| A | B |
|---|
| product and service management | designing, developing, maintaining, improving, and acquiring products and services that meet consumer needs |
| business consumers | are 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. |
| 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. |
| financial analysis | budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers so they can purchase the business’s products and services |
| pricing | setting and communicating the value of products and services |
| promotion | communicating information about products and services to potential customers. |
| marketing strategy | A company’s plan that identifies how it will use marketing to achieve its goals is called |
| target market | a specific group of consumers who have similar wants and needs |
| marketing mix | the blend of four marketing elements—product, distribution, price, and promotion |
| marketing orientation | considers the needs of customers when developing a marketing mix. Companies use research to study customers and their needs |
| final consumers | are persons who buy products and services mostly for their own use. |
| 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. |
| buying motives | he reasons consumers decide what products and services to purchase are called |
| consumer decision making process | The specific sequence of steps consumers follow to make a purchase |
| markup | the amount added to the cost of a product to set the selling price |
| emotional buying motives | reasons to purchase based on feelings, beliefs, and attitudes |
| rational buying motives | guided by facts and logic |
| marketing research | Finding solutions to problems through carefully designed studies involving consumers |
| secondary research | Analyzing existing information gathered for another purpose but used to solve a current problem is known |
| primary research | Studies carried out to gather new information specifically directed at a current problem |
| surveys | gathering information from people using a carefully planned set of question |
| focus groups | a small number of consumers take part in a group discussion |
| observation | recording the actions of consumers rather than asking them questions |
| experiment | presents two carefully controlled alternatives to subjects in order to determine which is preferred or has better results |
| brand name | provides a unique identification for a company’s products |
| services | activities that are consumed at the same time they are produced. |
| advertising | any paid form of communication through mass media directed at identified consumers to provide information and influence their actions. |
| product cost | costs to the manufacturer of producing the product or the price paid by other businesses to buy the product. |
| operating expenses | all expenses of operating the business that are associated with the product. |
| profit | the amount of money available to the business after all costs and expenses have been paid. |
| distribution | determining the best ways for customers to locate, obtain, and use the products and services of an organization |
