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Flashcards in final - chapter 10 Deck (22):
1

What are the 7 functions of marketing?

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

2

a specific group of consumers who have similiar wants and needs

target market

3

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

marketing mix

aka 4 P's of marketing

4

persons who buy products and services mostly for their own use

final consumers

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

business consumers

6

the reasons consumers decide what products and services to purchase

buying motives

7

What are the 2 types of buying motives?

  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)

8

finding solutions to problems through carefuly designed studies involving consumers

marketing research

9

What is the purpose of marketing research?

to find solutions to problems

10

What are some examples of marketing research?

  • surveys
  • focus groups
  • observations
  • experiments

11

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

product costs + operating expenses + profit = selling price

12

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

markup

13

a reduction from the original selling price

markdown

14

What does distribution entail?

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

15

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

channel of distribution

16

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

promotion

17

Describe the communication process.

 

read...

  • 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

18

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

advertising

19

What are the most common advertising media?

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

20

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

publicity

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

public relations

22

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

sales promotion