Intro Business 101 Chapters 11 & 12
Marketing - ANS-A group of activities designed to expedite transactions by creating,
distributing, pricing, and promoting goods, services, and ideas.
Exchange - ANS-The act of giving up one thing ( money, credit, labor, goods) in return
for something else (goods, services, ideas).
Value - ANS-A customer's subjective assessment of benefits relative to costs in
determining the worth of a product.
Marketing Concept - ANS-The idea that an organization should try to satisfy customers'
needs through coordinated activities that also allow it to achieve its own goals.
Market Orientation - ANS-An approach requiring organizations to gather information
about customer needs, share that information throughout the firm, and use that
information to help build long-term relationships with customers.
Marketing Strategy - ANS-A plan of action for developing, pricing, distributing, and
promoting products that meet the needs of specific customers.
Market - ANS-A group of people who have the need, purchasing power, and the desire
and authority to spend money on goods, services, and ideas.
Target Market - ANS-A specific group of consumers on whose needs and wants a
company focuses its marketing efforts.
Total-Market Approach - ANS-An approach whereby a firm tries to appeal to everyone
and assumes that all buyers have similar needs.
Market Segmentation - ANS-A strategy whereby a firm divides the total market into
groups of people who have relatively similar product needs.
Market Segment - ANS-A collection of individuals, groups, or organizations who share
one or more characteristics and thus have relatively similar product needs and desires.
Concentration Approach - ANS-A market segmentation approach whereby a company
develops one marketing strategy for a single market segment.
Marketing - ANS-A group of activities designed to expedite transactions by creating,
distributing, pricing, and promoting goods, services, and ideas.
Exchange - ANS-The act of giving up one thing ( money, credit, labor, goods) in return
for something else (goods, services, ideas).
Value - ANS-A customer's subjective assessment of benefits relative to costs in
determining the worth of a product.
Marketing Concept - ANS-The idea that an organization should try to satisfy customers'
needs through coordinated activities that also allow it to achieve its own goals.
Market Orientation - ANS-An approach requiring organizations to gather information
about customer needs, share that information throughout the firm, and use that
information to help build long-term relationships with customers.
Marketing Strategy - ANS-A plan of action for developing, pricing, distributing, and
promoting products that meet the needs of specific customers.
Market - ANS-A group of people who have the need, purchasing power, and the desire
and authority to spend money on goods, services, and ideas.
Target Market - ANS-A specific group of consumers on whose needs and wants a
company focuses its marketing efforts.
Total-Market Approach - ANS-An approach whereby a firm tries to appeal to everyone
and assumes that all buyers have similar needs.
Market Segmentation - ANS-A strategy whereby a firm divides the total market into
groups of people who have relatively similar product needs.
Market Segment - ANS-A collection of individuals, groups, or organizations who share
one or more characteristics and thus have relatively similar product needs and desires.
Concentration Approach - ANS-A market segmentation approach whereby a company
develops one marketing strategy for a single market segment.
