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unit six production
production and marketing management
| Term | Definition |
|---|---|
| advertising | all forms of paid promotions that deliver a message to many people a the same time |
| advertising media | the methods of delivering the promotional message to the intended audience |
| brand | a name,symbol,word,and design that identifies a product, service, or company |
| buying | obtaining goods to be resold |
| channels of distribution | the routes products and services follow, including the activities and participating organizations, while moving from the producer to the consumer |
| cost of goods sold | the cost to produce the product or buy it for resale |
| decline stage | occurs when a new product is introduced that is much better or easier drive and customers begin to switch from the old product to the new product |
| discounts | reductions from the price of the product to encourage customers to buy |
| distribution | the set of activities required to transport and store products and make them available to customers |
| financing | providing money that is needed to perform various marketing activities, such as obtaining credit when buying and extending credit when selling |
| gross profit | term used to indicate the difference between the selling price and the cost of goods sold |
| growth stage | occurs when several brands of the new product are available |
| introductory stage | occurs when a brand new product enters the market |
| inventory management | determines the quantities of materials and supplies needed for production and the amount of finished products required to meet customer orders |
| list price | the original price that the seller posts on the product |
| manufacturing | a special form of production in which raw and semi-finished materials are processed and converted into finished products |
| markdown | any amount by which the original selling price is reduced before an item is sold |
| market | the types of buyers a business wishes to attract and where such buyers are located |
| market research | the study of a company's current and prospective customers |
| marketing | 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 mix | the blending of all decisions that are related to the four elements of marketing |
| marketing plan | a detailed written description of all marketing activities that a business must accomplish in order to sell a product |
| markup | the amount added to the cost of a product to determine its selling price |
| mass production | manufacturing or processing of uniform products in large quantities using interchangeable parts or machinery |
| maturity stage | occurs when there are many competing brands with very similar features |
| net profit | the difference between the selling price and all costs and expenses of the business |
| operating expenses | the costs of operating a business |
| price | the amount of money given to acquire a product |
| product | all attributies that customers receive in exchange for the purchase price |
| product development | the process of developing or improving a product or service |
| product life cycle | the four stages of sales and profit performance through which all brands of a product progress |
| product research | research done to develop new products or discover improvements for existing products |
| production | involves making a product or providing a service |
| promotion | providing information to customers that will assist them in making a decision to purchase a product or service, or the advancement of an employee within a company to a position with more authority and responsibility |
| researching | studying buyer interests and needs, testing products, and gathering facts needed to make good marketing decisions |
| retailers | businesses that sell directly to final customers |
| sales promotions | any promotional activities, other than advertising and personal selling, intended to motivate customers to buy |
| selling | providing personalized and persuasive information to customers to help them buy the products and services they need |
| selling price | the actual price paid for a company's products by the customer |
| services | activities of value that do not result in the ownership of a physical product; intangible products that result from a high degree of labor input and that satisfy consumer needs |
| storing | holding goods until needed by consumers, such as on shelves, in storage rooms, or in warehouses |
| target markets | groups of customers with very similar needs to whom the company can sell its product |
| transporting | moving goods from where they are made to where consumers can buy them |
| wholesalers | businesses that buy products from businesses and sell them to retailers or other businesses |
Created by:
michael childers
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