Marketing Terms and Concepts: A Comprehensive Guide, Quizzes of Marketing

Download Marketing Terms and Concepts: A Comprehensive Guide and more Quizzes Marketing in PDF only on Docsity! TERM 1 Marketing DEFINITION 1 The process of creating, distributing,promoting and pricing goods, services and ideas to facilitate satisfying exchange relations with customers and develop and maintain relationships with stakeholders in dynamic environment. TERM 2 Market Mix DEFINITION 2 4 Elements how to satisfy customers: 1.Product2. Price3. Distribution4. Promotion TERM 3 Product Variable DEFINITION 3 Product can be a Good, service, or idea TERM 4 Distribution Variable DEFINITION 4 Make products available in quantities desiredMinimize cost: Inventory, Transportation, and Storage TERM 5 Promotion Variable DEFINITION 5 Inform individuals or groups about the organization and its products/ services TERM 6 Marketing Environment DEFINITION 6 6 Sources that affect marketing mix: 1. Economic forces2.Political forces3.Legal and regulatory forces4.Technological forces5.Socio-cultural forces6.Competitive Organization has NO control over these forces TERM 7 Marketing Concept DEFINITION 7 philosophy that an organization should try to provide products that satisfy customers needs.A firm must satisfy its own objectives TERM 8 Value-Driven Marketing DEFINITION 8 Value= Customer Benefits= Customer costs TERM 9 Marketing Strategy DEFINITION 9 a plan of action for identifying and analyzing a target market and develop a marketing mix to meet the needs of the market reflects overall direction of organization Coordinated with firms functional areas Contributes to achievement of Marketing objectives and organizational goals TERM 10 Marketing Plan DEFINITION 10 a written document that specifies the achievement to be performed to control the organizations marketing activities TERM 21 Chapter 7 Consumer Buying Behavior DEFINITION 21 The decision process and acts of people involved in buying and using products TERM 22 Buying Decision process Problem Recognition DEFINITION 22 Problem Recognition : buyer becomes aware of a difference between a desired state and an actual condition TERM 23 Buying Decision process Information Search DEFINITION 23 Information Search : Internal Search : buyers search their memories for information about products that might solve their problems External Search: consumers seek additional information from outside sources TERM 24 Buying Decision process Evaluation of Alternatives DEFINITION 24 Consideration set : a group of brands within a particular product category that the buyer views as alternatives for possible purchase TERM 25 Buying Decision process Purchase Decision DEFINITION 25 Chooses the product or brand to be bought TERM 26 Buying Decision process Post-Purchase Evaluation DEFINITION 26 after purchase, the buyer evaluates the product TERM 27 Situational Influences DEFINITION 27 Factors that result from circumstances, time, and location that effect the consumer buying decision process Can influence the decision making process at any stage of the consumer buying decision process TERM 28 Situational Influences Physical Surroundings DEFINITION 28 includes location, store atmosphere, aromas, sounds, lighting, weather, and other factors in the physical environment TERM 29 Situational Influences Social surroundings DEFINITION 29 Includes characteristics and interactions of others who are present during a purchase decision TERM 30 Situational Influences Time Perspective DEFINITION 30 Includes the amount of time required to become knowledgeable about a product, to search for it, and buy and use it. TERM 31 Situational Influences Reason for Purchase DEFINITION 31 What the product purchase should accomplish and for whom TERM 32 Situational Influences Buyer's momentary mood and condition DEFINITION 32 mood TERM 33 The Perception Process DEFINITION 33 Selection : individual selects which inputs will reach awareness Organization: changing or twisting received information; occurs when a person receives information inconsistent with personal feelings or beliefs. Interpretation : remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not TERM 34 Attitudes DEFINITION 34 3 major concepts of attitude : Informational : knowledge and information Emotional: Feelings and emotions Behavioral : Actions regarding the object or idea TERM 35 Lifestyle DEFINITION 35 Strongly influences the buying decision process Many marketers segment markets by lifestyle