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Flashcards in chapter 10 review Deck (33):
1

is a two step process used to plan and market products

marketing strategy

2

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

personal selling

3

the locations and methods used to make a product or service available to the target market

distribution

4

What are the 7 marketing functions?

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

5

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

retailer

6

_____ is 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

7

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

effective communication

8

____ promotion connumicates with many people at the same time with a common message

mass

9

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

channel of distribution

10

finding solutions to problems through carfully designed studies involving consumers

marketing research

11

the specific sequence of steps consumers follow to make a purchase

consumer decision-making process

12

What are the two steps in a marketing strategy?

  1. first step is to identify a target market
  2. second step is to develop a marketing mix

13

_____ promotion communicates directly with each customer using info tailored to that person

personalized

14

the activity, set of institutions, and processes for creatng, communicating, delivering and exchanging offerings that have value for cutomers, clients, partners and society at large

marketing

15

What are the steps in the consumer decision making process?

  1. recognize a need
  2. gather info
  3. select and evaluate alternatives
  4. make a purchase decision
  5. determine the effectiveness of the decision

16

What is the formula that businesses use for setting the price of a product?

Selling price = Product costs + Operating expenses + Profit

17

a company's plan that identifies how it will use marketing to achieve its goals

marketing strategy

18

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

advertising

19

the reasons consumers decide what products and services to purchase

buying motives

20

a set of promotional activities designed to obtain sales in the retail setting

merchandising

21

When the focus of a business is a ____ market, communication can be very specific to the needs of that group using media that are familiar to and trusted by those consumers

When the focus of a business is a target market, communication can be very specific to the needs of that group using media that are familiar to and trusted by those consumers

22

What are the steps in a marketing research study?

  1. define the marketing problem
  2. study the situation
  3. develop a data collection procedure
  4. gather and analyze info
  5. propose a solution

23

_____ are intangible activities that are consumed at the same time they are produced

services

24

the blending of the marketing elements

marketing mix

25

intangible activities that are consumed at the same time they are produced

services

26

the money a customer must pay for a product or service

price

27

a specific group of consumers that have similar wants and needs

target market

28

What are the two major types of promotion?

  1. personalized promotion
  2. mass promotion

29

What are the components of a product?

  • basic product
  • product features
  • options
  • brand name
  • packaging
  • guarantee or warranty

30

an ____ ____ of distribution includes one or more other businesses between the producer and consumer.  These other businesses provide one or more of the marketing functions.

indirect channel

31

a ___ _____ of distribution moves products from the producer directly to the consumer with no other organizations participating

direct channel

32

_____ are tangible items that you can see and examine

products

33

any form of communication used to inform, persuade or remind

promotion