Term
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Definition
| process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satify individual and organizational objectives |
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Term
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Definition
| seven marketing functions: product/service management, distribution, selling, marketing-information management, financing, pricing, and promotion |
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Term
| Product/Service Management |
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Definition
| designing, developing, maintaining, improving, and acquiring products and services to meet customer needs |
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Term
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Definition
| determining the best ways for consumers to locate, obtain, and use the products and services of an organization |
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Term
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Definition
| communicating directly with potential customers to determine ad satisfy their needs |
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Term
| Marketing-Information Management |
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Definition
| obtaining, managing, and using market info to improve business decision-making and performance of marketing activities |
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Term
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Definition
| budgeting for marketing activities, obtaining the necessary funds needed for operations, and providing financial assistance to customers |
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Term
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Definition
| setting and communicating the value of products and services |
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Term
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Definition
| communicating information about products and services to potential customers |
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Term
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Definition
| company's plan that identifies how it will use marketing to achieve its goals |
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Term
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Definition
| first step in developing market strategy; specific group of customers that have similar wants and needs |
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Term
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Definition
| second step in market strategy; blending of four elements: product, distribution, price, and promotion |
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Term
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Definition
| considers needs of customers when developing marketing mix; used to study what the customers want |
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Term
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Definition
| persons who buy products and services mostly for their own use |
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Term
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Definition
| 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 |
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Term
| Consumer Desicion-Making Process |
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Definition
1. recognize need
2. gather info
3. select and evaluate alternatives
4. make purchase decision
5. determine effectiveness of decision |
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Term
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Definition
| reasons consumers decide what products and services to purchase |
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Term
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Definition
| reasons to purchase based on feelings, beliefs, and attitudes |
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Term
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Definition
| guided by facts and logic |
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