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Unit 3 marketing
Marketing the Business
| Term | Definition |
|---|---|
| Advertising | a paid form of communication sent out by a business about a product or service. |
| Branding | the name, symbol, or design used to identify your product |
| Channels of distribution | routes that products and services take from the time they are produced to the time they are consumed |
| Competition-based pricing | is determined by considering what competitors charge for the same goods |
| competitive analysis | comparing the strengths and weaknesses of your competition. |
| Customer profile | description of the characteristics of the person or company that is likely to purchase a product or a service |
| Customers | people who buy the products and services companies offer |
| Demand-based pricing | is determined by how much costumers are willing to pay for a product or service |
| Demographics | data that describes a group of people in terms of their age, martial status, family size, ethnicity, gender, profession, education, and income |
| Direct competition | competition from a business that makes most of its money selling similar products or services as another business |
| Features | product characteristics that satisfy customer needs |
| Focus group | interview with groups of target customers who provide valuable ideas on products or services |
| Indirect competition | competition by a business that makes only a small amount of money selling the same or similar products or services as another business |
| Markdown prices | is determined by subtracting an amount from the retail price of an item |
| Market research | a system for collecting, recording, and analyzing information about customers, competitors, goods, and services |
| Market segments | groups of customers who share common characteristics |
| Market share | percentage of a market owned by a business |
| Marketing concept | uses the needs of the customers as the primary focus during the planning, production, distribution, and promotion of a product |
| Marketing Mix | blending the four marketing elements to satisfy a target market |
| Cost-based pricing | is determined by using the whole sale cost of an item as the basis for the price charged |
| Markup price | is determined by adding an amount to the wholesale cost of an item |
| Networking | establishing informal ties with people who can help a business grow |
| Positioning | placing a product in a certain market to get a desired customer response |
| Primary data | information collected for the first time to fit a specific purpose |
| Product Mix | different products and services a business sells |
| Psychographics | data that describe a group of people in terms of their tastes, opinions, personality traits, and lifestyle habits |
| Public relations | the act of establishing a favorable relationship with customers and the general public |
| Sales promotion | the act of offering an incentive to customers to increase sales |
| Secondary data | information found in already published sources |
| Target market | individuals or companies interested in a particular product or service and willing and able to pay for it |
| Telemarketing | Using the phone to market a product or service |
Created by:
coltonwetzler
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