Unit 10 Flashcards
Any form of communication used to inform, persuade, or remind
promotions
Exchange of information so there is common understanding by all participants
effective communication
A business needs to provide information to consumers in order to
_____________
them to make a purchase
pursued
When the focus of a business is a
__________ ___________, communication can be very specific to the
needs of that group using media that are familiar to and trusted by those consumers
personalized promotion
Communicates directly with each customer using information tailored to that person
personal marketing
Direct, individualized communication with prospective customers to assess and satisfy their needs
personal selling
Communicates with many people at the same time with a common message
mass promotion
Any paid form of communication through mass media directed at identified consumers to provide information
and influence their actions
advertisement
Includes a set of promotional activities designed to generate sales in the retail setting
merchandising
Which of the following is not a part of effective communication?
the advertisement
The most expensive but also most effective type of promotion is…
personal selling
Buyers usually want to pay the
_____________ the _____________ highest _____________ price possible.
Buyers usually want to pay the lowest the seller highest price possible
Amount of money available to the business after all costs and expenses have been paid
net profit
High demand = _____________ _____________, low demand = _____________ _____________.
High demand = high price, low demand = low price.
The money a customer must pay for a product or service
price
Difference between the selling price and the product costs
profit
The amount added to the cost of a product to set the selling price
markup
Markup on Cost =
_________________________________________
Product coast x percent markup
Locations and methods used to make a product or service available to the target market
distribution
Consumers only need a small number of products at a given time
quantity
Products move from the producer straight to the consumer with no other businesses participating in the
exchange
direct channel distribution
One or more other businesses between the product and the consumer
indirect channel distribution
Which of the following conditions will result in a lower rather than a higher price?
a large quantity of available products
When businesses specialize in producing a specific type of product, a channel of distribution will
be needed to adjust differences in…
assortment
Finding solutions to problems through carefully designed studies involving consumers
marketing research
What are the five steps to marketing research?
- define the market
- study situation
- develop a data
- gather and analyze
- propose a solution
Everything a business offers to satisfy a customer’s needs
product
A way to build customer confidence in a company’s products is by offering a…
guarantee or warranty
What are the six steps to product planning?
- idea
- idea screening
- strategy development
- production and financial
- limited products
- full scale
Services are consumed at the same time they are produced
inseparable
Availability of a service must match the demand for that service at a specific time…
perishable
True or False: Most new products introduced by companies are not totally new, but are
improvements on existing products.
true
True or False: The first step in marketing research is to develop a data collection procedure.
false
The availability of a service must match the demand for that service at a specific time because it
is…
perishable
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
See or hear
_____________________
for products and services
advertisement
More time and money is spent in ________________________________ than in marketing products and services to final consumers
business-to-business marketing
What are the seven marketing functions?
- product
- distribution
- selling
- marketing info
- financial analyst
- pricing
- promotion
A company’s plan that identifies how it will use marketing to achieve its goals…
marketing strategies
Two things to do when creating a marketing strategy:
- find a target market
- create a target market
People who buy products and services mostly for their own use
final
People, companies, and organizations that buy products for the operation of a business or for resale to
their customers
business consumers
Five steps to the consumer decision making process:
- recognize a need
- gather info
- pros/cons
- make a purchase
- determine effectiveness
Reasons consumers decide what products and services to purchase
buying motives
Purchase based on feelings, beliefs, and attitudes
emotions buying
Purchase based on facts and logic
ration buying
The best definition of marketing is…
producing and distributing products and services to customers
The two steps in a marketing strategy are…
identifying a target market and developing a marketing mix
Which of the following is an example of a rational buying motive?
economy
4 P’s of Marketing, also known as the Marketing Mix
- product
- price
- place
- promotion
What’s the most popular type of mass promotion?
advertising
Why is Cayson so awesome?
Because he’s hardworking, he perseveres, and he knows what it takes to succeed. :-)
