| A | B |
|---|
| Effective Communications | The exchange of information so there is common understanding by all participants. |
| Generic Products | Less Expensive |
| Product | Everything a business offers to satisfy a customer's needs. |
| Distribution | The locations and methods used to make a product or service available to the target market. |
| Marketing Mix | The blending of the marketing elements |
| Services | Intangible activities that are consumed at the same time they are produced. |
| 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. |
| Channel of Distribution | The route a product follows and the businesses involved in moving a product from the producer to the final consumer. |
| Marketing Research | Finding solutions to problems through carefully designed studies involving consumers. |
| Marketing Strategy | A company's plan that identifies how it will use marketing to achieve its goals. |
| Buying Motives | The reasons consumers decide what products and services to purchase. |
| Personal Selling | Direct individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services. |
| Promotion | Any form of communication used to inform, persuade, or remind. |
| Price | The money a customer must pay for a product or service. |
| Mediation | Use of a third party who attempts to resolve the complaint between a consumer and business. |
| Impulse Buying | Buying to rapidly without much thought. |
| Brand | A name given to a product or service to distinguish it from other similar products or services |
| Small Claims Court | A legal system for resolving cases involving small monetary amounts. |
| Unit Price | The price per unit of measure of a product. |
| Fraud | When false information is given to a customer in an effort to make a sale. |
| Advertising | Any paid form of communication through mass media directed at identified consumers to provide information and influence their actions. |
| Class Action Suit | A lawsuit brought by one party on behalf of a group with the same grievance. |
| Express Warranty | Guarantees made orally or in writing that promise a specific quality of performance. |
| Arbitration | Third-Party settlement resulting in a decision that is legally binding. |
| Guarantee | A promise by the manufacturer or dealer, usually in writing, that a product is of a certain quality. |
| Implied Warranty | Guarantees imposed by law that are not stated orally or in writing and that require certain standards to be met. |
| Consumer Movement | Banding together of consumers to demand fair treatment from businesses. |
| Product/Service Management | Designing, Developing, Maintaining, Improving, and Acquiring Products and services that meet consumer needs. |
| Selling | Communicating directly with potential customers to determine and satisfy their needs. |
| Marketing-Information Management | obtaining, managing, and using market information to improve business -making and the performance of marketing activities |
| Financing | Budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business' products and services. |
| Pricing | Setting and communicating the value of products and services |
| Promotion | Communicating information about products and services to potential customers |
| Emotional Buying Motives | Reasons to purchase based on feelings, beliefs, and attitudes |
| Rational Buying Motives | Guided by Facts and Logic |
| Secondary Research | Analyzing existing information gathered for another purpose but used to solve a current problem |
| Primary Research | Studies carried out to gather new information specifically directed at a current problem |
| Surveys | Gather information from people using planned set of questions |
| Focus Groups | A small number of consumers take part in a group discussion |
| Observations | Collect information by recording the actions of consumers rather than asking them questions |
| Experiement | Presents 2 carefully controlled alternatives to subjects in order to determine which is preferred or has better results |
| Basic Product | The simplest form of a product |
| Product Features | Additions or Improvements to the basic product |
| Options | Choices offered to Customers |
| Brand Name | Provides unique identification for a company's product |
| Packaging | Provides protection and security for the product before its used |
| Selling Price | Price paid by the customer for the product |
| Product Cost | Costs to the manufacturer of producing the product or the price paid by other businesses to buy the product |
| Operating Expenses | All the expenses of operating the business that are associated with the product |
| Profit | Amount of money available to the business ater all costs and expenses have been paid |
| Gross Margin | Difference between the selling price and product cost |
| Markup | the amount added to the cost of a product to set the selling price |
| Direct Channel of Distribution | Products move from the producer straight to the consumer with no other organizations participating |
| Indirect Channel of Distribution | 1 or more other businesses between the producer and consumer |
| Retailers | well-known and important part of distribution channels for consumer products |
| Personalized Promotion | Communicates directly with each customer using information tailored to that person |
| Mass Promotion | Communicates with many people |
| Promotional Sales | used to promote the selling of regular merchandise with short-term price reductions |
| Clearance Sale | Used to clear merchandise |
| National Brands | Advertised all over the country |
| Store Brands | Brands found in the Store |
| Private Label Brands | Special Item |
| Target Market | A specific group of consumers that have simliar wants and needs. |
| Department Stores | Extensive Product Line and emphasize service |
| Discount Stores | Emphasize lower prices on their products |
| Specialty Stores | have a special line of products for sale |
| Convenience Stores | small stores that emphasize the sale of food items, an accessible location, and long operating hours |
| Specialty Superstores | offer low prices and a wide variety of limited product line |
| Superstore | include other retail services such as a bakery, restaurant, pharmacy, video rentals, and banking |
| Warehouse Club | no-frills outlet focusing on the sale of large quantities |
| Factory Outlet | a reputation for selling high-quality merchandise at low prices |
| Mail Order | people sent in their orders by mail and later called by telephone |
| Vending Machines | non-store shopping |
| Monopoly | No competition and control of the market |
