Busad 101 Test 3

Front 1

distribution channel

Back 1

Path through which products--and legal ownership opf them--flow from producer to consumers or business users.

Front 2

utility

Back 2

want-satisfying power of a good or service

Front 3

time utility

Back 3

Availability of a good or service when customers want to purchase it.

Front 4

place utility

Back 4

availability of a product in a location convenient for customers.

Front 5

ownership utility

Back 5

Orderly transfer of goods and services from the seller to the buyer

Front 6

promotional mix

Back 6

combination of personal and nonpersonal selling techniques designed to achieve promotional objectives.

Front 7

exchange

Back 7

Value of one nation's currency relative to the currencies of other countries.

Front 8

marketing concept

Back 8

companywide consumer orientation to promote long-run success.

Front 9

product life cycle

Back 9

four basic stages--introduction, growth, maturity, and decline-- through which a successful product progresses

Front 10

marketing mix

Back 10

blending the four elements of marketing strategy--product, distribution, promotion, and price--to satisfy chosen customer segments.

Front 11

place marketing

Back 11

attempt to attract people to a particular area, such as a city, state, or nation.

Front 12

cause marketing

Back 12

marketing that promotes a cause or social issue, such as the prevention of child abuse, antilittering efforts, and antismoking campaigns.

Front 13

organization marketing

Back 13

Marketing strategy that influences consumers to accept the goals of, recieve the services o, or contribute in some way to an organization.

Front 14

event marketing

Back 14

Marketing or sponsoring short-term events such as athletic competitions and cultural and charitable performances

Front 15

person marketing

Back 15

use of efforts designed to attract the attention, interest, and preference of a target market toward a person.

Front 16

consumer products

Back 16

Good or service, such as DVDs, shampoo, and dental care, that is purchased by end users.

Front 17

target market

Back 17

Group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences.

Front 18

market segmentation

Back 18

process of dividing a total market into several relatively homogenous groups.

Front 19

capital item

Back 19

1. long life
2. can't be depreciated
3. value to the business

Front 20

production

Back 20

Application of resources such as people and machinery to convert materials into finished goods and services.

Front 21

product

Back 21

bundle of physical, service, and symbolic attributes designed to enhance buyers' want satisfaction

Front 22

brand

Back 22

name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors' offerings.

Front 23

pulling strategy

Back 23

promotional effort by a seller to stimulate demand among final users, who will then exert pressure on the distribution channel to carry the good or service, pulling it through the distribution channel.

Front 24

pushing strategy

Back 24

promotional effort by a seller to members of the distribution channel intended to stimulate personal selling of the good or service, thereby pushing it through the channel.

Front 25

convenience item

Back 25

Item the consumer seeks to purchase frequently, immediately, and with little effort.

Front 26

skimming pricing

Back 26

Pricing strategy that sets an intentionally high price relative to the prices of competing products.

Front 27

penetration pricing

Back 27

pricing strategy that sets a low price as a major marketing weapon.

Front 28

business product

Back 28

good or service pruchasedd to be used, either directly or indirectly, in the production of other goods for resale.

Front 29

brand name

Back 29

part of a brand consisitng of words or letters that form a name that identifies and distinguishes an offering from those of competitors.

Front 30

marketing functions

Back 30

1. analyzing market information
2. buying
3. selling
4. transportation
5. exchange
6. grading (standarization of grading)
7. financing
8. risk taking

Front 31

shopping proudcts

Back 31

item typically purchased only after the buyer has compared competing products in competing stores.

Front 32

speciality products

Back 32

item that a purchaser is willing to make a sepcial effort to obtian.

Front 33

installations

Back 33

major capital items, such as new factories, heavy equpiment and machinery, and custom-made equipment. They are expensive and often involve buy and seller negotiations that may last for more than a year beofre a purchase actually is made.

Front 34

expense items

Back 34

Less costly products that are consumed within a year.

Front 35

supplies

Back 35

expense items used in a firm's daily operation that do not become part of the final product.

Front 36

accessory equipment

Back 36

includes capital itmes, they are usually less expensive and shorter lived than installations and involve dewer decision makers