Business Essentials Chapter 10: Marketing

marketing
the process of planning and executing the conception, pricing, and promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
marketing strategy
a company’s plan that identifies how it will use marketing to achieve its goals
target market
a specific group of consumers that have similar wants and needs
marketing mix
the blending of four marketing elements- product, distribution, price, and promotion
marketing orientation
considers the needs of consumers when developing a marketing mix
final consumers
persons who buy products and services mostly for their own use
business consumers
companies, persons, 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 needs
services
activities that are consumed at the same time they are produced
intangible
having no physical form
inseparable
being consumed at the same time they are produced
perishable
the availability of a service must match the demand for that service at a specific time
heterogeneous
there will be differences in the type and quality of service provided
price
the money a consumer must pay for a product or service
distribution
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 consumer
channel members
the business 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 trough mass media directed at identified consumers to provide information and influence their actions
ASSESSMENT QUESTIONS
:
10-1
1.) a 2.) c 3.) c
10-2
1.) true 2.) true 3.) a
10-3
1.) b 2.) c
10-4
1.) c 2.) b