Chapter 10 Review

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