Chapter 10 Vocabulary Terms
Terms
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- Marketing Research
- finding solutions to problems through carefully designed studies involving consumers
- Promotion
- any form of communication used to inform, persuade, or remind
- Marketing Mix
- the blending of four marketing elements product, distribution, price, and promotion
- Final Consumers
- are persons who buy products and services mostly for their own use
- Channel Members
- the businesses that take part in a channel of distribution
- Personal Selling
- is direct, individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropiate products and services
- Mark Up
- the amount added to the cost of the product to set the selling price
- Marketing Strategy
- a company's plan that identifies how it will use marketing to achieve its goals
- Intangible
- meaning that they have no physical form
- Target Market
- a specific group of consumers that have similar wants and needs
- Distribution
- the locations and methods used to make a product or service availible to the target market
- Marketing Orientation
- considers the needs of customers when developing a markeing mix
- Advertising
- any paid form of communication through mass media directed at identified consumers to provide information and influence their actions
- Effective Communication
- the exchange of information so there is common understanding by all participants
- Product
- everything a business offers to satisfy a customer's needs
- Business Consumers
- are 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
- Decoding
- the interpretated of information
- Marketing
- the process of planning and executing the conception, pricing, promotion, and distribuion of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
- Price
- the money a customer must pay for a product or service
- Channel and Distribution
- the route the product follows and the businsses involved in moving a product from the producer to the final consumer
- Encoding
- preparing the information to be communicated
- Consumer Decision Making Process
- the specific sequence of steps consumers follow to make a purchase
- Service
- activities that are consumed at the same time they are produced