final - chapter 10

Question 1

What are the 7 functions of marketing?

Answer 1

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

Question 2

a specific group of consumers who have similiar wants and needs

Answer 2

target market

Question 3

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

Answer 3

marketing mix

aka 4 P’s of marketing

Question 4

persons who buy products and services mostly for their own use

Answer 4

final consumers

Question 5

persons, companies and organizations that buy products for the operation of a business, for incorporation into other products and services, or for resale to their customers

Answer 5

business consumers

Question 6

the reasons consumers decide what products and services to purchase

Answer 6

buying motives

Question 7

What are the 2 types of buying motives?

Answer 7

1. emotional buying motives - purchases based on feelings, beliefs and attitudes (buying home security system to keep family safe, buying birthday gift for friend)
2. rational buying motives - purchases based on facts and logic (buying cost effective car)

Question 8

finding solutions to problems through carefuly designed studies involving consumers

Answer 8

marketing research

Question 9

What is the purpose of marketing research?

Answer 9

to find solutions to problems

Question 10

What are some examples of marketing research?

Answer 10

• surveys
• focus groups
• observations
• experiments

Question 11

What is the pricing formula used by businesses to find the selling price?

Answer 11

product costs + operating expenses + profit = selling price

Question 12

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

Answer 12

markup

Question 13

a reduction from the original selling price

Answer 13

markdown

Question 14

What does distribution entail?

Answer 14

involves determining the best methods and procedures to use so customers can find, obtain and use a product or service

Question 15

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

Answer 15

channel of distribution

Question 16

any form of communication used to inform, persuade, or remind

Answer 16

promotion

Question 17

Describe the communication process.

read…

Answer 17

• begins with a person or organization (sender) that has info to communicate to another person or organization (receiver)
• sender chooses the way (communication channel) the info will be transmitted to the receiver
• sender decides the form in which the info will be sent - text, spoken words, pictures
• the receiver gets the info from the channel and interprets it for understanding (decoding)
• then the sender needs to have a response from the receiver (feedback) to be sure the communication achieved the desired result
• if the receiver understood the info and responds in a way the sender wanted, then communication was effective

Question 18

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

Answer 18

advertising

Question 19

What are the most common advertising media?

Answer 19

• tv
• radio
• newspapers
• magazines
• mass mailings
• outdoor displays
• internet

Question 20

non paid promotional cmmunication presented by the media rather than by the business or organization that is being promoted

Answer 20

publicity

Question 21

an ongoing program of non paid and paid communications, is planned to favorably influence public opinion about an organization, marketing effort, idea or issue

Answer 21

public relations

Question 22

includes activities and materials desinged to reinforce a company’s brand and image

Answer 22

sales promotion