Chapter 10 Review Intro to Business

1 Any paid form of communication through mass media directed at identified consumers to provide information and influence their actions. Advertising

2 The exchange of information so there is common understanding by all participants Effective communication

3 A specific group of consumers that have similar wants and needs Target market

4 Anything a business offers to satisfy a customers needs Product

5 The locations and methods used to make a product or service available to the target market distribution

6 The blend of the marketing elements. (The 4Ps) Marketing mix

7 Intangible activities that are consumed at the same time they are produced Services

8 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

9 The route a product follows and the businesses involved in moving a product from the producer to the final consumer Channel of distribution

10 Finding solutions to problems through carefully designed studies involving consumers Marketing research

11 A company’s plan that identifies how it will use marketing to achieve its goals Marketing strategy

12 The reason consumers decide what products and services to purchase Buying motives

13 Direct individualized communication with prospective customers to assess their needs and assist them in satisfying those needs with appropriate products and services. Personal selling

14 Any form of communication used to inform, persuade, or remind. Promotion

15 The money a customer must pay for a product or service. Price

16 Persons who buy products and services for their own use. Final consumer

17 Collecting information by recording the actions of consumers rather than asking them questions. Observations

18 Services are _______, meaning that the availability of a service must match the demand for that service at a specific time. Perishable

19 The most effective form of promotion. Personal selling

20 Sponge Bob on a cereal box. (creative format) Character

21 Uses rational reasoning and scientific information to demonstrate why the product is superior. (creative format) Scientific evidence

22 A small group of consumers take part in a group discussion. Focus group

23 A yes/no question. Close-ended question

24 Explain why the surveys you conducted in class were not scientific? The sample surveyed was not random

25 Services are _______, meaning that there will be differences in the type and quality of service provided. Heterogeneous

26 The intersection of supply and demand. Market price

27 Persons, companies, and organizations that buy products for the operation of businesses, for incorporation into other products and services, or for resale to their customers. Business consumers

28 List the first step in the consumer decision-making process. Recognize a need

29 Reasons to purchase based on feelings, beliefs, and attitudes. Emotional buying motives

30 Analyzing existing information gathered for another purpose to solve a current problem. Secondary research

31 A way to gather information from people using a carefully planned set of questions. Survey

32 Services are _______, meaning that they are consumed at the same time they are produced. Inseparable

33 XYZ Construction Co. uses only the highest quality lumber and materials when building homes. (creative format) Technical expertise

34 A survey question where the participant can chose any answer they want. Open-ended question

35 List a reason for the need for distribution channels. –Differences in quantity –Differences in assortment –Differences in location –Differences in timing

36 The most expensive form of promotion (per person reached). Personal selling

37 An _________ presents two carefully controlled alternatives to subjects in order to determine which is preferred or has better results. Experiment

38 People using the product or service in an everyday setting. (creative format) Slice-of-life

39 A cowboy wearing Wrangler jeans while working cattle. (creative format) Lifestyle

40 Portrays an emotion. (creative format) Mood or image

41 Reasons to purchase items that are guided by facts and logic. Rational buying motives

42 Studies carried out to gather new information specifically directed at a current problem. Primary research

43 Men who drives sports cars get all the women. (creative format) Fantasy

44 The camera on a cell phone would best be described as which part of the product? Feature

45 Services are _______, meaning that they have no physical form. Intangible

46 Celebrities or average Joes endorsing a product. (creative format) Testimonial

47 Explain how the product is made. (creative format) Technical expertise

48 “One day, one night, Saturday’s alright” (creative format) Musical

49 Adding unlimited texting to a cell phone plan would best be described as adding a product _________. Option

50 List one of the 4 characteristics of services. Intangible Inseparable Perishable Heterogeneous

51 Define advertising. Any paid form of communication through mass media directed at identified consumers to provide information and influence their actions.

52 Services are intangible. What does this mean? Have no physical form.

53 Define services. Intangible activities that are consumed at the same time they are produced

54 Define marketing research. Finding solutions to problems through carefully designed studies involving consumers

55 Define marketing strategy. A company’s plan that identifies how it will use marketing to achieve its goals

56 Services are inseparable. What does this mean? Consumed at the same time they are produced.

57 A woman buys a new style of dress & immediately the man of her dreams ask her on a date. (creative format) Fantasy

58 Define observation. Collect information by recording the actions of consumers rather than asking them questions.

59 Define effective communication. The exchange of information so there is common understanding by all participants

60 Made from the finest organic ingredients. (creative format) Technical expertise

61 Chuck Norris endorsing the Total Gym. (creative format) Testimonial

62 Services are perishable. What does this mean? The availability of the service must match the demand for that service at a specific time.

63 Define product. Anything a business offers to satisfy a customers needs

64 What does the word heterogeneous mean? Different

65 Define channel of distribution. The route a product follows and the businesses involved in moving a product from the producer to the final consumer

66 What is a final consumer. One who buys a product for their own use.

67 List a common source for obtaining secondary research. U.S. Census Bureau

68 Services are heterogeneous. What does this mean? There will be differences in the type and quality of service provided due to the human element.

69 Define target market. A specific group of consumers that have similar wants and needs

70 Define business consumer. One who buys a product for resale or to use to product another product or service.

71 Another word for place. Distribution

72 Clinically proven to reduces the signs of acne by 50% within the first week. (creative format) Scientific evidence

73 Define 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

74 The Keebler elves. (creative format) Character

75 Define marketing mix. 4 Ps

76 Define distribution. The locations and methods used to make a product or service available to the target market

77 Define buying motives. Buying motives

78 Define market price. The intersection of supply and demand.

Final Question The marketing mix. (4 Ps) Product Place Price Promotion