Business Chapter 10 Flashcards
Marketing
An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
Product and service management
designing, developing, maintaining, improving, and acquiring products and services that meet consumers needs
Distribution
Involves determining the best ways for customers to locate, obtain, and use the products and services of an organization
Selling
Communicating directly with potential customers to determine and satisfy their needs
Marketing Information Management
Obtaining, managing, and using market information to improve business decision making and the performance of marketing activities
Financial Analysis
Budgeting for marketing activities, obtaining the funds needed for operations, and providing financial assistance to customers so they can purchase the business’ products and services
Pricing
Setting and communicating the value of products and services
Promotion
Communicating information about products and services to potential customers
Marketing Strategy
A company’s plan that identifies how it will use marketing to achieve its goals
Target Market
A specific group of consumers who have similar wants and needs
Marketing Mix
The blending of four marketing elements – product, distribution, price, and promotion
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
Business Consumers
Persons, companies, and organizations that buy products for the operation of a business
Consumer decision making process
The specific sequence of steps consumers follow to make a purchase
Buying Motives
The reasons consumers decide what products and services to purchase
Marketing Research
Finding solutions to problems through carefully designed studies involving consumers
Product
Everything a business offers to satisfy a customer’s needs
Product Features
Additions and improvements to the basic product
Brand Name
A unique identification for a company’s products
Packaging
protection and security for the product before it is used
Services
Activities that are consumed at the same time they are produced
Price
The money a customer must pay for a product or a service
Profit
The amount of money available to the business after all costs and expenses have been paid
Gross Margin
The difference between the selling price and the product costs
Markup
The amount added to the cost of a product to set the selling price
Markdown
A reduction from the original selling price
Distribution
Determining the best methods and procedures to use so customers can find, obtain, and use a product or service
Channels of Distribution
The route a product follows and the businesses involved in moving a product from the producer to the final consumer
Retailers
The final business organization in an indirect channel of distribution for consumer products
Promotion
Any form of communication used to inform, persuade, or remind
Effective Communication
The 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
Advertising
Any paid form of communication through mass media directed at identified consumers to provide information and influence their actions
