Chapter 10 Vocabulary- Marketing

Marketing
Is 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.
Marketing Strategy
A company’s plan that identifies how it will use marketing to achieve its goals.
Target Market
A specific group of consumers who have similar wants and needs.
Marketing Mix
The blend of four marketing elements– product, distribution, price, and promotion.
Marketing orientation
Considers the needs of customers when developing a marketing mix.
Final consumers
Persons who buy products and services mostly for their own use.
Business Consumers
Are 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 purchase.
Buying motives
The reason 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 cusotmer’s need.
Services
Are activities that are consumed at the same time they are produced.
Intangible
When services are intangible, that means they have no physical form.
Inseparable
When services are inseparable, that means they are consumed at the same time they are produced.
Perishable
When services are perishable, that means that the availability of a service must match the demand for that service at a specific time.
Heterogeneous
When services are heterogeneous, that means there will be differences in the type and quality of service provided.
Price
The money a customer must pay for a product or service.
Distribution
The location 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 final consumer.
Channel Member
The businesses that take part in a channel of distribution.
Retailers
Are the final business organization in an indirect channel of distribution for consumer products.
Promotion
Is nay form of communication used to inform, persuade, or remind.
Effective communication
Is the exchange of information so there is common understanding by all participants.
Personal selling
Is direct, individualized communication with prospective customers to asses their needs and assist them in satisfying those needs with appropriate products and services.
Advertising
Is any paid form of communication through mass media directed at identified consumers to provide information and influence their actions.
Merchandising
Includes a set of promotional activities designed to generate sales in the retail setting.