Business chapter 10 study guide

Marketing
The Activity set of institutions and processes for creating communicating delivering in exchanging offering that have value for customers clients partners at society at large
Product or service management
Designing developing Mantaining improving in acquiring products and services that meet consumer needs
Distribution
The location and methods used to make a product or service available to the target market determining the best way for customers to go creatine and use the products and services of an organization
Selling
Communicating directly with potential customers to determine and satisfy their needs
Marketing information management
Obtaining managing and using market information to improve business decision-making in the performance of marketing activities
Financial analysis
Budgeting for marketing activities obtaining the necessary funds needed for operating in providing financial assistance to customers so they can purchase elements that indicate how well the business is performing
Promotion
Any form of communication used to inform pursued or remind
Pricing
The money a consumer most buy for a product or service
Marketing strategy
Hey companies plan that identifies how it will be used marketing to achieve its goals
Target markup
A specific group of consumers that have similar wants and needs
Marketing mix
The blending of the marketing elements
Marketing Orientation
And approach that considers the need of customers with developing a marketing mix
Final consumer
Person who buys products and services mostly for their own use
Business consumer
Persons companies and organizations that bike products for the operation of the business for incorporation into other products and services or for resale to their customers
Buying motives
The reasons consumers decide what products and services to purchase
Marketing research
Finding solutions to problems through carefully designed studies involving consumers
Secondary research
It was an existing information you gathered for another purpose but used to solve A current problems
Primary research
Studies carried out together new information specifically directed at a current problem
Survey
A marketing research study that gathers information from people using it carefully planned set of questions
Observation
A marketing research study that collects information by recording the actions of consumers rather than asking them questions
Product
Everything a business offers to satisfying customers needs
Basic Product
The simplest form of a product it is not unique and it is usually available from several companies
Brand-name
A unique identification for a company’s product
Packaging
Protection and security for the product before it’s used
Product features
Additions and improvements to the basic product
Public relations
And ongoing progress of non-paid and paid communications intended to favorably influence public opinion about me organization marketing effort or idea and issue
Personal selling
Direct individual communication with prospective customers to assess their needs and assist them to satisfy their needs with appropriate product and service
Retailers
The final business organization in an indirect channel of distribution for consumer products
Services
Activities provided for the satisfaction of others that are consumed at the same time they are produced
Wholesales
Intermediaries between manufacturers and retailers
Effective communication
The exchange of information so there is common understanding by all participants
Guarantee
A promise by manufactures or dealer usually in writing that a product is of a certain quality
Merchandising
A set of promotional activities designed to obtain sales in the retail setting
Channel member
Business that takes part in a channel of distribution
Channel distribution
The Route a product follows in the business involved in moving a product from a producer to a final consumer
Advertising
Any paid form of communication through mass media directed at identified consumers to provide information and influence their actions
Warranty
If the product breaks or does not meet customer expectations the company will repair replace or provide a refund
Emotional
•Life insurance policy
•baby monitor
•birthday cake
•Hawaiian vacation
Rational
•New fridge
•New car
•mortgage
Consumer decision-making
•recognize the need
•gather information
•select and evaluate alternatives
•make a purchase decision
•determines affect of the decision
Marketing research steps
•define the market problem
•Study the situation
•develop a data collection procedure
•gather and analyze information
• propose a solution
Steps in product planning
•Determine how it will be produced and marketed
•analyze costs and predict sales
Differences in quantity businesses
businesses produce and sell large amounts of each product too many customers each consumer needs only a very small number of products at a given time
Differences in assortment
Business is typically specialize in producing a specific type of products while consumers want to purchase a variety of products
Differences in location
In today’s global economy thousands of miles often separate producers and consumers businesses may need to distribute their products to customers in many countries
Differences in time
Businesses gain efficiency by producing large amounts of a product that one time so I’m agricultural products can only be produced at a specific time of the year consumers me want to buy products at different times than when they are produced
Characteristics of service
•Intangible
•Inseparable
•perishable
•Heterogeneous
Heterogeneous
Refers to the differences in the type and quality of a service provided
Selling Price Formula
Product cost + Operating Expenses = Selling Price