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ch 10 vocab
| Term | Definition |
|---|---|
| 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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