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24 terms

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

STUDY
PLAY
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.