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Intro to Business > chapter 10 review > Flashcards

chapter 10 review Flashcards

1
Q

is a two step process used to plan and market products

A

marketing strategy

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2
Q

direct individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services

A

personal selling

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3
Q

the locations and methods used to make a product or service available to the target market

A

distribution

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4
Q

What are the 7 marketing functions?

A
  1. product and service management
  2. distribution
  3. selling
  4. marketing-information management
  5. financial analysis
  6. pricing
  7. promotion
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5
Q

the final business organization in an indirect channel of distribution for consumer products

A

retailer

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6
Q

_____ 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

A

marketing

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7
Q

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

A

effective communication

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8
Q

____ promotion connumicates with many people at the same time with a common message

A

mass

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9
Q

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

A

channel of distribution

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10
Q

finding solutions to problems through carfully designed studies involving consumers

A

marketing research

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11
Q

the specific sequence of steps consumers follow to make a purchase

A

consumer decision-making process

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12
Q

What are the two steps in a marketing strategy?

A
  1. first step is to identify a target market
  2. second step is to develop a marketing mix
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13
Q

_____ promotion communicates directly with each customer using info tailored to that person

A

personalized

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14
Q

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

A

marketing

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15
Q

What are the steps in the consumer decision making process?

A
  1. recognize a need
  2. gather info
  3. select and evaluate alternatives
  4. make a purchase decision
  5. determine the effectiveness of the decision
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16
Q

What is the formula that businesses use for setting the price of a product?

A

Selling price = Product costs + Operating expenses + Profit

17
Q

a company’s plan that identifies how it will use marketing to achieve its goals

A

marketing strategy

18
Q

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

A

advertising

19
Q

the reasons consumers decide what products and services to purchase

A

buying motives

20
Q

a set of promotional activities designed to obtain sales in the retail setting

A

merchandising

21
Q

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

A

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

22
Q

What are the steps in a marketing research study?

A
  1. define the marketing problem
  2. study the situation
  3. develop a data collection procedure
  4. gather and analyze info
  5. propose a solution
23
Q

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

A

services

24
Q

the blending of the marketing elements

A

marketing mix

25
Q

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

A

services

26
Q

the money a customer must pay for a product or service

A

price

27
Q

a specific group of consumers that have similar wants and needs

A

target market

28
Q

What are the two major types of promotion?

A
  1. personalized promotion
  2. mass promotion
29
Q

What are the components of a product?

A
  • basic product
  • product features
  • options
  • brand name
  • packaging
  • guarantee or warranty
30
Q

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.

A

indirect channel

31
Q

a ___ _____ of distribution moves products from the producer directly to the consumer with no other organizations participating

A

direct channel

32
Q

_____ are tangible items that you can see and examine

A

products

33
Q

any form of communication used to inform, persuade or remind

A

promotion

Intro to Business (41 decks)

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