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Intro to Business - Ch 10 ( R.O.)
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.
A company's plan that identifies how it will use marketing to achieve its goals.
Specific group of consumers that have similar wants and needs.
The blending of four marketing elements- products, distribution, price, and promotion.
Considers the needs of customers when developing a marketing mix.
Person who buy products and services mostly for their own use.
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.
The reasons consumers decide what products and services to purchase.
Finding solutions to problems through carefully designed studies involving consumers.
Everything a business offers to satisfy a customer's.
Activities that are consumed at the same time they are produced.
Meaning that they have no physical form.
The money a customer must pay for a product or service.
The amount added to the cost of a product to set the selling price.
Preparing the information to be communicated.
The interpretation of information.
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.
The businesses that take part in a channel of distribution.
Any form of communication used to inform, persuade, or remind
The exchange of information so there is common understanding by all participants.
Direct, individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services.
Any paid form of communication through mass media directed at identified consumers to provide information and influence their actions.