Chapter 9- Business Marketing Flashcards
define entrepreneur
a person who starts a new business and usually risks his own money to start the venture.
Characteristics of entrepreneur
- risk taking
- creativity
- initiative
- problem solving
- organizational skills
- communication
- independence
define marketing
the activity, set of institution, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large.
What is the marketing mix?
- product
- place
- price
- promotion
What is the ultimate goal of a marketer?
to have an exchange successfully occur.
What is the marketing plan?
- mission statement
2. SWOT analysis
What is a SWOT analysis?
- strengths
- weaknesses
- opportunities
- threats
Define the product of the marketing mix
Consists of anything that is of value to a consumer and can be offered through a voluntary marketing exchange
What are services?
intangibles that cannot be transported or stored. they are instantly perishable
Define Place of the marketing mix
the location of where the product or service is available for purchase. can be a physical location or a virtual location like a website.
Define promotion of the marketing mix
allows managers to communicate their product value through media.
Define pricing of the marketing mix
the overall sacrifice a consumer is willing to make to acquire a specific product or service.
Define consumer behavior
includes all the parts of the process consumers go through to satisfy their needs, from the product search, to purchase and post-purchase behavior
What are the steps of the consumer decision making process?
- need recognition
- information search
- evaluation of alternatives
- purchase
- post-purchase recognition
What are marketing-controlled information sources?
the sources that marketers use to help educate consumers about their product or service.
Define cognitive dissonance
the inner tension concerning making the correct purchase
Define the learning process
we encounter new information through stimuli and somehow it impacts our thinking, memory or behavior.
define memory
the collection of all the information we’ve perceived and stored.
what are the parts of memory?
- short term
2. long term
Define short term memory
the part of our memory we’re currently using. the active part of our storage bank.
define delaborative activities
when we retrieve stored information from our long term memories and use it to interpret and evaluate any new stimuli, then turn the stimuli into information
Define long term memory
where things are permanently stored.
defining conditioning
the actions marketers take to reinforce associations between two stimuli in our minds.
Define purchase involvement
how much time a person invests in making a purchase decision, ranging from very little to quite a bit.
What are types of purchase involvement?
- nominal decision making.
- limited decision making
- extended decision making
define nominal decision making
requires little to no search for alternatives
define limited decision making
requires some but not much of a search alternatives
define extended decision making
requires extensive evaluation of alternatives and post-purchase evaluation.
What are some external factors to promotion strategies?
- culture
- values
- social class
- reference groups
- opinion-leaders
