence their actions
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Merchandising
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includes a set of prmotional activities designed to generate sales in theri retail setting

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