Principles of Business, Chapter 10, Marketing

Marketing
The activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for costumers, clients, partners, and society at large.
Marketing strategy
A company’s plan thet 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
it considers the needs of costumers when developing a marketing mix
Final consumers
persons who buy products and servieces mostly for theit own use
business consumers
persons, companies and organizations that buy products for the operation of a business, for incorporation into other products or services, or for resale to their costumers
consumer decision-making process
specific sequence of steps consumers follow to make a 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 costumer’s need
services
activities that are consumed at the same time they are produced
intangible (services)
services have no physical form
inseparable (services)
services are consumed at the same time they are produced
perishable (services)
the availability of a service must match the demand for that service at a specific time
heterogeneous (services)
there will be differences in the type and quality of service provided
price
the mone a customer 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 fromthe producer to the final consumer
channel members
the businesses that take part in a channel of disrtibution
retailers
the final business organization in an indirect channel of distribution for consumer products
promotion
any form of communication used to inform, persuade, or remind
effective communication
the exchange of information so there is a common understanding by all participants
personal selling
a direct, individualized communication with prospective customers to asses their needs and assist them in satidfying 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
Merchandising
includes a set of prmotional activities designed to generate sales in theri retail setting