| 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 |
| marketing strategy | a company's plan that identifies how it will use marketing to achieve its goals |
| target market | a specific group of consumers that have similar wants and needs |
| marketing mix | the blending of the four marketing elements--product, (place) distribution, price and promotion |
| marketing orientation | an approach that 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 consumer decide what products and services to purchase |
| emotional buying motives | reasons consumers decide what products and services to purchase based on feelings, beliefs, and attitude |
| rational buying motives | reasons consumers decide what products and services to purchase based on facts and logic |
| marketing research | finding solutions to problems through carefully designed studies involving customers |
| product | everything a business offers to satisy a customer's needs |
| services | activities that are consumed at the same time they are produced |
| intangible | something that no physical form |
| inseparable | something that is consumed at the same time it is produced |
| perishable | the availability of a service to match the demand for that service at a specific time |
| hetergeneous | characterized by the differences in the type and quality of service provided |
| pricing | setting and communicating the value of products and services |
| distribution | involves determining the best ways for customers to locate, obtain, and use the products and services of an organization |
| 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 a channel of distribution |
| promotion | any form of communication 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 |
| markup | the amount added to the cost of a product to set the selling price |
| markdown | a reduction from the original selling price |
| product/service management | designing, developing, maintaining, improving, and acquiring products and services that meet customer 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 decision-making and the performance of marketing activities |
| financing | budgeting for marketing activities, obtaining the necessary funded 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 |
