chapter 10 vocab
Terms
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- marketing mix
- the blending of the four marketing elements-product, distribution, price, and promotion
- channel members
- businesses that take part in a channel of distribution
- personal selling
- direct, individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services
- services
- are activities that are consumed at the same time they are produced
- advertising
- any paid form of communication through mass media directed at identified consumers to provide information and influence their actions
- final consumer
- persons who buy products and services mostly for their own use
- marketing
- The process of planning and executing the conception, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives
- target market
- a specific group of consumers that have similar needs and wants
- marketing strategy
- company`s plan that identifies how it will use marketing to achieve its goals
- marketing orientation
- considers the needs of consumers when developing a marketing mix
- intangible
- meaning that they have no physical form
- promotion
- Any form of communication used to inform, persuade or remind the advancement of an employe to a position with greater responsibility.
- effective commonication
- the exchange of information so there is common understanding
- mark up
- the amount added to the cost of a product to set to the selling price
- decoding
- receiver obtains the information form the channel and interprets i for understanding
- product
- everything a business offers to satisfy a customers needs
- business consumers
- are persons companies and organizations that buy products and services or for resale to their custumers
- consumer decision
- specific sequence of steps consumers follow to make a purchase
- channel of distribution
- The route a product follows and the business involved in moving a product from the producer to the final consumer.
- encoding
- preparing for the information to be comunicated
- marketing research
- finding solutions to problems through carefully designed studies involving consumers
- distribution
- locations and methods used to make a product or service available to the target market
- price
- meaning that they are consumed at the same time they are produced