Chapter 10 vocab words business

Question 1

Marketing

Answer 1

the action or business of promoting and selling products or services, including market research and advertising.

Question 2

Distribution

Answer 2

the action of sharing something out among a number of recipients.

Question 3

Marketing strategy

Answer 3

a plan of action designed to promote and sell a product or service.

Question 4

Target market

Answer 4

A specific group of customers that have similar wants and needs.

Question 5

Marketing mix

Answer 5

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

Question 6

Marketing orientation

Answer 6

An approach that considers the needs of customers hen 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 consumers decide what products and services to purchase.

Question 9

Marketing research

Answer 9

Finding solutions to problems through carefully designed studies involving consumers.

Question 10

Product

Answer 10

Everything a business offers to satisfy a customer’s needs

Question 11

Service

Answer 11

Activities that are consumed at the same time they are produced

Question 12

Price

Answer 12

The money a customer must pay for a product or service.

Question 13

Markup

Answer 13

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

Question 14

Markdown

Answer 14

Reduction from the original selling price

Question 15

Channel of distribution

Answer 15

The route a product follows and the businesses involved in moving a product from the producer to the final customer.

Question 16

Promotion

Answer 16

Any form of communication used to inform, persuade, or remind.

Question 17

Effective communication

Answer 17

The exchange of information so there is common understanding by all participants.

Question 18

Personal selling

Answer 18

Direct, individualized communication with prospective customers to asses their needs and assist them in satisfying those needs with appropriate products and services.

Question 19

Personalized Promotion

Answer 19

Communicates directly with each customer using information tailored to that person

Question 20

Mass Promotion

Answer 20

Communicates with 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 consumer to provided information and influence their actions.