Marketing Vocab

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Author:
hunter82
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245772
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Marketing Vocab
Updated:
2013-11-07 23:12:30
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ITB
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Description:
Coach Wilson's marketing vocab words
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  1. A set of activities that gets product from producers to consumers.
    Marketing
  2. Businesses that sell directly to final consumers
    Retailers
  3. Businesses that buy products from businesses and sell them to other businesses
    Wholesalers
  4. Are responsible for coordinating marketing functions across departments to meet customer needs
    Marketing Managers
  5. Obtaining a product to be resold. Involves finding suppliers that can provide the right products in the right quality and quantity at a fair price
    Buying
  6. Providing personalized and persuasive to customers to help them buy the products and services they need
    Selling
  7. Moving products from where they were made to where consumers can buy them
    Transporting
  8. Holding products until customers need them. Products are stored in locations such as on shelves, in storage rooms, and in warehouses
    Storing
  9. Providing money to pay for the various marketing activities. Includes obtaining credit when buying and extending credit when selling
    Financing
  10. Studying buyer interests and needs, testing products, and gathering facts needed to make good marketing decisions
    Researching
  11. Assuming the risk of losses that may occur from fire, theft, damage, or other circumstances
    Risk Taking
  12. Grouping goods according to size quality, or other characteristics, and determining an appropriate price for products and services
    Grading and Valuing
  13. Decisions about what and how to proceed received the most attention
    Product-oriented
  14. Emphasize widespread distribution and promotion to sell their products
    Sales-oriented
  15. Direct the activities of the company toward satisfying customers
    Customer-oriented
  16. Keeping the needs of the consumer uppermost in mind during the design, production, and distribution of a product
    Marketing Concept
  17. Types of buyers a business wishes to attract and where those buyers are located
    Market
  18. The study of a company's current and prospective customers
    Market Research
  19. Groups of customers with very similar needs, it can easily produce a product that will satisfy everyone in the group
    Target Markets
  20. Identifies alternate market segments with unique needs based on major choice criteria
    Positioning Chart
  21. The blend of all decisions related to the four elements of marketing-product, price, distribution, and promotion
    Marketing Mix
  22. All attributes, both tangible and intangible, that customers receive in exchange for the purchase price
    Product
  23. The amount of money given to acquire a product
    Price
  24. The set of activities required to transport and store products and make them available to customers
    Place (Distribution)
  25. Providing information to consumers that will assist them in making a decision and persuade them to purchase a product or service
    Promotion
  26. A detailed written description of all marketing activities that a business must accomplish in order to sell its products
    Marketing Plan
  27. Consists of four stages of sales and profit performance through which all brands of a product progress: introduction, growth, maturity, and decline
    Product Life Cycle
  28. A brand-new product enters the market
    Introduction Stage
  29. When several brands of the new product are available
    Growth Stage
  30. The product is competing with many other brands with very similar features
    Maturity Stage
  31. Occurs when a new product is introduced that is much better or easier to use and customers begin to switch from the old product to the new product
    Decline Stage
  32. Products designed for use by another business
    Industrial Goods
  33. Products designed for personal or home use
    Consumer Goods
  34. Inexpensive items that consumers purchase regularly without a great deal of thought
    Convenience Goods
  35. Products that consumers purchase less frequently than convenience goods, usually have a higher price, and require some buying thought
    Shopping Goods
  36. Products that customers insist on having and are willing to search for until they find them
    Specialty Goods
  37. Customers do not shop for some products because they do not have a strong need for them
    Unsought Goods

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