intro to business ch.10 Marketing(J.E.S)
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24 terms
Terms | Definitions |
|---|---|
 Marketing | Is the planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. |
| Marketing Strategy | A company's plan to achieve its goals. |
| Target Market | Is a specific group of consumers that have similar wants and needs. |
| Marketing Mix | Is the blending of four marketing elements- product, distribution, price, and, promotion. |
| Marketing Orientation | Considers the needs of customers when developing a marketing mix. |
| Final Consumers | Are persons who buy products and services mostly for their own use. |
| Business Consumers | Are 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 | Is everything a business offers to satisfy a customers needs. |
| Services | Are activites that are consumed at the same time they are produced. |
| Intangible | Meaning that they have no physical form. |
| Price | Is the money a customer must pay for a product or service. |
| Mark Up | Is the amount added to the cost of a product to set the selling price. |
| Encoding | Preparing the information to be communicated. |
| Decoding | The receiver obtains the information from the channel and intreprets it for understanding. |
| Distribution | Is the locations and methods used to make a product or service available to the target market. |
| 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 member or by the consumer. |
| Promotion | Is any form of communication used to inform, persuade, or remind. |
| Effective Communication | Is the exchange of information so there is common understanding by all participants. |
| Personal Selling | Is direct, individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services. |
| Advertising | Is any paid form of communication through mass media directed at identified consumers to provide information and influence their actions. |
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