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Flashcards in final - chapter 10 Deck (22)
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1
Q

What are the 7 functions of marketing?

A
  1. product and service management
  2. distribution
  3. selling
  4. marketing information management
  5. financial analysis
  6. pricing
  7. promotion
2
Q

a specific group of consumers who have similiar wants and needs

A

target market

3
Q

the blending of four marketing elements - product, distribution, price and promotion

A

marketing mix

aka 4 P’s of marketing

4
Q

persons who buy products and services mostly for their own use

A

final consumers

5
Q

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

A

business consumers

6
Q

the reasons consumers decide what products and services to purchase

A

buying motives

7
Q

What are the 2 types of buying motives?

A
  1. emotional buying motives - purchases based on feelings, beliefs and attitudes (buying home security system to keep family safe, buying birthday gift for friend)
  2. rational buying motives - purchases based on facts and logic (buying cost effective car)
8
Q

finding solutions to problems through carefuly designed studies involving consumers

A

marketing research

9
Q

What is the purpose of marketing research?

A

to find solutions to problems

10
Q

What are some examples of marketing research?

A
  • surveys
  • focus groups
  • observations
  • experiments
11
Q

What is the pricing formula used by businesses to find the selling price?

A

product costs + operating expenses + profit = selling price

12
Q

the amount added to the cost of a product to set the selling price

A

markup

13
Q

a reduction from the original selling price

A

markdown

14
Q

What does distribution entail?

A

involves determining the best methods and procedures to use so customers can find, obtain and use a product or service

15
Q

the route a product follows and the businesses involved in moving a product fromt he producer to the final consumer

A

channel of distribution

16
Q

any form of communication used to inform, persuade, or remind

A

promotion

17
Q

Describe the communication process.

read…

A
  • begins with a person or organization (sender) that has info to communicate to another person or organization (receiver)
  • sender chooses the way (communication channel) the info will be transmitted to the receiver
  • sender decides the form in which the info will be sent - text, spoken words, pictures
  • the receiver gets the info from the channel and interprets it for understanding (decoding)
  • then the sender needs to have a response from the receiver (feedback) to be sure the communication achieved the desired result
  • if the receiver understood the info and responds in a way the sender wanted, then communication was effective
18
Q

any paid form of cumminication through mass media directed at identified consumers to provide info and influence their actions

A

advertising

19
Q

What are the most common advertising media?

A
  • tv
  • radio
  • newspapers
  • magazines
  • mass mailings
  • outdoor displays
  • internet
20
Q

non paid promotional cmmunication presented by the media rather than by the business or organization that is being promoted

A

publicity

21
Q

an ongoing program of non paid and paid communications, is planned to favorably influence public opinion about an organization, marketing effort, idea or issue

A

public relations

22
Q

includes activities and materials desinged to reinforce a company’s brand and image

A

sales promotion