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Intro to Business
Exam #3
| Term | Definition |
|---|---|
| Marketing | A group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas. |
| Marketing concept | The idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals. |
| Target market | A specific group of consumers on whose needs and wants a company focuses its marketing efforts. |
| Concentration approach | A market segmentation approach whereby a company develops one marketing strategy for a single market segment. |
| Marketing mix | The four marketing activites – product, price, promotion, and distribution – that the firm can control to achieve specific goals within a dynamic marketing decisions. |
| Marketing research | A systematic, objective process of getting information about potential customers to guide marketing decisions. |
| Primary data | Marketing information that is observed, recorded, or collected directly from respondents. |
| Secondary data | Information that is compiled inside or outside an organization for some purpose other than changing the current situation. |
| Buying behavior | The decision processes and actions of people who purchase and use products. |
| Perception | The process by which a person selects, organizes, and interprets information received from his or her senses. |
| Social roles | A set of expectations for individuals based on some position they occupy |
| Culture | The integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts |
| Test marketing | A trail minilaunch of a product in limited areas that represent the potential market. |
| Consumer products | Products intended for household or family use. |
| Product line | A group of closely related products that are treated as a unit because of similar marketing strategy, production, or end-use considerations. |
| Product life cycle | There are four stages in the life cycle of a product: introduction, growth, maturity, and decline. The stage a product is in helps determine marketing strategy. |
| Trademark | A brand that is registered with the U.S. Patent and Trademark Office and is thus legally protected from use by any other firm. |
| Packaging | The external container that holds and describes the product. |
| Quality | The degree to which a good service, or idea meets the demands and requirements of customers. |
| Price skimming | Charging the highest possible price that buyers who want the product will pay. |
| Penetration pricing | A low price designed to help a product enter the market and gain market share rapidly. |
| Psychological pricing | Encouraging purchases based on emotional rather than rational responses to the price. |
| Marketing channel | A group of organizations that moves product from their producer to customers; also called a channel of distribution. |
| Retailers | Intermediaries who buy products from manufacturers (or other intermediaries) and sell them to consumers for home and household use rather than for resale or for use in producing other products. |
| Intensive distribution | A form of market coverage whereby a product is made available in as many outlets as possible. |
| Selective distribution | A form of market coverage whereby only a small number of all available outlets are used to expose products. |
| Exclusive distribution | The awarding by a manufacturer to an intermediary of the sole right to sell a product in a defined geographic territory. |
| Physical distribution | All the activities necessary to move products from producers to customers – inventory control, transportation, warehousing, and materials handling. |
| Integrated marketing communications | Coordinating the promotion mix elements and synchronizing promotion as a unified effort. |
| Advertising | A paid form of nonpersonal communication transmitted through a mass medium, such as television commercials or magazine advertisements. |
| Personal selling | Direct, two-way communication with buyers and potential buyers |
| Publicity | Nonpersonal communication transmitted through the mass media but not paid for directly by the firm. |
| Sales promotion | Direct inducements offering added value or some other incentive for buyers to enter into an exchange. |
| Push strategy | An attempt to motivate intermediaries to push the product down to their customers. |
| Pull strategy | The use of promotion to create consumer demand for a product so that consumers exert pressure on marketing channel members to make it available. |
Created by:
Josefine Hippi
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