Intro to Business - Ch 10 ( R.O.)

24 terms by ravenbabi

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Marking

the process of planning and executing the conception, pricing, promotion, and distributionof ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.

Marking Strategy

A company's plan that identifies how it will use marketing to achieve its goals.

Target Market

Specific group of consumers that have similar wants and needs.

Marketing Mix

The blending of four marketing elements- products, distribution, price, and promotion.

Marketing Orientation

Considers the needs of customers when developing a marketing mix.

Final Consumers

Person who buy products and services mostly for their own use.

Business Consumers

Persons, 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

Everything a business offers to satisfy a customer's.

Services

Activities that are consumed at the same time they are produced.

Intangible

Meaning that they have no physical form.

Price

The money a customer must pay for a product or service.

Mark Up

The amount added to the cost of a product to set the selling price.

Encoding

Preparing the information to be communicated.

Decoding

The interpretation of information.

Distribution

Determining the best ways for customers to locate, obtain, and use the products and services of an organization.

Channel of Distribution

the route a product follows and the businesses involved in moving a product from 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 assess their needs and assist 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.

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