Business - Chapter 12

Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services.

The idea of the whole firm is directed towards serving present and potential customers at a profit.

Relative comparison of a product's benefits versus its cost.

Products purchased by individuals for thier personal use.

Products purchased by companies to use directly or indirectly to produce other products.

A type of marketing that emphasizes lasting relationships with customers and suppliers.

Managers responsible for planning and implementing all the marketing mix activities that result in the transfer of goods or services to customers.

Detailed strategy for gearing the marketing mix to meet consumer needs and wants.

The combination of product, pricing, promotion, and distribution strategies used in marketing a product.

A good, service, or idea that satisfy buyers' needs and demands.

The creating of a product or product image that differs from existing products to attract customers.

The part of the marking mix concerned with choosing the appropriate price for a product to meet the firm's profit objectives and buyers' purchasing objectives.

The part of the marketing mix concerned with getting products from the producer to the buyer, including physical transportation and choice of sales outlet.

That part of marking mix concerned with selecting the appropriate technique for selling a product to a consumer.

Any group of people who have similar wants and needs and may be expected to show interest in the same product(s)

Dividing a market into categories according to traits customers have in common.

Geographical units that may be considered in a segmentation strategy.

Characteristics of populations that may be considered in developing a segmentation strategy

Marketing activities directed at various identifiable ethnic groups in Canada.

Psychological traits that a group has in common, including motives, attitudes, activities, interests, and opinions.

The establishment of an easily identifiable image of a product in the minds of consumers.

The systematic study of what buyers need and how best to meet those needs.

Information already available to market researchers as a result of previous research by the firm or other agencies.

Information developed through new research by the firm or its agents.

A market research technique involving viwing or otherwise monitoring consumer buying patterns.

A market research technique based on questioning a representative sample of consumers about purchasing attitudes and practices.

A market research technique involving a small group of people brought together and allowed to discuss delected issues in depth.

A market research technique in which the reactions of similar people are compared under different circumstances.

The study of the process by which customers come to purchase and consume a product or service

Those reasons for purchasing a product that involve a logical evaluation of product attributes such as cost, quality and usefulness.

Those reasons for purchasing a product that involve non-objective factors.