Bus 170 Chapter 12

Front 1

A group of activities designed to expedite transactions by creating, distributing, pricing, and promoting goods, services, and ideas

Back 1

Marketing

Front 2

The act of giving up one thing (money, credit, labor, goods) in return for something else (goods, services, or ideas)

Back 2

Exchange

Front 3

Functions of marketing

Back 3

-Buying
-Selling
-Transporting
-Storing
-Grading
-Financing
-Marketing research
-Risk taking

Front 4

Deciding whether and what to buy

Back 4

Buying

Front 5

A persuasive activity marketers use that is accomplished through promotion

Back 5

Selling

Front 6

The process of moving products from seller to buyer

Back 6

Transporting

Front 7

Storage of products, including warehousing

Back 7

Storing

Front 8

Refers to standardizing products and displaying and labeling them so customers clearly understand the nature and quality

Back 8

Grading

Front 9

The arranging of credit to expedite purchases

Back 9

Financing

Front 10

Ascertaining the need for new goods and services

Back 10

Market research

Front 11

Taking the chance of loss in marketing

Back 11

Risk taking

Front 12

The idea that an organization should try to satisfy customers' needs through coordinated activites that also allow it to achieve its own goals

Back 12

Marketing concept

Front 13

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

Back 13

Marketing orientation

Front 14

A plan of action for developing, pricing, distributing, and promoting products that meet the needs of specific customers

Back 14

Marketing strategy

Front 15

A group of people who have a need, purchasing power, and the desire and authority to spend money on goods, services, and ideas

Back 15

Market

Front 16

A specific group of consumers on whose needs and wants a company focuses its marketing efforts

Back 16

Target market

Front 17

An approach whereby a firm tries to appeal to everyone and assumes that all buyers have similar needs and wants

Back 17

Total-market approach

Front 18

A strategy whereby a firm divides the toatl market into groups of people who have relatively similar product needs

Back 18

Market segmentation

Front 19

A collection of individuals, groups, or organizations that share one or more characteristics and thus have relatively similar product needs and desires

Back 19

Market segment

Front 20

A market segmentation approach whereby a company develops one marketing strategy for a single market segment

Back 20

Concentration approach

Front 21

A market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each

Back 21

Multisegment approach

Front 22

The four marketing activities--product, price, promotion, and distribution--that the firm can control to achieve specific goals within a dynamic marketing environment

Back 22

Marketing mix

Front 23

A value placed on an object exchanged between the buyer and seller

Back 23

Price

Front 24

Making products available and visible to customers in the quantities desired

Back 24

Distribution

Front 25

A persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals, groups, and organizations to accept goods, services, and ideas

Back 25

Promotion

Front 26

A systematic, objective process of getting information about potential customers to guide marketing decisions

Back 26

Marketing research

Front 27

Marketing information that is observed, recorded, or collected directly from respondents

Back 27

Primary data

Front 28

Information that is compiled inside or outside an organization for some purpose other than changing the current situation

Back 28

Secondary data

Front 29

The decision processes and actions of people who purchase and use products

Back 29

Buying behavior

Front 30

The process by which a person selects, organizes, and interprets information received from his or her senses

Back 30

Perception

Front 31

Changes in a person's behavior based on information and experience

Back 31

Learning

Front 32

Knowledge and positive or negative feelings about something

Back 32

Attitude

Front 33

The organization of an individual's distinguishing character traits, attitudes, or habits

Back 33

Personality

Front 34

A set of expectations for individuals based on some position they occupy

Back 34

Social roles

Front 35

Groups with which buyers identify and whose values or attitudes they adopt

Back 35

Reference groups

Front 36

A ranking of people into higher and lower positions of respect

Back 36

Social classes

Front 37

The integrated, accepted pattern of human behavior, including thought, speech, beliefs, actions, and artifacts

Back 37

Culture

Front 38

Environmental market factors

Back 38

-Politics
-Social forces
-Competitive and economic forces
-Techonological forces