Chapter 10 Key Terms
Chapter 10 key Terms and definitions.
Terms
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- Consumer Decision Making Process
- The specific sequence of steps consumers follow to make a purchase
- Target Market
- A specific group of consumers that has similar wants and needs
- Marketing Orientation
- Considers the needs of customers when developing a marketing mix
- Distribution
- The locations and Methods used to make a product or service available to target the market
- Marketing Strategy
- A company's plan that identifies how it will use marketing to achieve its goals
- Decoding
- The interpretation of information
- Effective Communication
- The exchange of information so there is common understanding by all participants
- Price
- The money a customer must pay for a product or service
- Encoding
- Preparing the information to be communicated
- Product
- Everything a business offers to satisfy a customer's needs
- 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
- Channel of Distribution
- The route a product follows and the business involved in moving a product to the final consumer
- Marketing
- The process of of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
- Services
- Activities that are consumed at the same time they are produced
- Final consumers
- Persons who buy products and services mostly for their own use
- Advertising
- Any paid form of communication through mass media directed at identified consumers to provide information and influence their actions
- Marketing Mix
- The blending of four marketing elements
- Mark Up
- The amount added to the cost of a product to set the selling price
- Personal Selling
- direct, individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services
- Promotion
- Any form of communication that inform, persuade, or remind
- Intangible
- They have no physical form
- Marketing Research
- Finding solutions to problems through carefully designed studies involving consumers
- Channel Members
- The business that takes part in the Channel of Distribution