chapter 10 review Flashcards
is a two step process used to plan and market products
marketing strategy
direct individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services
personal selling
the locations and methods used to make a product or service available to the target market
distribution
What are the 7 marketing functions?
- product and service management
- distribution
- selling
- marketing-information management
- financial analysis
- pricing
- promotion
the final business organization in an indirect channel of distribution for consumer products
retailer
_____ is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large
marketing
the exchange of information so there is common understanding by all participants
effective communication
____ promotion connumicates with many people at the same time with a common message
mass
the route a product follows and the businesses involved in moving a product from the producer to the final consumer
channel of distribution
finding solutions to problems through carfully designed studies involving consumers
marketing research
the specific sequence of steps consumers follow to make a purchase
consumer decision-making process
What are the two steps in a marketing strategy?
- first step is to identify a target market
- second step is to develop a marketing mix
_____ promotion communicates directly with each customer using info tailored to that person
personalized
the activity, set of institutions, and processes for creatng, communicating, delivering and exchanging offerings that have value for cutomers, clients, partners and society at large
marketing
What are the steps in the consumer decision making process?
- recognize a need
- gather info
- select and evaluate alternatives
- make a purchase decision
- determine the effectiveness of the decision
What is the formula that businesses use for setting the price of a product?
Selling price = Product costs + Operating expenses + Profit
a company’s plan that identifies how it will use marketing to achieve its goals
marketing strategy
any paid form of communication through mass media directed at identified consumers to provide information and influence their actions
advertising
the reasons consumers decide what products and services to purchase
buying motives
a set of promotional activities designed to obtain sales in the retail setting
merchandising
When the focus of a business is a ____ market, communication can be very specific to the needs of that group using media that are familiar to and trusted by those consumers
When the focus of a business is a target market, communication can be very specific to the needs of that group using media that are familiar to and trusted by those consumers
What are the steps in a marketing research study?
- define the marketing problem
- study the situation
- develop a data collection procedure
- gather and analyze info
- propose a solution
_____ are intangible activities that are consumed at the same time they are produced
services
the blending of the marketing elements
marketing mix
intangible activities that are consumed at the same time they are produced
services
the money a customer must pay for a product or service
price
a specific group of consumers that have similar wants and needs
target market
What are the two major types of promotion?
- personalized promotion
- mass promotion
What are the components of a product?
- basic product
- product features
- options
- brand name
- packaging
- guarantee or warranty
an ____ ____ of distribution includes one or more other businesses between the producer and consumer. These other businesses provide one or more of the marketing functions.
indirect channel
a ___ _____ of distribution moves products from the producer directly to the consumer with no other organizations participating
direct channel
_____ are tangible items that you can see and examine
products
any form of communication used to inform, persuade or remind
promotion
