business chapter 10
Terms
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- marketing
- is the process of planning and executing the concption,pricing,promotion.and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
- marketing research
- finding solutions to problems through carefully designed studies involving consumers
- 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
- personal selling
- is direct individualized communication with prospective customers to assess their needs and assist them in satisfying those need with appropriate products and services
- channel members
- businesses that take part in a channel of distribution
- busines consumers
- are perons companies, and organzations that buy products for the operation of a business, 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 swqunce of steps consumers follow o make a purchase
- marketing mix
- is the blending of four marketing elements-product, distribution,price,and promotion
- encoding
- preparing the information to be communicated
- promotion
- any form of communication used to inform, persuade, or remind
- advertising
- any paid form of communication through mas media directed at identified consumers to provide information and influence their actions
- channel of distribution
- route a product follows and the businesses involved in moving a product from the producer to the final conssuer
- price
- is the money a customer must pay for a product or service
- decoding
- receiver obtain the infromation from the channel and interprets it for understanding
- services
- activities that are consumed at the same time they are produced
- effective commonication
- the exchange of information so there is common understanding by all participants
- intangible
- meaning that they have no physical form
- distribution
- the locations and methods used to make a product or service available to teh target marker
- product
- everything a business offers to satify a customer's needs
- marketing strategy
- a company's plan that identifies how it will use marketing to achieve its goals
- mark up
- is the amount added to the cost of a product to tet the selling price
- target market
- is a specific group of consumers that have similar wants and needs