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Business 101 Ch 12
Chapter 12
| Question | Answer |
|---|---|
| nature of marketing | to create value by allowing people and organizations to obtain what they need and want |
| marketing | a group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services and ideas |
| exchange | the act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas) |
| functions of marketing | buying, selling, transporting, storing, grading, financing, market research, risk taking |
| the marketing concept | the idea that an organization should try to satisfy customer's needs through coordinated activities that allow it to achieve its own goals (profit) |
| production orientation | second half of the 19th century-industrial revolution |
| the sales orientation | by the early part of the 20th century- sales a major means of increasing profits |
| the marketing orientation | by the 1950's- use of persuasion |
| marketing orientation | requires and organization to: gather info about customers, share that info through entire firm, use that info to help build long-term relationships with customers |
| marketing strategy | a plan of action for developing pricing, distributing and promoting products that meet. |
| two major components of marketing strategy | selecting a target market, developing the appropriate marketing mix |
| market | a group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services and ideas |
| target market | a more specific group of consumers on whose needs and wants a company focuses its marketing effort |
| total market approach | an approach whereby a firm tried to appeal to everyone and assumes that all buyers have similar needs |
| segmentation | a strategy to divide the total market into groups of people who have relatively similar product needs |
| segment | a collection of individuals, groups, or organizations who share one or more characteristics and have similar product needs and desires |
| niche market | narrow market segment focus when efforts are on one small, well-defined segment that has a unique, specific set of needs |
| bases for segmenting markers | demographic, geographic, psychographic, behavioristic |
| product | a good or service, or idea that has tangible and intangible attributes that provide satisfaction and benefits to consumers |
| price | a value placed on a product or service that is exchanged between a buyer and a seller |
| distribution | making products available to consumers in the quantities and locations desired |
| promotion | a persuasive prom of communication that attempts to expedite a marketing exchange by influencing individuals and organizations to accept goods, services, and ideas |
| market research | a systematic, objective process of getting customer information to guide marketing decisions |
| marketing information system | a framework for assessing information about customers from internal and external sources |
| primary data | marketing information that is observed, recorded or collected directly from respondents |
| secondary data | information that is compiled 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 |
| psychological variables of buying behavior | perception, motivation, learning, attitude, personality |
| social variables of buying behavior | social roles, reference groups, social classes, culture |
| the marketing environment | external forces that directly or indirectly influence the development of marketing strategies. ex. political, legal and regulatory, social, competitive, economic and technological |
| echo boomers | the age group from late 80's to early 90's that were born in the generation that parents loved them, technology was booming and research needs to be done hands on by having them tell you what is up and coming |
| buying | determine what products to make available by understanding the buyers needs |
| selling | view selling as a persuasive activity that is accomplished through promotion |
| storing | finding warehouses and space to store the goods that buyers want |
| transporting | moving products from the seller to the buyer |
| standardizing products and displaying and labeling them so that consumers cclearly understand their nature and quality | grading |
| financing | marketers arrange credit to expedite large purchases |
| market research | gathering information regularly to detect new trends and changes in consumers tastes |
| risk taking | the chance of loss associated with marketing decisions, such as developing a new product and taking the risk that consumers will not like it |
Created by:
slstrong90