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Chapter 10
| Term | Definition |
|---|---|
| marketing | The activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
| marketing strategy | A company's plan that identifies how it will use marketing to achieve its goals. |
| target market | A specific group of consumers who have similar wants and needs. |
| marketing mix | Is the blending of 4 marketing elements- products, distribution, price, and promotion. |
| marketing orientation | Considers the needs and wants of customers when developing a marketing mix. |
| final consumers | Are people who buy products and services mostly for their own use. |
| business consumers | Are people, companies, and organizations that buy products for the operation of a business, for incorporation into other products and services, or for resale to their customers. |
| consumer decision making process | The specific sequence of steps consumers follow to make a purchase. |
| buying motives | The reasons consumers decide what products and services to purchase. |
| marketing research | Finding solutions to problems through carefully designed studies involving consumers. |
| product | Is everything a business offers to satisfy a customers needs. |
| services | Activities that are consumed at the same time they are produced. |
| intangible | Having no physical form. |
| inseparable | Are consumed at the same time they are produced. |
| perishable | The availability of a service must match the demand for that service at a specific time. |
| heterogeneous | that there will be differences in the type and quality of service provided. |
| price | the money a customer must pay for a product or service. |
| distribution | the locations and methods used to make a product or service available to the target market. |
| channel of distribution | The route of a product follows and businesses involved in moving a product form the producer to the final consumer. |
| channel members | The businesses that take part in a channel of distribution |
| promotion | Any form of communication used to inform, persuade, or remind. |
| effective communication | The exchange of information so there is common understanding by all participants. |
| personal selling | Direct individualized communication with prospective customers to asses their needs them in satisfying those needs with appropriate products and services. |
| advertising | Any paid form of communication through mass media directed at identified consumers to provide information and influence their actions. |
| product and service management | designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs. |
| distribution | involves determining the best ways for customers to locate, obtain, and use the products and services of an organization. |
| selling | communicating directly with potential customers to determine and satisfy their needs. |
| marketing information management | is obtaining, managing, and using market information to improve business decision-making and the performance of marketing activities. |
| financial analysis | budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customer so they can purchase the business' products and services. |
| pricing | setting and communicating the value of products and services. |
| promotion | communicating information about products and services to potential customers. |
| emotional buying motives | reasons to purchase based on feelings, beliefs, and attitudes. |
| rational buying motives | guided by facts and logic. |
| secondary research | analyzing existing information gathered for another purpose but used to solve a current problem. |
| primary research | studies carried out to gather new information specifically directed at a current problem. |
| selling price | the price paid by the customer for the product. |
| product costs | are the costs to the manufacturer of producing the product or the price paid by other businesses to buy the product. |
| operating expenses | all expenses of operating the business that are associated with the product. |
| profit | amount of money available to the business after all costs and expenses have been paid. |
| gross margin | the difference between the selling price and the product costs. |
| markup | the amount added to the cost of a product to set the selling price. |
| markdown | a reduction from the original selling price |
| direct channel of distribution | products move from the producer straight to the consumer with no other organizations participating. |
| indirect channel of distribution | includes one or more other businesses between the producer and consumer. |
| retailers | the financial business organization in an indirect channel of distribution for consumer products. |
| personalized promotion | communicates directly with each customer using information tailored to that person. |
| mass promotion | communicates with many people at the same time with a common message. |
| publicity | non-paid promotional communication presented by the media rather than by the business or organization that is being promoted. |
| public relations | an ongoing program of non-paid and paid communications. |
| sales promotion | includes activities and materials designed to reinforce a company's brand and image. |
Created by:
RussianNikolaevich