Business vocab words

Question 1

Marketing

Answer 1

Organizational function and a set of processes for creating,communicating and delivering values to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

Question 2

Distribution

Answer 2

Involves determining the best ways for customers to locate,obtain,a use the products and services of an organization

Question 3

Marketing Strategy

Answer 3

A companies plan that identifies how it will use marketing to achieve its goals is call a marketing strategy

Question 4

Target Market

Answer 4

A specific group of consumers who have similar want and needs

Question 5

Marketing Mix

Answer 5

The blending of four marketing elements-products,distribution,price, and promotion

Question 6

Marketing Orientation

Answer 6

Considers the needs of customers when developing a marketing mix

Question 7

Consumer Decision Making

Answer 7

The specific sequence of steps consumers follow to make a purchase

Question 8

Buying Motives

Answer 8

the reason why consumers decide what products and services to purchase

Question 9

Marketing Research

Answer 9

finding the solutions to problems through carefully designed studies involving consumers

Question 10

Product

Answer 10

everything a business offers to satisfy a customers needs

Question 11

Service

Answer 11

are activities that are consumed at the same time they are produced

Question 12

Price

Answer 12

money customers must pay for a product or service

Question 13

Markup

Answer 13

the amount added to the cost of a product to set the selling price

Question 14

Markdown

Answer 14

a reduction from the original selling price

Question 15

Channel Distribution

Answer 15

the route a product follows and the business involved in moving a product from a producer to the final consumer

Question 16

Promotion

Answer 16

any form of communication used to inform persuade or remind communicating information about products and services to potential customers the advancement of an employee to a position with greater responsibility

Question 17

Effective Communication

Answer 17

the exchange of information so their is common understanding by all participants

Question 18

Personal Selling

Answer 18

direct individualized with prospective customers to asset their needs and assist them in satisfying

Question 19

Personalized Promotion

Answer 19

communication directly with each customer using information tailored to that person

Question 20

Mass Promotion

Answer 20

communication to many people at the same time with a common message

Question 21

Advertising

Answer 21

any paid form of communication through mass media directed at identified customers to provide information and influence their actions