Business - Chapter 12

  1. Marketing
    Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services.
  2. Marketing Concept
    The idea of the whole firm is directed towards serving present and potential customers at a profit.
  3. Value
    Relative comparison of a product's benefits versus its cost.
  4. Consumer Goods
    Products purchased by individuals for thier personal use.
  5. Industrial goods
    Products purchased by companies to use directly or indirectly to produce other products.
  6. Relationship Marketing
    A type of marketing that emphasizes lasting relationships with customers and suppliers.
  7. Marketing Managers
    Managers responsible for planning and implementing all the marketing mix activities that result in the transfer of goods or services to customers.
  8. Marketing Plan
    Detailed strategy for gearing the marketing mix to meet consumer needs and wants.
  9. Marketing Mix
    The combination of product, pricing, promotion, and distribution strategies used in marketing a product.
  10. Product
    A good, service, or idea that satisfy buyers' needs and demands.
  11. Product Differentiation
    The creating of a product or product image that differs from existing products to attract customers.
  12. Price
    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.
  13. Distribution
    The part of the marketing mix concerned with getting products from the producer to the buyer, including physical transportation and choice of sales outlet.
  14. Promotion
    That part of marking mix concerned with selecting the appropriate technique for selling a product to a consumer.
  15. Target Market
    Any group of people who have similar wants and needs and may be expected to show interest in the same product(s)
  16. Market Segmentation
    Dividing a market into categories according to traits customers have in common.
  17. Geographic Variable
    Geographical units that may be considered in a segmentation strategy.
  18. Demographic Variable
    Characteristics of populations that may be considered in developing a segmentation strategy
  19. Multicultural Marketing
    Marketing activities directed at various identifiable ethnic groups in Canada.
  20. Psychographic Variable
    Psychological traits that a group has in common, including motives, attitudes, activities, interests, and opinions.
  21. Product Positioning
    The establishment of an easily identifiable image of a product in the minds of consumers.
  22. Market Research
    The systematic study of what buyers need and how best to meet those needs.
  23. Secondary Data
    Information already available to market researchers as a result of previous research by the firm or other agencies.
  24. Primary Data
    Information developed through new research by the firm or its agents.
  25. Observation
    A market research technique involving viwing or otherwise monitoring consumer buying patterns.
  26. Survey
    A market research technique based on questioning a representative sample of consumers about purchasing attitudes and practices.
  27. Focus Group
    A market research technique involving a small group of people brought together and allowed to discuss delected issues in depth.
  28. Experimentation
    A market research technique in which the reactions of similar people are compared under different circumstances.
  29. Consumer Behaviour
    The study of the process by which customers come to purchase and consume a product or service
  30. Rational Motives
    Those reasons for purchasing a product that involve a logical evaluation of product attributes such as cost, quality and usefulness.
  31. Emotional motives
    Those reasons for purchasing a product that involve non-objective factors.
Card Set
Business - Chapter 12
Kwantlen University