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ch 10 vocab

TermDefinition
marketing is an organization function and a set of processes for creating communicating and delivering value
marketing strategy a plan of action designed to promote and sell a product or service.
target market a particular group of consumers at which a product or service is aimed.
marketing mix a combination of factors that can be controlled by a company to influence consumers to purchase its products.
marketing orientation is an approach to business that prioritizes identifying the needs and desires of consumers and creating products that satisfy them
final consumers is the last point in a distribution channel. The final consumer can be reached directly or through multiple levels of channels in between the manufacturer and the end
business consumers refers to the transactions conducted directly between a company and consumers
consumer decision making process actions are determined by psychological and economical factors, and are influenced by environmental factors such as cultural, group, and social values
buying motives is the reason why the customer purchases the goods.
Product and service management s a marketing function that involves obtaining, developing, maintaining, and improving a product or service
Distribution the action of sharing something out among a number of recipients.
Selling give or hand over in exchange for money.
Marketing information management designed to support marketing decision making
financial analysis is the process of evaluating businesses, projects, budgets
pricing decide the amount required as payment for
promotion activity that supports or provides active encouragement for the furtherance of a cause, venture, or aim.
emotional buying motives is the urge or motive to satisfy a desire or need that makes people buy goods or services
rational buying motives are based on one's thoughts and judgement
10-2
market research the action or activity of gathering information about consumers' needs and preferences.
product an article or substance that is manufactured or refined for sale.
services the action of helping or doing work for someone.
intangible unable to be touched or grasped; not having physical presence.
inseparable unable to be separated or treated separately.
perishable likely to decay or go bad quickly.
heterogeneous diverse in character or content.
secondary research involves the summary, collation and/or synthesis of existing research
primary research s defined as a methodology used by researchers to collect data directly
10-3
price the amount of money expected
distribution the action of sharing something out among a number of recipients.
channel members are those persons or individual who involves in the buying and selling of goods and services in the market.
selling price the price at which a product or service is sold to the buyer
product cost refers to the costs incurred to create a product.
operating expenses operating expenditure, operational expense, operational expenditure or opex is an ongoing cost for running a product, business, or system
profit a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
gross margin revenue and cost of goods sold divided by revenue
markup he amount added to the cost price of goods to cover overhead and profit.
markdown a reduction in price.
direct channel of distribution by which a company gets its product straight to the consumer without using any intermediaries
indirect channel of distribution A chain of intermediaries through which a product moves in order to be made available for purchase by a consumer.
retailers a person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.
effective communication as verbal speech or other methods of relaying information that get a point across
personal selling to sell the product after meeting face-to-face with the customer
advertising the activity or profession of producing advertisements for commercial products or services.
personalized promotion known as one-to-one marketing or individual marketing
mass promotion good or service to a wide variety of audiences with the expectation of appealing to as many people as possible
publicity notice or attention given to someone or something by the media
public relations the professional maintenance of a favorable public image by a company or other organization or a famous person.
sales promotion Sales promotion uses both media and non-media marketing communications for a pre-determined,
Created by: DanielRuthe
 

 



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