Chapter 1 Flashcards
Consists of customers who buy products for use in a business rather than for personal use.
Business-to-business (B2B) market
Consists of customers who buy products for their own use.
Business-to-consumer (B2C) market
In distribution, route a product takes from a producer to a customer.
Channel
Handling the activities involved in getting products through the different routes from producers to customers
Channel management
Customer who buys a product for his or her own use
Consumer
Physical item that can be touched
Good
Concept, cause, issue, image, or philosophy
Idea
Anywhere a buyer and a seller convene to buy and sell goods
Market
Approach to business that focuses on satisfying customers demand while making a profit
Market concept
Analyzing the potential of different marketplaces in order to create strategies to target a specific market
Market planning
Dynamic activities that identify, anticipate, and satisfy customer demand while making a profit
Marketing
Strategy for using the elements of product, price, place, and promotion
Marketing mix
Person who helps determine the marketing needs of a company, develops and implements marketing plans, and focuses on customer satisfaction
Marketing professional
Gathering and analyzing information about markets, customers, industry trends, new technology, and competing businesses
Marketing-information management (MIM)
Something necessary for survival, such as food, clothing, and shelter
Need
Activities involved in getting a product or service to the end users
Place
Amount of money requested or exchanged for a product
Price
Activities involved in setting prices for products
Pricing
Good, service, or idea
Product
Determining which products a business should offer to meet customer needs
Product/Service management
Difference between the income earned and expenses incurred by a business during a specific period of time
Profit
Process of communicating with potential customers in an effort to influence their buying behavior
Promotion
Combination of the elements used in a promotional campaign and includes personal selling, advertising, sales promotion, and public relations.
Promotional Mix
Personal communications with customers
Selling
Action that is done for you, usually for a fee
Service
Specific group of customers whose needs and wants a company will focus on satisfying
Target Market
Characteristics of a product that satisfies human wants and needs
Utility
Something that a person desires but could live without
Want
