Business Essentials-Chapter 12

Front 1

Marketing

Back 1

Planning and executing the development, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy both buyers' and seller's objectives

Front 2

Marketing concept

Back 2

The idea that the whole firm is directed toward serving present and potential customers at a profit.

Front 3

Value

Back 3

Relative comparison of a product's benefits versus its costs

Front 4

Consumer goods

Back 4

products purchased by individuals for their personal use

Front 5

industrial goods

Back 5

products purchased by companies to use directly or indirectly to produce other products

Front 6

services

Back 6

intangible products, such as time, expertise, or an activity that can be purchased.

Front 7

Relationship Marketing

Back 7

a type of marketing that emphasizes lasting relationships with customers and suppliers

Front 8

Marketing Managers

Back 8

managers responsible for planning and implementing all the marketing mix activities that result in the transfer of goods or services to customers.

Front 9

Marketing plan

Back 9

a detailed strategy for gearing the marketing mix to meet consumer needs and wants

Front 10

Marketing mix

Back 10

the combination of product, pricing, promotion, and distribution strategies used in marketing a product

Front 11

Product

Back 11

a good, service, or idea tht satisfies buyers' needs and demands

Front 12

Product differentiation

Back 12

the creation of a product or product image that differs enough from existing products to attract consumers

Front 13

price

Back 13

that part of the marketing mix concerened with choosing the appropriate price for a product to meet the firm's profit objectives and buyer's purchasing objectives.

Front 14

distribution

Back 14

that part of the marketing mix concerned with getting products from the producer to the buyer, including physical transportation and choice of sales outlets.

Front 15

Promotion

Back 15

that part of the marketing mix concerned with selecting the appropriate technique for selling a product to a consumer

Front 16

target market

Back 16

any group of people who have similar wants and needs and may be expected to show interest in the same products.

Front 17

market segmentation

Back 17

dividing a market into categories according to traits customers have in common

Front 18

Geographic variables

Back 18

Geographical units that may be considered in a segmentation strategy

Front 19

demographic variables

Back 19

characteristics of populations that may be considered in developing a segmentation strategy

Front 20

multicultural marketing

Back 20

Marketing activities directed at various identifiable ethnic groups in Canada

Front 21

Psychographic variables

Back 21

psychological traits that a group has in common, including motives, attitudes, activities, interests, and opinions.

Front 22

Product positioning

Back 22

the establishment of an easily identifiable image of a product in the minds of consumers.

Front 23

Market research

Back 23

the systematic study of what buyers need and how to best meet those needs.

Front 24

Secondary Data

Back 24

Information already available to market researchers as a result of previous research by the firm or other agencies.

Front 25

Primary Data

Back 25

Information developed through new research by the firm or its agents

Front 26

observation

Back 26

a market research technique involving viewing or otherwise monitoring consumer buying patterns.

Front 27

survey

Back 27

a market research technique based on questioning a representative sample of consumers about purchasing attitudes and practices.

Front 28

Focus Group

Back 28

a market research technique involving a small group of people brought together and allowed to discuss selected issues in depth.

Front 29

experimentation

Back 29

a market research technique in which the reactions of similar people are compared under different circumstances

Front 30

Consumer Behaviour

Back 30

The study of the process by which customers come to purchase and consume a product or service.

Front 31

rational motives

Back 31

those reasons for purchasing a product that involve a logical evaluation of product attributes such as cost, quality, and usefulness

Front 32

emotional motives

Back 32

those reasons for purchasing a product that involve non-objective factors

Front 33

Word of mouth marketing (buzz marketing)

Back 33

Opinions about the value of products passed among consumers in informal discussions.