Chapter 10 vocabulary
Terms
undefined, object
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- product
- everything a business offers to satisfy a customer's needs
- channel members
- businesses that take part in a channel of distribution
- intangible
- having no physical form
- target market
- a specific group of consumers that have similar wants and needs
- consumer decision making process
- specific sequence of steps consumers follow to make a purchase
- final consumers
- persons who buy products and services mostly for their own use
- services
- activities that are consumed at the same time that are produced
- price
- money a customer must pay for a product or service
- marketing mix
- blending of four marketing elements-product, distribution, price, and promotion
- marketing research
- finding solutions to problems through carefully designed studies involving consumers
- marketing strategy
- a company's plan that identifies how it will use marketing to achieve its goals
- effective communication
- 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
- distribution
- locations and methods used to make a product or service available to the target market
- advertising
- any paid form of communication through mass media directed at identified consumers to provide information and influence their actions
- marketing
- 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
- 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
- encoding
- preparing the information to be communicated
- channel of distribution
- route a product follows and the businesses involved in moving a product from the producer to the final consumer
- promotion
- any form of communication used to inform, persuade, or remind
- decoding
- interpreting information for understanding
- marketing orientation
- considers the needs of customers when developing a marketing mix
- mark up
- the amount added to the cost of a product to set the selling price