1. Chapter 10 Review Intro to Business

2. 1 Any paid form of communication through mass media directed at identified consumers to provide information and influence their actions. Advertising

3. 2 The exchange of information so there is common understanding by all participants Effective communication

4. 3 A specific group of consumers that have similar wants and needs Target market

5. 4 Anything a business offers to satisfy a customers needs Product

6. 5 The locations and methods used to make a product or service available to the target market distribution

7. 6 The blend of the marketing elements. (The 4Ps) Marketing mix

8. 7 Intangible activities that are consumed at the same time they are produced Services

9. 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

10. 9 The route a product follows and the businesses involved in moving a product from the producer to the final consumer Channel of distribution

11. 10 Finding solutions to problems through carefully designed studies involving consumers Marketing research

12. 11 A company’s plan that identifies how it will use marketing to achieve its goals Marketing strategy

13. 12 The reason consumers decide what products and services to purchase Buying motives

14. 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

15. 14 Any form of communication used to inform, persuade, or remind. Promotion

16. 15 The money a customer must pay for a product or service. Price

17. 16 Persons who buy products and services for their own use. Final consumer

18. 17 Collecting information by recording the actions of consumers rather than asking them questions. Observations

19. 18 Services are _______, meaning that the availability of a service must match the demand for that service at a specific time. Perishable

20. 19 The most effective form of promotion. Personal selling

21. 20 Sponge Bob on a cereal box. (creative format) Character

22. 21 Uses rational reasoning and scientific information to demonstrate why the product is superior. (creative format) Scientific evidence

23. 22 A small group of consumers take part in a group discussion. Focus group

24. 23 A yes/no question. Close-ended question

25. 24 Explain why the surveys you conducted in class were not scientific? The sample surveyed was not random

26. 25 Services are _______, meaning that there will be differences in the type and quality of service provided. Heterogeneous

27. 26 The intersection of supply and demand. Market price

28. 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

29. 28 List the first step in the consumer decision-making process. Recognize a need

30. 29 Reasons to purchase based on feelings, beliefs, and attitudes. Emotional buying motives

31. 30 Analyzing existing information gathered for another purpose to solve a current problem. Secondary research

32. 31 A way to gather information from people using a carefully planned set of questions. Survey

33. 32 Services are _______, meaning that they are consumed at the same time they are produced. Inseparable

34. 33 XYZ Construction Co. uses only the highest quality lumber and materials when building homes. (creative format) Technical expertise

35. 34 A survey question where the participant can chose any answer they want. Open-ended question

36. 35 List a reason for the need for distribution channels. –Differences in quantity –Differences in assortment –Differences in location –Differences in timing

37. 36 The most expensive form of promotion (per person reached). Personal selling

38. 37 An _________ presents two carefully controlled alternatives to subjects in order to determine which is preferred or has better results. Experiment

39. 38 People using the product or service in an everyday setting. (creative format) Slice-of-life

40. 39 A cowboy wearing Wrangler jeans while working cattle. (creative format) Lifestyle

41. 40 Portrays an emotion. (creative format) Mood or image

42. 41 Reasons to purchase items that are guided by facts and logic. Rational buying motives

43. 42 Studies carried out to gather new information specifically directed at a current problem. Primary research

44. 43 Men who drives sports cars get all the women. (creative format) Fantasy

45. 44 The camera on a cell phone would best be described as which part of the product? Feature

46. 45 Services are _______, meaning that they have no physical form. Intangible

47. 46 Celebrities or average Joes endorsing a product. (creative format) Testimonial

48. 47 Explain how the product is made. (creative format) Technical expertise

49. 48 “One day, one night, Saturday’s alright” (creative format) Musical

50. 49 Adding unlimited texting to a cell phone plan would best be described as adding a product _________. Option

51. 50 List one of the 4 characteristics of services. Intangible Inseparable Perishable Heterogeneous

52. 51 Define advertising. Any paid form of communication through mass media directed at identified consumers to provide information and influence their actions.

53. 52 Services are intangible. What does this mean? Have no physical form.

54. 53 Define services. Intangible activities that are consumed at the same time they are produced

55. 54 Define marketing research. Finding solutions to problems through carefully designed studies involving consumers

56. 55 Define marketing strategy. A company’s plan that identifies how it will use marketing to achieve its goals

57. 56 Services are inseparable. What does this mean? Consumed at the same time they are produced.

58. 57 A woman buys a new style of dress & immediately the man of her dreams ask her on a date. (creative format) Fantasy

59. 58 Define observation. Collect information by recording the actions of consumers rather than asking them questions.

60. 59 Define effective communication. The exchange of information so there is common understanding by all participants

61. 60 Made from the finest organic ingredients. (creative format) Technical expertise

62. 61 Chuck Norris endorsing the Total Gym. (creative format) Testimonial

63. 62 Services are perishable. What does this mean? The availability of the service must match the demand for that service at a specific time.

64. 63 Define product. Anything a business offers to satisfy a customers needs

65. 64 What does the word heterogeneous mean? Different

66. 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

67. 66 What is a final consumer. One who buys a product for their own use.

68. 67 List a common source for obtaining secondary research. U.S. Census Bureau

69. 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.

70. 69 Define target market. A specific group of consumers that have similar wants and needs

71. 70 Define business consumer. One who buys a product for resale or to use to product another product or service.

72. 71 Another word for place. Distribution

73. 72 Clinically proven to reduces the signs of acne by 50% within the first week. (creative format) Scientific evidence

74. 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

75. 74 The Keebler elves. (creative format) Character

76. 75 Define marketing mix. 4 Ps

77. 76 Define distribution. The locations and methods used to make a product or service available to the target market

78. 77 Define buying motives. Buying motives

79. 78 Define market price. The intersection of supply and demand.

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