Chapter 10 Terms
Terms
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- Marketing Research
- finding solutions to problems through carefully designed studies involving customers
- Channel Members
- the businesses that take part in a channel of distribution
- Decoding
- the interpretation of information
- Final Consumers
- persons who buy products and services mostly for their own use
- Target Market
- a specific group of customers that have similar wants and needs
- Channel of Distribution
- the route a product follows and the businesses involved in moving a product from the producer to the final consumer
- Product
- everything a business offers to satisfy a customer needs
- Services
- activities that are consumed at the same time they are produced.
- Promotion
- any form of communication used to inform,persuade,or remind; the advancement of an employee to a position with greater responsibility.
- Marketing Mix
- the blending of four marketing elements-products,distribution,price,and promotion
- Personal Selling
- direct, indivdualized communication with prospective customers to asses their needs and assist them in satisfying those needs with appropiate products and services.
- Price
- setting and communicating the value of products and services
- Distribution
- determining the best ways for customers to locate,obtain,and use the products and services of an organization.
- Mark Up
- the amount added to the cost of a product to set the selling price.
- Effective Communication
- the exchange of communication so there is common understanding by all participants.
- Consumer Decision-Making Process
- the specific sequence of steps consumers folllow to make a purchase.
- Business Consumers
- persons,companys,and organizations that buy products for the operation of a business.
- Intangible
- something that has no physical form
- Marketing
- the process of planning and executing the conception, pricing,promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
- Encoding
- preparing the information to be communicated.
- Advertising
- any paid form of communication through mass media directed at identified consumers to provide information and influence their actions.
- Marketing Orientation
- an approach that considers the needs of customers when developing a marketing mix.
- Marketing strategy
- a company's plan that identifies how it will use marketing to achieve its goals.