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Marketing
Chapter 10 Vocabulary and Concepts
19
Business
11th Grade
03/23/2012

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Term
Marketing
Definition
process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satify individual and organizational objectives
Term
Marketing Functions
Definition
seven marketing functions: product/service management, distribution, selling, marketing-information management, financing, pricing, and promotion
Term
Product/Service Management
Definition
designing, developing, maintaining, improving, and acquiring products and services to meet customer needs
Term
Distribution
Definition
determining the best ways for consumers to locate, obtain, and use the products and services of an organization
Term
Selling
Definition
communicating directly with potential customers to determine ad satisfy their needs
Term
Marketing-Information Management
Definition
obtaining, managing, and using market info to improve business decision-making and performance of marketing activities
Term
Financing
Definition
budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers 
Term
Pricing
Definition
setting and communicating the value of products and services
Term
Promotion
Definition
communicating information about products and services to potential customers
Term
Marketing Strategy
Definition
company's plan that identifies how it will use marketing to achieve its goals
Term
target market
Definition
first step in developing market strategy; specific group of customers that have similar wants and needs
Term
Marketing Mix
Definition
second step in market strategy; blending of four elements: product, distribution, price, and promotion
Term
Marketing Orientation
Definition
considers needs of customers when developing marketing mix;  used to study what the customers want
Term
Final Consumers
Definition
persons who buy products and services mostly for their own use
Term
Business Consumers
Definition
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
Term
Consumer Desicion-Making Process
Definition

1. recognize need

2. gather info

3. select and evaluate alternatives

4. make purchase decision

5. determine effectiveness of decision

Term
Buying Motives
Definition
reasons consumers decide what products and services to purchase
Term
Emotional Buying Motives
Definition
reasons to purchase based on feelings, beliefs, and attitudes
Term
Rational Buying Motives
Definition
guided by facts and logic
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