Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
38 Cards in this Set
- Front
- Back
A group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas
|
Marketing
|
|
The act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas)
|
Exchange
|
|
Functions of marketing
|
-Buying
-Selling -Transporting -Storing -Grading -Financing -Marketing research -Risk taking |
|
Deciding whether and what to buy
|
Buying
|
|
A persuasive activity marketers use that is accomplished through promotion
|
Selling
|
|
The process of moving products from seller to buyer
|
Transporting
|
|
Storage of products, including warehousing
|
Storing
|
|
Refers to standardizing products and displaying and labeling them so customers clearly understand the nature and quality
|
Grading
|
|
The arranging of credit to expedite purchases
|
Financing
|
|
Ascertaining the need for new goods and services
|
Market research
|
|
Taking the chance of loss in marketing
|
Risk taking
|
|
The idea that an organization should try to satisfy customers' needs through coordinated activites that also allow it to achieve its own goals
|
Marketing concept
|
|
An approach requiring organizations to gather information about customer needs, share that information throughout the firm, and use that information to help build long-term relationships with customers
|
Marketing orientation
|
|
A plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers
|
Marketing strategy
|
|
A group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas
|
Market
|
|
A specific group of consumers on whose needs and wants a company focuses its marketing efforts
|
Target market
|
|
An approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs and wants
|
Total-market approach
|
|
A strategy whereby a firm divides the toatl market into groups of people who have relatively similar product needs
|
Market segmentation
|
|
A collection of individuals, groups, or organizations that share one or more characteristics and thus have relatively similar product needs and desires
|
Market segment
|
|
A market segmentation approach whereby a company develops one marketing strategy for a single market segment
|
Concentration approach
|
|
A market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each
|
Multisegment approach
|
|
The four marketing activities--product, price, promotion, and distribution--that the firm can control to achieve specific goals within a dynamic marketing environment
|
Marketing mix
|
|
A value placed on an object exchanged between the buyer and seller
|
Price
|
|
Making products available and visible to customers in the quantities desired
|
Distribution
|
|
A persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas
|
Promotion
|
|
A systematic, objective process of getting information about potential customers to guide marketing decisions
|
Marketing research
|
|
Marketing information that is observed, recorded, or collected directly from respondents
|
Primary data
|
|
Information that is compiled inside or outside an organization for some purpose other than changing the current situation
|
Secondary data
|
|
The decision processes and actions of people who purchase and use products
|
Buying behavior
|
|
The process by which a person selects, organizes, and interprets information received from his or her senses
|
Perception
|
|
Changes in a person's behavior based on information and experience
|
Learning
|
|
Knowledge and positive or negative feelings about something
|
Attitude
|
|
The organization of an individual's distinguishing character traits, attitudes, or habits
|
Personality
|
|
A set of expectations for individuals based on some position they occupy
|
Social roles
|
|
Groups with which buyers identify and whose values or attitudes they adopt
|
Reference groups
|
|
A ranking of people into higher and lower positions of respect
|
Social classes
|
|
The integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts
|
Culture
|
|
Environmental market factors
|
-Politics
-Social forces -Competitive and economic forces -Techonological forces |