Chapter 10 Study Guide Business
Terms in this set (52)
the specific sequence of steps consumers follow to make a purchase.
Consumer decision-making process
a marketing research study that gathers the ideas, experiences, and opinions from a small number of consumers who take part in a group discussion.
designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs.
Product and service management
the simplest form of a product. It is not unique and is usually available from several companies.
the price paid by the customer for the product.
reasons consumers decide what products and services to purchase based on feelings, beliefs, and attitudes.
Emotional buying motives
choices of product features.
the reasons consumers decide what products and services to purchase.
any paid form of communication through mass media directed at identified consumers to provide information and influence their actions.
the amount of money available to the business after all costs and expenses have been paid.
direct, individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services.
obtaining, managing, and using market information to improve business decision- making and the performance of marketing activities.
the blending of four marketing elements products, distribution, price, and promotion.
activities provided for the satisfaction of others that are consumed at the same time they are produced.
the locations and methods used to make a product or service available to the target market; determining the best ways for customers to locate, obtain, and use the products and services of an organization.
communicating directly with potential customers to determine and satisfy their needs.
a marketing research study that collects information by recording the actions of consumers rather than asking them questions.
communication directly with each customer using information tailored to that person.
money customer must pay for a product or service.
a specific group of customers that have similar wants and needs.
a channel in which products move from the producer to the consumer through one or more other businesses.
Indirect channel of distribution
preparing the information to be communicated.
interpreting information for understanding.
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.
the exchange of information so there is common understanding by all participants.
the difference between the selling price and the product costs.
persons who buy products and services mostly for their own use.
a company's plan that identifies how it will use marketing to achieve its goals.
the final business organization in an indirect channel of distribution for consumer products.
non-paid promotional communication presented by the media rather than by the business or organization that is being promoted.
a set of promotional activities designed to obtain sales in the retail setting.
communication to many people at the same time with a common message.
visual signals used to communicate information in a retail setting.
finding solutions to problems through carefully designed studies involving customers.
a reduction from the original selling price.
all of the expenses of operating the business that are associated with the product.
the amount added to the cost of a product to set the selling price.
reasons consumers decide what products and services to purchase based on facts and logic.
Rational buying motives
an ongoing program of non-paid and paid communications intended to favorably influence public opinion about an organization, marketing effort, idea, or issue.
an approach that considers the needs of customers when developing a marketing mix.
budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business' products and services.
a device used by retailers to exhibit a product at the point of sale.
activities and materials designed to reinforce a company's brand and image. It is also a direct incentive to take an action likely to immediately increase sales of a product or service.
protection and security for the product before it is used.
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
the route a product follows and the businesses involved in moving a product from the producer to the final consumer.
Channel of distribution
a channel in which products move from the producer straight to the consumer with no other organizations participating.
Direct channel of distribution
any form of communication used to inform, persuade, or remind
a unique identification for a company's products.
a marketing research study that gathers information from people using a carefully planned set of questions.
a method of marketing research which presents two carefully controlled alternatives to subjects in order to determine which is preferred or has better results.
ownership of goods.