Intro To Business Ch. 6

Front 1

marketing

Back 1

the process of creating, communicating, delivering, and exchanging goods and services that have value

Front 2

utility

Back 2

how products and services satisfy the needs and want of those who use them

Front 3

form utility

Back 3

how raw materials are converted into finished products

Front 4

task utility

Back 4

when a product is available for customers to purchase in a timely fashion

Front 5

place utility

Back 5

ensures a product is conveniently available and accessible for customers to purchase

Front 6

ownership utility

Back 6

allows customer to physically take "possession" of a given product

Front 7

production era

Back 7

business believed that a product should be expansive and available everywhere for consumers to purchase

Front 8

selling era

Back 8

aggressive product promotion and pushy sales efforts; convince customers that they needed what was produced

Front 9

marketing era

Back 9

creating products that a customer want to buy

Front 10

relationship era

Back 10

value in creating relationships with customers in order to develop life-long customers

Front 11

holistic era

Back 11

making sure the company is socially responsible and meeting customer needs

Front 12

marketing concept

Back 12

a philosophy focused on customer orientation, customer satisfaction, and profit

Front 13

B2B (business-to-business)

Back 13

businesses selling products or services to other businesses

Front 14

B2C (business-to-consumer)

Back 14

business selling products or services to end-users (consumers)

Front 15

non-profit marketing

Back 15

marketing related to non-profit business activities

Front 16

marketing plan

Back 16

a written document that shows how a business will use its resources, establish objectives, develop marketing strategies, and implement and control the plan

Front 17

elements of the marketing plan

Back 17

1) executive summary

2) marketing objectives

3) environmental analysis

4) SWOT analysis

5) marketing strategies

6) marketing budget

7) marketing implementation

8) evaluation and control

Front 18

executive summary

Back 18

involve a brief overview of the proposed marketing plan

Front 19

marketing objectives

Back 19

set measurable objectives and goals that will guide your plan

Front 20

environmental analysis

Back 20

examine the internal and external environment market

Front 21

SWOT analysis

Back 21

determine the company's strength, weaknesses, opportunities, threats, and trends

Front 22

marketing strategies

Back 22

develop strategies that will help a company complete the objectives

Front 23

marketing budget

Back 23

determine how much money, tie, and resources will be devoted to marketing efforts

Front 24

marketing implementation

Back 24

decide how and when the plan will be implemented and how much times will be allowed for each phase of the plan

Front 25

evaluation and control

Back 25

provide guidelines on how often the plan will be evaluated, how success will be measure, and how revisions to the plan will be made

Front 26

marketing strategy

Back 26

a plan to determine the target market and proper marketing mix

Front 27

tactical plan

Back 27

steps or tactics needed to achieve the goals defined in a strategic plan

Front 28

market segmentation

Back 28

subdividing a large market into identifiable segments that have similar needs, wants, or characteristics

Front 29

demographics

Back 29

the study of a population that analyzes factors such as race, age, sex, etc.

Front 30

consumer behavior

Back 30

the study of buyers and the processes they use to select products or services that satisfy their wants and needs

Front 31

target market

Back 31

a specific consumer group that a company focuses its marketing efforts towards

Front 32

target audience

Back 32

a specific cluster of people within the target market

Front 33

marketing research

Back 33

the process of gathering, analyzing, and interpreting data about a market, products, services, and consumers

Front 34

primary data

Back 34

data collected first-hand by the company

Front 35

secondary data

Back 35

data collected by outside sources used to make internal decisions

Front 36

secondary sources

Back 36

1) public sources

2) commercial sources

3) education institutions

Front 37

qualitative research

Back 37

inquiry research used to uncover trends in thoughts and opinions

Front 38

quantitative research

Back 38

uses numbers to formulate facts and uncover patterns in a set of data

Front 39

action research

Back 39

research used to solve an immediate problem within an organization

Front 40

four P's

Back 40

product, price, place, and promotion

Front 41

marketing mix

Back 41

the strategic mix of the controllable elements within a products marketing plan

Front 42

product

Back 42

the benefits and features of all goods and services that a business sells to the target market

Front 43

price

Back 43

the amount of money businesses must charge in order to make a profit and satisfy customers

Front 44

place

Back 44

the distribution, location, and method of getting products or services to the customer

Front 45

promotion

Back 45

how an organization communicates the benefits and value of products or services to consumers

Front 46

product line

Back 46

a group of similar products aimed at the same target market

Front 47

product mix

Back 47

all the product lines that a company sells

Front 48

branding

Back 48

creating an exclusive name, image, or symbol for a company or product that differentiates it from its competition

Front 49

trademark

Back 49

legal protection for a brand or project

Front 50

service mark

Back 50

legal protection for an invention

Front 51

copyright

Back 51

legal protection for an invention

Front 52

brand loyalty

Back 52

consumer's faithfulness to a specific plan

Front 53

brand equity

Back 53

the value that a company's name gives to a product or service

Front 54

types of product classifications

Back 54

1) convenience

2) shopping

3) specialty

4) unsought

Front 55

price objective

Back 55

a marketing strategy that helps guide business in setting the selling price of products or services

Front 56

survival

Back 56

GOAL: reduce prices to help a business remain operational

Front 57

profit

Back 57

set price at a point to maximize sales and profits

Front 58

sales

Back 58

price increases sales volume or market share

Front 59

status quo

Back 59

encourages competition based on factors other than price

Front 60

breakeven analysis

Back 60

the point at which the number of units sold covers the cost of producing products

Front 61

fixed costs

Back 61

costs that don't fluctuate based on sales volume

Front 62

variable costs

Back 62

costs that change directly with sales volume

Front 63

price skimming

Back 63

setting the initial price high to maximize profits

Front 64

penetration pricing

Back 64

setting a low initial price to gain a greater percentage of the overall market

Front 65

EDLP (Everyday low prices)

Back 65

continuous low prices

Front 66

discount pricing

Back 66

short-term price drops designed to increase sales

Front 67

competitive pricing

Back 67

matching competitors pricing

Front 68

odd pricing

Back 68

using odd numbers to price products

Front 69

distribution channel

Back 69

the route a product travels between the producer and the consumer

Front 70

distribution intensity

Back 70

how widely available a company's products are distributed in the marketplace

Front 71

levels of distribution intensity

Back 71

intensive

selective

exclusive

Front 72

intensive

Back 72

products widely available at multiple locations

Front 73

selective

Back 73

products are available in a few selective areas of a geographic region

Front 74

exclusive

Back 74

products are available through one specialty or luxury distributor in geographic area

Front 75

pushing strategy

Back 75

creating demand for products within the distribution channel

Front 76

pulling strategy

Back 76

creating demand for products through customers

Front 77

types of transportation

Back 77

1) truck

2) railroad

3) air

4) water

5) pipeline

6) digital

Front 78

promotion

Back 78

creating consumer awareness of a product or brand, generating sales, and creating brand loyalty

Front 79

IMC (integrated marketing system)

Back 79

the process of coordinating all promotional activities within an organization

Front 80

advertising

Back 80

calling public attention to a company's product or service through paid advertisements

Front 81

personal selling

Back 81

a salesperson sells a product, service, or solution to a customer

Front 82

sales promotion

Back 82

activities that attempt to provide added value or incentives to customers to encourage immediate purchasae

Front 83

public relations

Back 83

actions by a business to create a strong and favorable public image

Front 84

publicity

Back 84

unpaid promotion of a company's products or services

Front 85

direct selling

Back 85

the use of independent sales representatives who use person-to-person sales directly to consumers

Front 86

sponsorships

Back 86

a company pays for costs associated with a project or program in exchange for advertising or recognition

Front 87

product life cycle (PLC)

Back 87

the four stages of product's life in the marketplace

Front 88

product life style stages

Back 88

1) introduction stage

2) growth stage

3) maturity stage

4) decline stage

Front 89

introduction stage

Back 89

most expensive

stage relates to development of a new product from time it is initially conceptualized to the point it is introduced to the market

Front 90

growth stage

Back 90

strong sales growth as new competition enter the market

high levels of profit

invest in more promotional activites

Front 91

maturity stage

Back 91

product is well-established and goal is to maintain market share

most competitive time

Front 92

decline stage

Back 92

market for product starts to shrink

production takes place in low cost locations

volume slows tremendously