| A | B |
|---|
| marketing | the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives |
| retailers | businesses that sell directly to final consumers |
| wholesalers | businesses that buy products from businesses and sell them to other businesses |
| buying | obtaining products to be resold by finding suppliers that can provide the right products in the right quality and quantity at a fair price |
| selling | providing personalized and persuasive information to customers to help them buy the products and services they need |
| transporting | moving products from where they were made to where consumers can buy them |
| storing | holding products until customers need them, such as on shelves, in storage rooms, or in warehouses |
| financing | providing money needed to pay for the various marketing activities, such as by obtaining credit when buying and extending credit |
| researching | studying buyer interests and needs, testing products, and gathering facts needed to make good marketing decisions |
| risk taking | assuming the risk of losses that may occur from fire, theft, damage, or other circumstances |
| grading and valuing | grouping goods according to size, quality, or other characteristics, and determining an appropriate price for products and services |
| production oriented | businesses in which decisions about what and how to produce receive the most attention |
| sales oriented | businesses that emphasize widespread distribution and promotion in order to sell the products produced |
| customer oriented | businesses that direct the activities of the company toward satisfying customers |
| marketing concept | keeping the needs of the consumer uppermost in mind during the design, production, and distribution of a product |
| market | the types of buyers a business wishes to attract and where those buyers are located |
| market research | the study of a company's current and prospective customers |
| target markets | groups of customers with very similar needs to whom the company plans to sell its product |
| marketing mix | the blend of all decisions related to the four elements of marketing-- product, price, distribution, and promotion |
| product | all attributes, both tangible and intangible, that customers receive in exchange for the purchase price |
| price | the amount of money given to acquire a product |
| distribution (place) | the set of activities required to transport and store products, and make them available to customers |
| promotion | providing information to consumers that will assist them in making a decision and persuade them to purchase a product or service |
| marketing plan | a detailed written description of all marketing activities that a business must accomplish in order to sell its products |
| product life cycle | the four stages of sales and profit performance through which all brands of a product progress:introduction, growth, maturity, and decline |
| introduction stage | the stage of the product life cycle when a brand-new product enters the market |
| growth stage | the stage of the product life cycle when several brands of the new product are available |
| maturity stage | the stage of the product life cycle when the product has many competing brands with very similar features |
| decline stage | the stage of the product life cycle when a product is introduced that is much better or easier to use, and customers begin to switch from the old product to the new product |
| industrial goods | products designed for use by other businesses |
| consumer goods | products designed for personal or home use |
| convenience goods | inexpensive items that consumers purchase regularly without a great deal of thought |
| shopping goods | products that consumers purchase less frequently than convenienve goods, usually have a higher price, and require some buying thought |
| specialty goods | products that customers insist upon having and are willing to search for until they find them |
| unsought goods | products for which customers do not shop because they do not have a strong need for them |
