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Test 5 Review

BUS 101

TermDefinition
1. Product 2. Price 3. Place 4. Promotion Marketing Mix
Barter The direct trading of goods or services for other goods or services.
International Momentary Fund (IMF) Organization that assists the smooth flow of money among nations.
Direct Selling Selling to consumers in their homes or where they work.
Direct Marketing Any activity that directly links manufactures or intermediaries with the ultimate consumer.
Promotion All the techniques sellers use to inform people about and motivate them to buy their products or services.
Relationship Marketing Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements.
Contractual Distribution System In which members are bound to cooperate through contractual agreements.
Brand Name A word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors.
Electronic Funds Transfer (EFT) System A computerized system that electronically performs financial transactions such as marking purchases, paying bills, and receiving paychecks.
Selective Distribution That sends products to only a preferred group of retailers in an area.
Consumer Market All the individuals or households that want goods and services for personal consumption or use.
Marketing The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
1. Production 2. Selling 3. Marketing Concept 4. Customer Relationship Evolution of Marketing
Production Industrial revolution (steel, railroad, coal, automobiles, etc.).
Selling Hire pressure sales associates. (Lower Price).
Marketing Concept To expensive.
Customer Relationship Is the process of learning as much as possible about present customers and doing everything you can over time to satisfy them or even to exceed their expectations with goods and services.
Commercial Bank A profit-seeking organization that receives deposits from individuals and corporations in the form of checking and saving accounts and then uses some of these funds to make loans.
Psychographic Segmentation Dividing the market using groups', values, attitudes, and interests.
Market Research The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions.
Business-To-Business (B2B) Market All the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others.
Market Segmentation The process of dividing the total market into groups whose members have similar characteristics.
Product Any physical goods, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand.
Target Marketing Directed toward those groups (market segments) an organization decides it can serve profitably.
Electron Retailing Selling goods and services to ultimate customers (you, and me) over the internet.
Utility In economics, is the want-satisfying, ability, or value, that organizations add to goods or services.
Form Utility The process of increasing the attractiveness of a product to a group of consumers by altering its physical appearance.
Time Utility When? Adding value to products by making them available when they're needed.
Place Utility Where? Adding value to products by having them where people want them.
Possession Utility Exchange of ownership. Is the value consumers put on purchasing a product and having the freedom to use the product as it was intended or finding a new use for the product.
Created by: 100003174865510