Business Chapter 10

Question 1

Marketing

Answer 1

An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders

Question 2

Product and service management

Answer 2

designing, developing, maintaining, improving, and acquiring products and services that meet consumers needs

Question 3

Distribution

Answer 3

Involves determining the best ways for customers to locate, obtain, and use the products and services of an organization

Question 4

Selling

Answer 4

Communicating directly with potential customers to determine and satisfy their needs

Question 5

Marketing Information Management

Answer 5

Obtaining, managing, and using market information to improve business decision making and the performance of marketing activities

Question 6

Financial Analysis

Answer 6

Budgeting for marketing activities, obtaining the funds needed for operations, and providing financial assistance to customers so they can purchase the business’ products and services

Question 7

Pricing

Answer 7

Setting and communicating the value of products and services

Question 8

Promotion

Answer 8

Communicating information about products and services to potential customers

Question 9

Marketing Strategy

Answer 9

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

Question 10

Target Market

Answer 10

A specific group of consumers who have similar wants and needs

Question 11

Marketing Mix

Answer 11

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

Question 12

Marketing Orientation

Answer 12

Considers the needs of customers when developing a marketing mix

Question 13

Final Consumers

Answer 13

Persons who buy products and services mostly for their own use

Question 14

Business Consumers

Answer 14

Persons, companies, and organizations that buy products for the operation of a business

Question 15

Consumer decision making process

Answer 15

The specific sequence of steps consumers follow to make a purchase

Question 16

Buying Motives

Answer 16

The reasons consumers decide what products and services to purchase

Question 17

Marketing Research

Answer 17

Finding solutions to problems through carefully designed studies involving consumers

Question 18

Product

Answer 18

Everything a business offers to satisfy a customer’s needs

Question 19

Product Features

Answer 19

Additions and improvements to the basic product

Question 20

Brand Name

Answer 20

A unique identification for a company’s products

Question 21

Packaging

Answer 21

protection and security for the product before it is used

Question 22

Services

Answer 22

Activities that are consumed at the same time they are produced

Question 23

Price

Answer 23

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

Question 24

Profit

Answer 24

The amount of money available to the business after all costs and expenses have been paid

Question 25

Gross Margin

Answer 25

The difference between the selling price and the product costs

Question 26

Markup

Answer 26

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

Question 27

Markdown

Answer 27

A reduction from the original selling price

Question 28

Distribution

Answer 28

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

Question 29

Channels of Distribution

Answer 29

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

Question 30

Retailers

Answer 30

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

Question 31

Promotion

Answer 31

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

Question 32

Effective Communication

Answer 32

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

Question 33

Personal Selling

Answer 33

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

Question 34

Advertising

Answer 34

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