Marketers use the marketing mix to determine the proper strategy for a product. Match. individuals who are able to defend their ideas objectively usually are able to provide others with, In order to be understood on the telephone, a business's employees should always, Brooke is attending a meeting to discuss an upcoming project that she will be working on. Difficulty. Play as. Marketing. An official appointed to supervise arrangements, A person who attempts to make people involved in a conflict come to an agreement, A sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive, Owned and run jointly by its members, with profits or benefits shared among them, A business or firm owned and run by two or more partners, The owner of a business, or a holder of property, The action of taking something for one's own use; typically without the owner's permission, The action of damaging the good reputation of someone. You should A. raise your voice. Chapter 10 - Summary International Business Exam 1 articles Exam 2 Review - Exam 2 Study Guide Chapter 8 - Summary Principles of Marketing Chapter 13 - Summary Principles of Marketing Chapter 14 - Summary Principles of Marketing Ch2-7,19,20 - Summary Human Biology International Business Transactions - Spanogle Lecture slides, lecture 15-17 - Energy 2/2 Exam Spring 2015, questions and … This site was designed with the .com. Which of the following is an appropriate. Supply and Demand, Profit, and Competition are the three most significant origins of work in a market economy. The ability of individuals to make their own decisions: what to buy, how to use products, and what to sell. the process by which companies create value for customers and…. Involves much customer involvement because the items are expensive and purchased infrequently, such as cars, laptop computers, and homes. Accounting Applications. 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Link to Quizlet * Submit. Feedback. question. question. The dynamic activities that focus on the customer to generate a profitable exchange. Learn. Get Started The general term for all the activities involved in the development and exchange of products, The money that a business has left after all the expenses and costs of running the business are paid, A business owned by one person [who] has all the responsibility and gets all the profits from the business, An artificial person that exists separately from [other people], A legal entity established for the purpose of doing business [who] can buy property, run a business, manufacture products, earn money, lose money, sue, and be sued, The right of partial ownership in a corporation, A business organization whose goal is to make a profit for the owners, A legal entity whose goal is to benefit society, Social services, recreation and sport, arts and culture, food and health, housing, religion, and education, Production, Finance, Marketing, and Management, All activities required to plan, organize, lead, and control a business, Making a product more useful or accessible, An approach to business that says that the way to make a profit is to focus on customer satisfaction, The positive feeling a customer gets when the product purchased meets or exceeds the customer's expectations, The idea that all company employees can have an effect on the customers, Customer satisfaction, Total Company Approach, Profit, The function a company takes to learn about customer needs and wants through production, finance, and management, Handles activities involved in getting products from producers to customers. for the right principles and in the right way.” ... DECA . DECA’s Principles of Business Administration Events measure the student’s proficiency in those knowledge and skills identified by career practitioners as common academic and technical content across marketing, finance, hospitality, and business management and administration. answer. Government and individuals take actions to ensure each other are in balance. The DECA emblem is a diamond-shaped image with eight total points: four inner and four outer. The specific group of customers whose wants and needs you will try to meet with a specific marketing mix, Clearly defined wants and needs that your company meet, money to buy your product, willingness and authority to buy your product, enough customers in the market to be profitable, The decisions made about the product, place, price, and promotion for one product, All decisions made about what product to offer, All the decisions made about pricing a product, All decisions made about where the product will be sold, All the decisions made about how to tell customers about the company and the product, All the customers for a specific type of product, The development of only one marketing mix for a specific product [...] assumed everyone has exactly the same wants and needs for the product, Diverse, consisting of many groups of consumers with different needs, The development of a unique marketing mix for a specific market, (1) Choosing a target market first, (2) developing a great product idea and finding a target market, (3) develop the idea with the target market in mind, (4) create a new market for an old product, A small segment of the market whose needs are not being met, The process of dividing a large market into smaller parts, A customer characteristic that is used to segment a market, Geography, Demographics, Psychology, Behavioral, Segmenting a market based on where customers live, A count of the people in a country made by the government, Statistics that describe the characteristics of a population, A group of people born during a particular period of history, The income left after taxes and after the necessities of life have been paid for, Segmenting a market based on psychological characteristics of customers, Segmenting a market based on the way customers use a product, A detailed description of the typical consumer in a market segment, (1) Psychological, (2) social, (3) situational, The influences that come from within a person, The reason that a customer seeks a product, The influences that come from the society in which you live, (1) Culture, (2) family, (3) friends and coworkers, The people who influence your buying decisions, The social influence that comes from the people your age with whom you interact daily, Influences that come from the environment, A purchase decision made with no planning or research, A buying decision that is made quickly and without much thought, Decision making that is made with some research and planning, Decision making which involves a great deal of research and planning, One of the businesses that competes for customers, The exclusive control of a product by one company, The special feature or aspect of a product that makes it different from and better than other businesses, Competition that is based on something other than price, One competitor's percentage of the total sales in a specific market, Company Sales / Total Sales in Market x 100%, A chart used for recording information about competitors, The gathering of information to make marketing decision, (1) Customers, (2) competition, and (3) opportunity, Data collected for and about a specific company, Data collected for someone else or for nonmarketing reasons, but is available for you to use, A person hired by a business to observe the quality of service, (1) Observation, (2) Interview, (3) Survey, (4) Diaries, (5) Experiment, A formal meeting between two or more people, during which questions are asked of one person, A small group or panel of individuals who discuss topics of interest to the researcher, An organized study in which a researcher asks questions of a number of people, The process of analyzing company data to find answers to questions, A magazine or newsletter that focuses on a specific industry, An organization of people in a specific type of business, A group of businesses whose primary purpose is to promote businesses in their area, A statement that can be tested and proven to be true or false, A direction of movement of consumer behavior, (1) Social Trends, (2) Demographic Trends, (3) Product Trends, Changes in society which lead to changes in consumer behavior, Changes in the size of various segments of the population, Something that enjoys high popularity for a short amount of time and then disappears, A prediction of future sales based on past sales and an analysis, Past sales + Percentage increase factor = Sales Forecast, An organization whose goal is to benefit society, A financial contribution by a business to an NPO that pays for specific products or events, What the organization will do to improve quality of life by addressing some aspect of human needs or wants, States the NPO's goal and may include additional information, such as the organization's activities or who is involved in their organization, Collecting money from individuals, organizations, or governments in order to achieve the NPO's mission, Organizations that have obtained registered charitable status from the Government of Canada, The group of people that runs the organization and makes decision about its activities, A type of advertisement intended to raise awareness about an issue and encourage people to change their behavior, The selling of goods, services, or ideas through telephone calls, An ongoing relationship between an NPO and a business, Software that can be used on a mobile device, A video-based tour that lets you 'walk' through a place, Involves selling numbered tickets to raise money for the NPO, Business activities conducted via the Internet, The condition of being connected to the Internet or being available on the Internet, Software that searches the Web to find websites on your topic, A business that conducts all of its sales and most of its promotion online via a website, A business that serves customers from a building or store, A business-to-business exchange of information via computers using standard formats, When businesses use computer technology to store and transmit information, Selling products to consumers over the Internet, Interactive forms of media that let users communicate with each other online, Marketing using computer technology, including websites, e-mail, and mobile phones, A short, immediate form of blogging -- usually about 20 to 25 words, An Internet connection over which anyone can see any of the information, A process that converts data into a form that can be read only by a person with an authorized code, An Internet connection that uses encryption, An object that exists physically and can be touched, Something that exists but is not physical and cannot be touched, Products sold to customers for personal use, Products sold to businesses for business uses, An economy in which most of the GDP comes from services and most of the workers have jobs in services, (1) Intangible, (2) inseparable, (3) variable, (4) perishable, Production of the service cannot be separated from the use of the service, The process of placing a good where it will be used and making the good ready for use, People who are available to help customers with problems, Measurable attributes that describe the value and utility of a product, A written document stating the quality of a product and promising to correct specific problems that may occur, A promise that a product has a certain quality or will provide a satisfaction, The stages that a product or a product category goes through from its beginning to its end, (1) Introduction, (2) growth, (3) maturity, and (4) decline, A market in which most of the potential customers who need, want, and can afford a product have bought it, A mark or design placed on a product to distinguish it from other products to identify the owner of the brand, Works, numbers, or letters that can be spoken as part of a company's brand, The picture, design, or graphic image that is associated with a brand, A logo or brand mark that has been given human characteristics, A phrase or sentence that summarizes some essential aspect of the product, The brand that represents the whole company, A brand created by a manufacturer for its own products, (1) Identifies the product, (2) provides assurance of quality, and (3) provides assurance of consistency, (1) Create a unique image of the brand, (2) create a positive image of the brand, and (3) develop brand loyalty, Benefits which meet physical and safety needs, Benefits which meet acceptance and esteem needs, Benefits which meet esteem and self-actualization needs, The graphic design; it may include the brand name, logo, or slogan, A comparison between two unlike objects or ideas, for the purpose of implying a similarity between them, The actions marketers take to create a certain image of a product in the minds of customers, The image that a brand has in the mind of the customer, A situation in which the customer will buy only a certain brand of a product, Another term for brand; it refers to the word, phrase, symbol, or design, or a combination of words, phrases, symbols, and designs that identifies and distinguishes the source of goods, The same as a trademark, except that it identifies and distinguishes the source of a service, The general name for an entire product category, The established price of a product, as published in a catalog, on a price tag, or in a price list, The actual price you pay for a product, after any discounts or coupons are deducted, The price that the manufacturer recommends, (1) Company goals, (2) expenses, (3) other marketing mix variables, (4) customer response, (5) competition, (6) economic conditions, (7) government regulations, (8) product life cycle, and (9) supply and demand, Money that goes out of the business to pay for the things that a business buys, A situation in which a group of competitors gets together and sets the price for a specific product; they then all agree to sell that product for the same price, A situation in which a company plays favorites by charging lower prices to some companies for the same products, The term used for demand that changes with price, The additional satisfaction you get when you use an additional unit of the same product, As a consumer consumes more units of the same product, the marginal utility from each unit goes down, The goals that tell what a marketer wants to achieve through pricing, (1) Maximize profit, (2) maximize sales, (3) increase market share, (4) meet competition, (5) return on investment, A ratio that tells you how much you earned as a percentage of the investment you made to earn the money, A metric that measures the overall effectiveness and impact of a marketing campaign, Simple ROMI = (Gross Profit - Marketing Investment) / Marketing Investment, The money a business takes in for the products it sells, The point at which revenue from sales equals costs, Break-Even Point = (Cost/item)(Number of items purchased) / Selling Price, A set of pricing techniques used to create an image of a product and to entice customers to buy, Displaying the price of an item based on a standard unit of measure, such as by grams or meters, A reduction from the regular or list price of the product, The route a good takes from its original source to its final customer, The businesses between the original source and the customer, A business that buys products from a products, and then sells them to another business, A business that buys products from a producer or a wholesaler and then sells the product to the final customer in the consumer market, A business that sells directly to consumers through ways other than a retail store, Another type of intermediary is the agent or broker, A channel of distribution with no intermediaries, A channel of distribution that uses one or more intermediaries, The physical movement of goods in the distribution channel, A general term for the handling of detail of any complex activity, (1) The products which are shipped in a channel of distribution, (2) channel members, (3) transportation companies, and (4) warehouses, Finished consumer goods to be shipped to a retailer, A group of products which are shipped to fill an order, Another term for a transportation company, (1) Truck, (2) Ship, (3) Train, (4) plane, and (5) pipeline, A document authorizing the purchase and delivery of certain goods at specific prices and time, A list of the items requested for one order, To oversee physical distribution first by selecting, motivating, and evaluating Shipping Mode, Warehouse Storage, and Inventory Control, A distribution strategy: material should not be delivered to the factory until the moment they are needed for production, The use of logic, argument, or pleading to get another person to agree with you or to act in a certain way, (1) The target market, (2) what is being promoted, or (3) the elements of promotion, The promotion that occurs when a business promotes its products to another business, Marketing communication that focuses on the product and selling the product, Communication that focuses on the image of the organization, (1) Personal selling, (2) advertising, (3) sales promotion, and (4) public relations, The marketer and the customer communicate in person, Promotion that communicates the same message to all potential customers, (1) Advertisement, (2) sales promotion, and (3) public relations, Marketing activities designed to entice customers to buy a company's products, The physical presentation of merchandise for the purpose of increasing sales, An offer that indicates the product and the amount of price reduction when the coupon is used, The return of a portion of the money paid for a purchase, An item given to the customer for free or at a reduced price along with the purchase of a product, Competitions that offer participants a chance to win a price, Promotion involving the products of two or more companies, In this form of promotion, the advertiser work with a media company to place one of its products in a movie or TV show, so that the brand name can clearly be seen, Another term for business-to-business sales promotion, An exhibit of products of interest to a specific industry, A discount or money paid to the intermediary who buys the product, A discount given to retailers for the goods purchased, Money that the manufacturer pays to the reseller to cover the costs of promotion done by the reseller, Money that the manufacturer or wholesaler pays to the retailer to cover the costs of carrying a new product, A promotional display located at the place where the customer makes the buying decision, Contests and rewards used by manufacturers and other channel members to motivate wholesalers and retailers to sell more of the product, Promotional activities designed to create goodwill between a company and the public, Communications initiated within the company for the purpose of image building, Communications in response to negative events or damaging information that appears in the media, Information about a company and its products that appears in the media, A story about the company that the public relations specialist writes and sends to the media, information about the company and its products, A meeting called by a business to which the media is invited, (1) Attention, (2) interest, (3) desire, and (4) action, Promotion efforts are focused on the consumer in this strategy, Promotional efforts are focused on the wholesalers, distributors, and retailers in this strategy, A process designed to convey a single, unified message through all promotional activities, The process of helping customers find solutions to problems created by their needs and wants, Selling that is done from the seller's place of business, Selling that is done outside the seller's place of business, An office equipped with a large number of telephones, Situations in the consumer market in which salespeople go to the customer's home, When a sales representative holds a party to demonstrate or sell products, (1) Order getting, (2) order taking, and (3) sales support, The process of finding customers and then influencing them to buy your product, The people behind the scenes who help sales representatives, A series of steps that a salesperson goes through to help the customer make a satisfying buying decision, (1) Approach, (2) presentation, and (3) close, Money collected by a government from its citizens to pay for government activities, The process of making fake money with the intent of using it as real money.

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