| A | B |
|---|
| marketing | The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
| marketing strategy | A company's plan that identifies how it will use marketing to achieve its goals. |
| target market | A specific group of consumers who have similar wants and needs. |
| marketing mix | The blending of four marketing elements-product, distribution, price, and promotion. |
| marketing orientation | Considers the needs of customers when developing a marketing mix. |
| final consumers | Persons who buy products and services mostly for their own use. |
| business consumers | Persons, companies, and organizations that buy products for the operation of a business, for incorporation into other products and services, or for resale to their customers. |
| consumer decision making process | The specific sequence of steps consumers follow to make a purchase. |
| buying motives | The reasons consumers decide what products and services to purchase. |
| marketing research | Finding solutions to problems through carefully designed studies involving consumers. |
| product | Everything a business offers to satisfy a customer's needs. |
| services | Activities that are consumed at the same time they are produced. |
| intangible | No physical form. |
| inseparable | Consumed at the same time they are produced. |
| perishable | The availability of a service must match the demand for that service at a specific time. |
| heterogeneous | There will be differences in the type and quality of service provided. |
| price | The money a customer must pay for a product or service. |
| distribution | The locations and methods used to make a product or service available to the target market. |
| channel of distribution | The route a product follows and the businesses involved in moving a product from the producer to the final consumer. |
| channel members | The businesses that take part in the channel of distribution. |
| retailer | The final business organization in an indirect channel of distribution for consumer products. |
| promotion | Any form of comunication used to inform, persuade, or remind. |
| effective communication | The exchange of information so there is common understanding by all participants. |
| personal selling | Direct, individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services. |
| advertising | Any paid form of communication through mass media directed at identified consumers to provide information and influence their actions. |
| merchandising | Includes a set of promotional activities designed to generate sales in the retail setting. |
